Europe mobile insurance market is estimated to witness a moderate growth rate of over 6% during the forecast period of 2022-2028. Growing customization of insurance policies, such as better support terms of services that include data protection, recovery features, and other in-depth technical support. An increase in the number of incidents of accidental damage, device malfunction, and thefts, among others are some of the key factors contributing to the growth of the Europe mobile insurance market. Moreover, increasing mobile subscriptions in the region further gives a boost to the regional growth of the market. In 2020, 472 million people in Europe (86% of the population) subscribed to mobile services as per the GSM Association. The total addressable market for the region’s operators is approaching saturation point, with larger mobile markets such as France, Germany, and Spain accounting for the majority of new unique subscribers. The high penetration of mobile subscribers directly influences the mobile phone insurance industry in the region.
Economical smartphones segment gaining significant growth in Europe
Based on the price range, the economical smartphones segment is holding a prominent share in the Europe mobile insurance market. Economical smartphones in Europe are backed by some prominent companies that are supporting the demand for the purchase of economical smartphones in Europe. The increasing demand for economical smartphones is attributed to the fact that consumers are impressed by the phone’s value and competitive prices, especially when compared to similar smartphones of the same caliber. In addition, companies offering economical smartphones are overlapping the sales of the premium smartphone in terms of units sold. In the region, Xiaomi also overtook Samsung as the most significant smartphone brand in recent years. The significant demand for economical smartphones in the region directly leads to demand for mobile insurance as people are more concerned about the safety and security of their smartphones from damage and theft.
Western Europe to hold a prominent share in the market
Geographically, Western Europe is expected to hold a significant share of the Europe mobile insurance market in 2021. Countries such as Germany, the UK, France, and Italy are contributing significantly to the Europe mobile insurance market on account of a substantial rise in the number of smartphone users and the proliferation of 5G technology. According to Ericsson, in Western Europe, 5G subscriptions increased from 5 million in 2020 to 31 million in 2021, and are expected to reach almost 150 million by the end of 2023. Technology adoption and subscription uptake are typically slower in Eastern and Central Europe than in Western Europe due to slower spectrum allocation processes, as well as consumers being reluctant to upgrade to more expensive subscriptions. As per the data published by the International Telecommunication Union (ITU), Germany has observed a slight increase of 0.2% in the number of mobile subscriptions over the period 2019-2020, hitting 107.4 million subscriptions in 2020. France’s mobile subscription reached 72.8 million in 2020, reflecting an increase of nearly 1% from 2019. Increasing mobile subscriptions is expected to augment the demand for mobile insurance across the economies of Europe.
Market Structure and Competitive Landscape
The Europe mobile insurance market is fragmented in nature and observes intense competition in terms of products and services. Some of the prominent players that contribute significantly to the Europe mobile insurance market include Apple Inc., American International Group Inc., Assurant Inc., Asurion, AT&T Inc., AmTrust Financial, Brightstar Corp., GoCare Warranty Group, SquareTrade Inc., Taurus Insurance Services Limited, Revolut Technologies Inc., and others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, partnerships, and collaborations are some of the strategies followed by industry players. Some of the key developments in the Europe mobile insurance market include,
- In June 2021, Insurance2go, which is part of the SPB UK & Ireland Group and is owned by Loyal Insurance Services Ltd., announced a new partnership with AXA Partners UK&I to help the brand expand in existing and new markets.
Key Market Segmentation
RationalStat has segmented the Europe mobile insurance market on the basis of damage type, mobile type, price range, providers and region.
- By Damage Type
- Internal Part Damage
- Physical Damage
- Virus and Data Damage
- Theft & Loss of Device
- Others (Damage by Malicious Intent)
- By Mobile Type
- New Smart Phones
- Refurbished Smart Phones
- By Price Range
- Premium Smart Phones
- Economical Smart Phones
- By Providers
- Device OEMs
- Mobile Operator
- By Region
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Western Europe
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for mobile insurance service providers, mobile phone manufacturers and suppliers, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The Europe Mobile Insurance market is expected to grow at a CAGR of over 6% during the forecast period 2022-2028.
Western Europe is dominating the Europe Mobile Insurance market in 2021.
The Europe Mobile Insurance market is estimated at around US$ 7 billion in 2021.
Growing customization of insurance policies is the key driver of the Europe Mobile Insurance market.
Major companies operating in the Europe Mobile Insurance market include Apple Inc., American International Group, Inc., Assurant, Inc., Asurion, AT&T Inc., AmTrust Financial, Brightstar Corp., etc.