Europe Mobile Phone Insurance Market Size More Than Doubles to Cross USD 36.3 Million by 2029

Published | 26 April 2023

Europe mobile phone insurance market is thriving due to a growing focus on purchasing insurance cover for increasing incidents of accidental damage, phone thefts, virus attacks, and device malfunction. These incidents have impelled customers to look for ways to safeguard their mobile phones.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Europe mobile phone insurance market size at USD 14.22 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Europe mobile phone insurance market size to grow at a significant CAGR of 10.87% reaching a value of USD 36.22 million by 2029. The Europe mobile phone insurance market is expected to rise at a rapid pace, as mobile phones have become an integral element of modern life, serving as a platform for entertainment, education, and news, among other things. They are also an efficient means of carrying out digital payments and transactions. Customers are looking for solutions to safeguard the safety of mobile phones, which are being used for digital transactions and storing personal information. In the event of a mobile phone loss or malfunction, mobile phone insurance allows the client to avoid costly replacement charges. With the increasing demand for smartphones among consumers, there is a greater need for mobile phone insurance. It, in turn, is projected to drive the growth of Europe mobile phone insurance market during the period in analysis.

Opportunity: Growing adoption of Business Intelligence (BI) tools by market players

The growing adoption of Business Intelligence (BI) tools by market players is anticipated to propel the growth of Europe mobile phone insurance market during the forecast period. BI tools are beneficial. Furthermore, the use of BI technologies allows enterprises to track data about customer purchasing behavior and acquire insights into consumer patterns, allowing them to make more educated judgements about the services that can be provided in the mobile phone insurance market. As a result of the increased usage of BI tools by leading market participants, demand for mobile phone insurance rises, boosting market growth.

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Increasing adoption of high quality smartphones

The increasing demand for mobile phone insurance on accidents, such as mechanical breakdown, accidental phone damage or malicious & liquid damage, theft, and unauthorized usage puts pressure on insurance companies to invest in and develop such products that have less proliferation, high coverage, and provide financial security in the form of new refurbished phones. There has been a surge in the incidents in the recent years, in terms of accidental damage from handling and loss protection, which has resulted in a greater need for mobile phone insurance.

Challenge: Inadequate customer service and complex policy terms and conditions

Poor customer service can limit the mobile phone insurance market's growth potential in Europe. When making a claim or need assistance, consumers expect timely and efficient assistance, and lacking support can lead to frustration and negative reviews. Mobile phone insurance coverage can be complicated, with lengthy clauses that are difficult for customers to understand. Customers are confused and dissatisfied as a result, limiting the market's potential growth pace.

Europe Mobile Phone Insurance Market - By Sales Channel

Based on sales channel, the Europe mobile phone insurance market is segmented into wireless carriers, mobile operators, device OEMs, retailers, online, and others. Europe is the largest region in the global online market, and with the increasing demand for smartphones in the region, there is a growing need for mobile phone insurance. With the many internet smartphone websites, consumers may quickly analyze the attributes of different smartphone manufacturers and find out the benefits and downsides of different models. As a result of the increased purchasing of smartphones through online sales channels, the demand for mobile phone insurance is expected to rise over the forecast period.

Europe Mobile Phone Insurance Market - By End User

Based on end user, the Europe mobile phone insurance market is bifurcated into business and individuals segments. The Individuals segment is expected to be a faster growing end-user segment during the forecast period, due to increasing subscription for mobile services among people in Europe. For instance, in 2021, in Europe, 474 million individuals (86% of the population) enrolled to mobile services, and this figure is forecast to touch 480 million by 2025. Therefore, increasing subscription for mobile services among individuals could significantly aid the market growth during the projected period.

Europe Mobile Phone Insurance Market - By Country

The European mobile phone insurance market is dominated by Germany and the United Kingdom. Germany and the United Kingdom have the highest number of mobile users in Europe. According to the GSM Association, in 2021, Germany and the United Kingdom accounted for more than a third of the 6 million new users predicted between now and 2025. Thus, due to growing number of mobile phone users in Germany and the United Kingdom, the demand for the mobile phone insurance also increases.

Impact of COVID-19 on Europe Mobile Phone Insurance Market

The coronavirus pandemic had a significant impact on the mobile phone insurance business, as some nations have implemented travel bans; policyholders are making claims, requesting additional mobile phone coverage; and market norms were changing. It made insurers halt sales of new mobile phone insurance coverage in the market. Although the COVID-19 pandemic hampered market growth, the mobile phone insurance market is expected to rebound by the third quarter of 2023. This is due to an increase in government support and initiatives for the insurance business, as well as an increase in client purchasing power to purchase mobile phone insurance.

Competitive Landscape

Europe mobile phone insurance market is highly competitive, with all the players continually competing to gain a larger market share. The key players in the market include Apple Inc., American International Group, Inc., Assurant, Inc, Asurion, AT&T Inc., AmTrust Financial, Brightstar Corp, GoCare Warranty Group, SquareTrade, Inc., and Taurus Insurance Services Limited.

Don’t miss the business opportunity of the Europe Mobile Phone Insurance Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the Europe Mobile Phone Insurance Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Europe Mobile Phone Insurance Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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