Europe Mobile Phone Insurance Market

The Europe mobile phone insurance market is expected to grow from US$ 5,962.73 million in 2021 to US$ 10,811.60 million by 2028; it is estimated to grow at a CAGR of 8.9% during 2021–2028.

The Europe mobile phone insurance market is experiencing significant growth owing to the innovations and upgradations of policies and schemes by the market players and the procurement of insurance policies for future. The market across Europe consists of a few well-established players and small firms offering single coverage type. The mobile phone insurance market is concentrated with mobile network operators, device OEMs, retailers, and others. These market participants enhance their schemes as per the requirements of customers. In addition, the smartphones market is significantly growing with the launch of new phones and demand for refurbished phones across Europe. Smartphones are prone to physical and technological damages. Accidents, liquid spillage, and drop are among the key causes of the physical damage to phones, while overcharging and voltage fluctuations are among the prime causes of technological/electronic damage. Theft or the loss of the device is another potential threat to smartphones. These factors are major concerns for smartphone users. With the rise in the adoption of smartphones, more users are opting for mobile insurance.

Market Overview and Dynamics              

The Europe mobile phone insurance market is expected to grow from US$ 5,962.73 million in 2021 to US$ 10,811.60 million by 2028; it is estimated to grow at a CAGR of 8.9% during 2021–2028.

The number of mobile phone users continues to increase in Europe due to the surge in the purchasing power of consumers. As the use of smartphones is increasing, the number of network providers or operators is also growing relatively. This factor, in turn, brings anticipation to the mobile phone insurance market. Various network providers operating in the region are introducing their insurance plans to secure the smartphones with integration/joint venture with local players in the market. In addition, network providers are also coming-up with low-cost insurance plans to attract their customers, thereby leading the market to prosper in this region. As per a report published by Europe Today in 2019, 92% of young people used their phones to access the internet when they were not at home, compared to 52% who used a portable computer.

Key Market Segments

Based on coverage, the Europe mobile phone insurance market is segmented into physical damage, electronic damage, virus protection, and theft protection. The smartphones are now available with several features, which makes it highly sophisticated and prone to external damage. Liquid damage, screen damage, and battery malfunction are a few of the frequent physical damages witnessed in the devices. The customers these days are spending hefty amount on smartphone accessories, such as mobile phone covers and tempered glass, owing to the risk of physical damage. However, this is not solving the purpose of full protection to the device. Also, the warranty upon battery and other accessories offered by OEMs in case of premium and semi-premium smartphones has a few limitations.

By sales channel, the Europe mobile phone insurance market is segmented into mobile operators, device OEMs, retailers, and others. The mobile operators have played a significant role in the mobile phone industry since decades by constantly upgrading their plans and traffics for pre-paid and post-paid customers. Several mobile operators in developed economies and developing income countries are venturing into the mobile phone insurance market with innovative, exciting, and affordable schemes, with an objective to ensure that the customers incur less expense in case of breakage or theft. The network operators offer its customers easy insurance claiming schemes that attracts the buyers, which facilitates the network providers to increase their annual revenue.

Based on phone type, the Europe mobile phone insurance market is bifurcated into new phone and refurbished. The market has gained prominence owing to the increase in sales of new smartphones. The high-tech smartphones are expensive and require protection. Technological damages due to the malfunction of any chips or ICs; physical damages, such as liquid damage and breakage; and theft incidents are common issues prevailing in the current scenario. Thus, an inclination is witnessed by the smartphone users toward insurance plans, which is facilitating the Europe mobile phone insurance market to expand. In addition, the device OEMs, network operators, and insurance companies are offering exciting and affordable insurance schemes to the buyers, thereby helping the market to grow presently.

Based on end user, the Europe mobile phone insurance market is bifurcated into corporate and personal. Mobile phones have become important in day-to-day life and their prominence is growing exponentially due to the rapid evolution of various internet-based applications and software. Nowadays, mobile phones are used for calling, storing personal information, internet access, and social media. The customers are inclined toward the safety of their smartphones, owing to the threats to damage, theft, or loss.

Major Sources and Companies Listed

A few major primary and secondary sources referred to while preparing the report on the Europe mobile phone insurance market are company websites, annual reports, financial reports, national government documents, and statistical databases. Major companies listed in the market report consist of American International Group, Inc.; Allianz SE; Apple Inc.; AT&T Inc.; Aviva insurance Limited; Better Buy Insurance; Gadget Cover; Insurance2go; Telefónica UK Limited; and Pier Insurance Managed Services Ltd.

Europe Mobile Phone Insurance Market Strategic Insights

Europe Mobile Phone Insurance Market Segmentation Analysis

Europe Mobile Phone Insurance Market Report Highlights

Europe Mobile Phone Insurance Report Scope

Europe Mobile Phone Insurance Market Country and Regional Insights