Europe Mobile Phone Insurance Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Coverage (Physical Damage, Electronic Damage, Virus Protection, and Theft Protection), Sales Channel (Mobile Operators, Device OEMs, Retailers, and Others), Phone Type (New Phone and Refurbished), and End User (Corporate and Personal)
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.
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Europe Mobile Phone Insurance Market – By Coverage
1.3.2 Europe Mobile Phone Insurance Market – By Sales Channel
1.3.3 Europe Mobile Phone Insurance Market – By Phone Type
1.3.4 Europe Mobile Phone Insurance Market – By End User
1.3.5 Europe Mobile Phone Insurance Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Mobile Phone Insurance Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Europe – PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe Mobile Phone Insurance Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Surge in Uptake of High-quality Smartphones
5.1.2 Increasing Cases of Accidental Damage, Phone Theft, and Gadget Failure
5.2 Market Restraints
5.2.1 Rising Cases of Fraudulent Policies and Claims
5.3 Market Opportunities
5.3.1 Network Operators to Create Lucrative Market in Europe
5.4 Future Trends
5.4.1 Simplification of Insurance Claiming Procedure
5.5 Impact Analysis of Drivers and Restraints
6. Europe Mobile Phone Insurance Market – Europe Market Analysis
6.1 Overview
6.2 Europe Mobile Phone Insurance Market Forecast and Analysis
6.3 Market Positioning- Top Five Players
7. Europe Mobile Phone Insurance Market Analysis – By Coverage
7.1 Overview
7.2 Europe Mobile Phone Insurance, by Coverage (2020 and 2028)
7.3 Physical Damage
7.3.1 Overview
7.3.2 Physical Damage: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Electronic Damage
7.4.1 Overview
7.4.2 Electronic Damage: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Virus Protection
7.5.1 Overview
7.5.2 Virus Protection: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Theft Protection
7.6.1 Overview
7.6.2 Theft Protection: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
8. Europe Mobile Phone Insurance Market – By Sales Channel
8.1 Overview
8.2 Europe Mobile Phone Insurance, by Sales Channel (2020 and 2028)
8.3 Mobile Operators
8.3.1 Overview
8.3.2 Mobile Operators: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Device OEMs
8.4.1 Overview
8.4.2 Device OEMs: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Retailers
8.5.1 Overview
8.5.2 Retailers: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
9. Europe Mobile Phone Insurance Market – By Phone Type
9.1 Overview
9.2 Europe Mobile Phone Insurance, by Phone Type (2020 and 2028)
9.3 New Phone
9.3.1 Overview
9.3.2 New Phone : Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Refurbished
9.4.1 Overview
9.4.2 Refurbished: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
10. Europe Mobile Phone Insurance Market – By End User
10.1 Overview
10.2 Europe Mobile Phone Insurance, by End User (2020 and 2028)
10.3 Corporate
10.3.1 Overview
10.3.2 Corporate : Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
10.4 Personal
10.4.1 Overview
10.4.2 Personal: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
11. Europe Mobile Phone Insurance Market – Country Analysis
11.1 Overview
11.2 Europe Mobile Phone Insurance Market Breakdown, by Country
11.2.1 Germany: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
11.2.1.1 Germany: Mobile Phone Insurance Market, by Coverage
11.2.1.2 Germany: Mobile Phone Insurance Market, by Sales Channel
11.2.1.3 Germany: Mobile Phone Insurance Market, by Phone Type
11.2.1.4 Germany: Mobile Phone Insurance Market, by End User
11.2.2 France: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
11.2.2.1 France: Mobile Phone Insurance Market, by Coverage
11.2.2.2 France: Mobile Phone Insurance Market, by Sales Channel
11.2.2.3 France: Mobile Phone Insurance Market, by Phone Type
11.2.2.4 France: Mobile Phone Insurance Market, by End User
11.2.3 Italy: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
11.2.3.1 Italy: Mobile Phone Insurance Market, by Coverage
11.2.3.2 Italy: Mobile Phone Insurance Market, by Sales Channel
11.2.3.3 Italy: Mobile Phone Insurance Market, by Phone Type
11.2.3.4 Italy: Mobile Phone Insurance Market, by End User
11.2.4 Spain: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
11.2.4.1 Spain: Mobile Phone Insurance Market, by Coverage
11.2.4.2 Spain: Mobile Phone Insurance Market, by Sales Channel
11.2.4.3 Spain: Mobile Phone Insurance Market, by Phone Type
11.2.4.4 Spain: Mobile Phone Insurance Market, by End User
11.2.5 UK: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
11.2.5.1 UK: Mobile Phone Insurance Market, by Coverage
11.2.5.2 UK: Mobile Phone Insurance Market, by Sales Channel
11.2.5.3 UK: Mobile Phone Insurance Market, by Phone Type
11.2.5.4 UK: Mobile Phone Insurance Market, End User
11.2.6 Netherland: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
11.2.6.1 Netherland: Mobile Phone Insurance Market, by Coverage
11.2.6.2 Netherland: Mobile Phone Insurance Market, by Sales Channel
11.2.6.3 Netherland: Mobile Phone Insurance Market, by Phone Type
11.2.6.4 Netherland: Mobile Phone Insurance Market, End User
11.2.7 Ireland: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
11.2.7.1 Ireland: Mobile Phone Insurance Market, by Coverage
11.2.7.2 Ireland: Mobile Phone Insurance Market, by Sales Channel
11.2.7.3 Ireland: Mobile Phone Insurance Market, by Phone Type
11.2.7.4 Ireland: Mobile Phone Insurance Market, End User
11.2.8 Portugal: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
11.2.8.1 Portugal: Mobile Phone Insurance Market, by Coverage
11.2.8.2 Portugal: Mobile Phone Insurance Market, by Sales Channel
11.2.8.3 Portugal: Mobile Phone Insurance Market, by Phone Type
11.2.8.4 Portugal: Mobile Phone Insurance Market, End User
11.2.9 Rest of Europe: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
11.2.9.1 Rest of Europe: Mobile Phone Insurance Market, by Coverage
11.2.9.2 Rest of Europe: Mobile Phone Insurance Market, by Sales Channel
11.2.9.3 Rest of Europe: Mobile Phone Insurance Market, by Phone Type
11.2.9.4 Rest of Europe: Mobile Phone Insurance Market, by End User
12. Europe Mobile Phone Insurance Market - COVID-19 Impact Analysis
12.1 Overview
13. Mobile Phone Insurance Market - Industry Landscape
13.1 Overview
13.2 Market Initiative
14. Company Profiles
14.1 American International Group, Inc.
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Allianz SE
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Apple Inc.
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 AT&T Inc.
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Aviva insurance Limited
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Better Buy Insurance
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Gadget Cover
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Insurance2go
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Telefónica UK Limited
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 Pier Insurance Managed Services Ltd.
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Glossary
LIST OF TABLES
Table 1. Europe Mobile Phone Insurance Market, Revenue and Forecast, 2019–2028 (US$ Mn)
Table 2. Germany: Mobile Phone Insurance Market, by Coverage –Revenue and Forecast to 2028 (US$ Million)
Table 3. Germany: Mobile Phone Insurance Market, by Sales Channel –Revenue and Forecast to 2028 (US$ Million)
Table 4. Germany: Mobile Phone Insurance Market, by Phone Type–Revenue and Forecast to 2028 (US$ Million)
Table 5. Germany: Mobile Phone Insurance Market, by End User–Revenue and Forecast to 2028 (US$ Million)
Table 6. France: Mobile Phone Insurance Market, by Coverage –Revenue and Forecast to 2028 (US$ Million)
Table 7. France: Mobile Phone Insurance Market, by Sales Channel –Revenue and Forecast to 2028 (US$ Million)
Table 8. France: Mobile Phone Insurance Market, by Phone Type–Revenue and Forecast to 2028 (US$ Million)
Table 9. France: Mobile Phone Insurance Market, by End User–Revenue and Forecast to 2028 (US$ Million)
Table 10. Italy: Mobile Phone Insurance Market, by Coverage –Revenue and Forecast to 2028 (US$ Million)
Table 11. Italy: Mobile Phone Insurance Market, by Sales Channel –Revenue and Forecast to 2028 (US$ Million)
Table 12. Italy: Mobile Phone Insurance Market, by Phone Type–Revenue and Forecast to 2028 (US$ Million)
Table 13. Italy: Mobile Phone Insurance Market, by End User–Revenue and Forecast to 2028 (US$ Million)
Table 14. Spain: Mobile Phone Insurance Market, by Coverage –Revenue and Forecast to 2028 (US$ Million)
Table 15. Spain: Mobile Phone Insurance Market, by Sales Channel –Revenue and Forecast to 2028 (US$ Million)
Table 16. Spain: Mobile Phone Insurance Market, by Phone Type–Revenue and Forecast to 2028 (US$ Million)
Table 17. Spain: Mobile Phone Insurance Market, by End User–Revenue and Forecast to 2028 (US$ Million)
Table 18. UK: Mobile Phone Insurance Market, by Coverage –Revenue and Forecast to 2028 (US$ Million)
Table 19. UK: Mobile Phone Insurance Market, by Sales Channel –Revenue and Forecast to 2028 (US$ Million)
Table 20. UK: Mobile Phone Insurance Market, by Phone Type–Revenue and Forecast to 2028 (US$ Million)
Table 21. UK: Mobile Phone Insurance Market, by End User–Revenue and Forecast to 2028 (US$ Million)
Table 22. Netherland: Mobile Phone Insurance Market, by Coverage –Revenue and Forecast to 2028 (US$ Million)
Table 23. Netherland: Mobile Phone Insurance Market, by Sales Channel –Revenue and Forecast to 2028 (US$ Million)
Table 24. Netherland: Mobile Phone Insurance Market, by Phone Type–Revenue and Forecast to 2028 (US$ Million)
Table 25. Netherland: Mobile Phone Insurance Market, by End User–Revenue and Forecast to 2028 (US$ Million)
Table 26. Ireland: Mobile Phone Insurance Market, by Coverage –Revenue and Forecast to 2028 (US$ Million)
Table 27. Ireland: Mobile Phone Insurance Market, by Sales Channel –Revenue and Forecast to 2028 (US$ Million)
Table 28. Ireland: Mobile Phone Insurance Market, by Phone Type–Revenue and Forecast to 2028 (US$ Million)
Table 29. Ireland: Mobile Phone Insurance Market, by End User–Revenue and Forecast to 2028 (US$ Million)
Table 30. Portugal: Mobile Phone Insurance Market, by Coverage –Revenue and Forecast to 2028 (US$ Million)
Table 31. Portugal: Mobile Phone Insurance Market, by Sales Channel –Revenue and Forecast to 2028 (US$ Million)
Table 32. Portugal: Mobile Phone Insurance Market, by Phone Type–Revenue and Forecast to 2028 (US$ Million)
Table 33. Portugal: Mobile Phone Insurance Market, by End User–Revenue and Forecast to 2028 (US$ Million)
Table 34. Rest of Europe: Mobile Phone Insurance Market, by Coverage –Revenue and Forecast to 2028 (US$ Million)
Table 35. Rest of Europe: Mobile Phone Insurance Market, by Sales Channel –Revenue and Forecast to 2028 (US$ Million)
Table 36. Rest of Europe: Mobile Phone Insurance Market, by Phone Type–Revenue and Forecast to 2028 (US$ Million)
Table 37. Rest of Europe: Mobile Phone Insurance Market, by End User–Revenue and Forecast to 2028 (US$ Million)
Table 38. Glossary of Terms, Europe Mobile Phone Insurance Market
LIST OF FIGURES
Figure 1. Europe Mobile Phone Insurance Market Segmentation
Figure 2. Europe Mobile Phone Insurance Market Overview
Figure 3. Europe Mobile Phone Insurance Market, By Coverage
Figure 4. Europe Mobile Phone Insurance Market, By Sales Channel
Figure 5. Europe Mobile Phone Insurance Market, By Phone Type
Figure 6. Europe Mobile Phone Insurance Market, By End User
Figure 7. Europe Mobile Phone Insurance Market, By Country
Figure 8. Europe – PEST Analysis
Figure 9. Europe Mobile Phone Insurance Market Ecosystem Analysis
Figure 10. Expert Opinion
Figure 11. Europe Mobile Phone Insurance Market Impact Analysis of Drivers and Restraints
Figure 12. Europe Mobile Phone Insurance Market, Forecast and Analysis (US$ Mn)
Figure 13. Market Positioning- Top Five Players
Figure 14. Europe Mobile Phone Insurance Market Revenue Share, by Coverage (2020 and 2028)
Figure 15. Physical Damage: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Electronic Damage: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Virus Protection: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Theft Protection: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Europe Mobile Phone Insurance Market Revenue Share, by Sales Channel (2020 and 2028)
Figure 20. Mobile Operators: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Device OEMs: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Retailers: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Others: Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Europe Mobile Phone Insurance Market Revenue Share, by Phone Type (2020 and 2028)
Figure 25. New Phone : Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Refurbished: Europe Mobile Phone Insurance Market– Revenue and Forecast to 2028 (US$ Million)
Figure 27. Europe Mobile Phone Insurance Market Revenue Share, by End User (2020 and 2028)
Figure 28. Corporate : Europe Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Personal: Europe Mobile Phone Insurance Market– Revenue and Forecast to 2028 (US$ Million)
Figure 30. Europe Mobile Phone Insurance Market Revenue Share, By Country (2020 and 2028)
Figure 31. Germany: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. France: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Italy: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. Spain: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. UK: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 36. Netherland: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 37. Ireland: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 38. Portugal: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 39. Rest of Europe: Mobile Phone Insurance Market – Revenue and Forecast to 2028 (US$ Million)
Figure 40. Impact of COVID-19 Pandemic in Europe Country Markets
- American International Group, Inc.
- Allianz SE
- Apple Inc.
- AT&T Inc.
- Aviva insurance Limited
- Better Buy Insurance
- Gadget Cover
- Insurance2go
- Telefónica UK Limited
- Pier Insurance Managed Services Ltd.