The Europe mobile phone insurance market size reached US$ 6.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.6 Billion by 2028, exhibiting a growth rate (CAGR) of 8.1% during 2023-2028.
Mobile phone insurance renders financial coverage to a smartphone user against unexpected damages. It generally covers loss, theft, accidental damage, malicious damage, water damage, accessories damage, cracked screens and mechanical breakdown. At present, various insurance companies operating in Europe are offering multi-device coverage that insures mobile phones of the whole family under a single policy.
The growing incidents of thefts, accidental damage, malfunction and virus infection in smartphones, along with the increasing focus of users to safeguard their mobile phones, represents one of the key factors impelling the market growth in Europe. Apart from this, key players are adopting business intelligence (BI) tools to monitor consumer buying behaviors and gain insights on the latest trends. They are also collaborating with telecommunication operators to offer innovative insurance schemes during the mobile phone purchase. Additionally, several companies are utilizing the direct-to-consumer assistance model to provide improved consumer service. Besides this, due to the spread of the coronavirus disease (COVID-19) and increasing adoption of digital solutions, online insurance portals are gaining traction as they save time and provide 24x7 services, which is anticipated to fuel the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Europe mobile phone insurance market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on phone type, coverage, distribution channel and end user.
Breakup by Phone Type:
Breakup by Coverage:
- Physical Damage
- Electronic Damage
- Virus Protection
- Data Protection
- Theft Protection
Breakup by Distribution Channel:
- Mobile Operators
- Device OEMs
Breakup by End User:
Breakup by Country:
- United Kingdom
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
|Phone Types Covered
||New Phone, Refurbished
||Physical Damage, Electronic Damage, Virus Protection, Data Protection, Theft Protection
||Mobile Operators, Device OEMs, Retailers, Online, Others
|End Users Covered
||Germany, France, United Kingdom, Italy, Spain, Others
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Key Questions Answered in This Report:
- How has the Europe mobile phone insurance market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Europe mobile phone insurance market?
- What are the key regional markets?
- What is the breakup of the market based on the phone type?
- What is the breakup of the market based on the coverage?
- What is the breakup of the market based on the distribution channel?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the Europe mobile phone insurance market and who are the key players?
- What is the degree of competition in the industry?