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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
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Europe Mobile Phone Insurance Market: Strategic Insights
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
The players operating in the Europe mobile phone insurance market adopt strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the market. A few developments by key market players are listed below:
- In June 2021, Insurance2go, which is part of the SPB UK & Ireland Group and is owned by Loyal Insurance Services Ltd, has announced a new partnership with AXA Partners UK&I to help the brand expand in existing and new markets.
- In October 2020, In Interbrand's Best Global Brands Ranking, Allianz was voted the world's best insurance brand. Allianz's expanding brand strength and significance in people's lives is reflected in this rating.
Company Profiles
- 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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- 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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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