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.
Impact of COVID-19 Pandemic on Europe Mobile Phone Insurance Market
Businesses face new challenges due to the COVID-19 pandemic and the development of remote work environments. New premiums on a few of the lines of business, such as travel, events, and trade credit insurance, have increased as a result of the pandemic, and losses from these lines of business may become large. Purchasing power of consumer has decreased significantly in a short period owing to the major influence of the pandemic on economic activities and employment levels at the local, regional, and global levels. Insurers are reacting with payment suspensions to prevent a big number of lapses. As healthcare infrastructures have collapsed due to rising cases, the public healthcare emergency will require the government and market players to intervene and assist in the revival of Europe mobile phone insurance market operations and revenue through collaborative efforts of research and development initiatives undertaken to recover the losses during the forecast period. In addition, the increased investments bode well for the industry in the following years.
Europe Mobile Phone Insurance Market Insights
Surge in Uptake of High-Quality Smartphones Fuels Growth of Europe Mobile Phone Insurance Market
Despite changes in data consumption habits and demand, the European mobile phone sector has been critical in keeping consumers and businesses linked during the COVID-19 pandemic. Mobile operators are taking steps to mitigate the pandemic's effects, such as zero-rating educational services; using the potential of mobile big data solutions for epidemiological modelling; and providing direct funding to hospitals, frontline workers, and other healthcare initiatives. The evolution of the 4G network and the Internet of Things (IoT) has led the mobile industry to witness noticeable adoptions leading the market to flourish.
Attributing to the advantages of the 4G/5G network, the Internet of Things (IoT) and Artificial Intelligence (AI) are bolstering the Europe mobile phone insurance market for smartphones in the current scenario. The trend is expected to rise in the coming years, thereby fueling the growth of the Europe mobile phone insurance market. With the increase in smartphones, the mobile industry is experiencing a substantial growth of mobile phone insurance policies offered by various smartphone manufacturers, network operators, insurance companies, and retailers across Europe. The insurance companies help smartphone owners by offering theft or lost insurance, accidental coverage, and others. Thus, surge in smartphone users across the region is heavily driving the Europe mobile phone insurance market growth, and the trend is anticipated to increase in the future.
Coverage-Based Europe Mobile Phone Insurance Market Insights
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.
Sales Channel-Based Europe Mobile Phone Insurance Market Insights
By sales channel, the Europe mobile phone insurance market is segmented into mobile operators, device OEMs, and retailers. The mobile operators have played a significant role in the mobile phone industry for decades by constantly upgrading their plans and traffic for pre-paid customers and post-paid customers.
Phone Type-Based Europe Mobile Phone Insurance Market Insights
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. However, technological damages due to the malfunction of any chips or ICs; physical damages, such as liquid damage and breakage; and theft incidents are among the common issues prevailing in the current scenario.
End User-Based Europe Mobile Phone Insurance Market Insights
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.
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Europe Mobile Phone Insurance Market: Strategic Insights
Europe Mobile Phone Insurance Market
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Market Size 2021
US$ 5,962.73 Million
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Market Size 2028
US$ 10,811.60 Million
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Regional Overview
- Europe
Market Segmentation
Coverage
- Physical Damage
- Electronic Damage
- Virus Protection
- Theft Protection
Sales Channel
- Mobile Operators
- Device OEMs
- Retailers
Phone Type
- New Phone and Refurbished
End User
- Corporate and Personal
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Europe Mobile Phone Insurance MarketReport ScopeEurope Mobile Phone Insurance Market Report Scope
Report Attribute
Details
Market size in 2021
US$ 5,962.73 Million
Market Size by 2028
US$ 10,811.60 Million
Global CAGR (2021 - 2028)
8.9%
Historical Data
2019-2020
Forecast period
2022-2028
Segments Covered
By Coverage - Physical Damage
- Electronic Damage
- Virus Protection
- Theft Protection
By Sales Channel - Mobile Operators
- Device OEMs
- Retailers
By Phone Type - New Phone and Refurbished
By End User - Corporate and Personal
Regions and Countries Covered
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Market leaders and key company profiles
American International Group, Inc.
Allianz SE
Apple Inc.
AT&T Inc.
Aviva insurance Limited
Better Buy Insurance
Gadget Cover
Insurance2go
Telef
Customize This Report To Suit Your Requirement
You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Europe Mobile Phone Insurance Market: Strategic Insights
-
Market Size 2021
US$ 5,962.73 Million -
Market Size 2028
US$ 10,811.60 Million

Market Dynamics
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Regional Overview

- Europe
Market Segmentation

- Physical Damage
- Electronic Damage
- Virus Protection
- Theft Protection

- Mobile Operators
- Device OEMs
- Retailers

- New Phone and Refurbished

- Corporate and Personal
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Report Attribute | Details |
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Market size in 2021 | US$ 5,962.73 Million |
Market Size by 2028 | US$ 10,811.60 Million |
Global CAGR (2021 - 2028) | 8.9% |
Historical Data | 2019-2020 |
Forecast period | 2022-2028 |
Segments Covered |
By Coverage
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Regions and Countries Covered | Europe
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Market leaders and key company profiles |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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- 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.


