Research Nester has released a report titled “Europe Mobile Insurance Market – Demand Analysis & Opportunity Outlook 2028″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis, and Porter’s five force model.
The statistics portray the increasing mobile subscriber base over the years in Europe, along with the increasing purchase of expensive mobile phones, which is raising the need amongst individuals to procure mobile insurance to keep their mobile safe. Increasing concerns for the number of smartphone crimes in the region, numerous benefits of mobile insurance provided by insurance providers to the customers, and the growing adoption of mobile phones are some of the factors anticipated to drive the growth of the European mobile insurance market.
The GSM Association, in one of its statistics, stated that in the year 2017 in Europe, there were over 465 million unique mobile subscribers which are equivalent to over 85% of the population of Europe.
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The Europe mobile insurance market is anticipated to achieve a CAGR of 6.16% during the forecast period, i.e. 2020-2028. The market is thriving on account of the ongoing trend of mergers and acquisitions between stakeholders and the growing strategic movements adopted by players in the mobile insurance industry, growing customization in the insurance policies, such as better support terms of services that include data protection, recovery features, and other extensive technical support, increasing transformation observed in the mobile insurance market to digital-first business models and the growing number of incidents of accidental damage, device malfunction and thefts among others are some of the factors anticipated to promote towards the growth of the Europe mobile insurance market. The market is expected to reach a value of USD 10254.2 million in the year 2028 from a value of USD 6030.0 million in the year 2018 and further gain an incremental $ opportunity of USD 112.3 million in the year 2020 as compared to the previous year. Additionally, the market is also anticipated to gain an absolute $ opportunity of USD 3896.9 million during the forecast period.
The Europe mobile insurance market is segmented by providers into retailers, device OEMs, mobile operators and online. Among these segments, the retailer’s segment registered the largest market share of 41.20% in the year 2018 and is expected to garner a CAGR of 6.29% throughout the forecast period by growing at 1.63x. Additionally, the segment is also anticipated to gain an incremental $ opportunity of USD 49.6 million in the year 2020 as compared to the previous year and gain an absolute $ opportunity of USD 1650.4 million during the forecast period.
However, concerns for the depreciating market value of old mobile phones and the concerns regarding the replacement of smartphones by consumers in over two years on average are some of the factors anticipated to impact negatively the growth of the Europe mobile insurance market.
This report also studies the existing competitive scenario of some of the key players of the Europe mobile insurance market, which includes profiling of Asurion Europe Limited, Assurant, Inc. (NYSE: AZ), AmTrust Europe Limited, AT&T Inc. (NYSE: T), Brightstar Corp., Revolut Technologies Inc. and Vodafone Group plc (LON: VOD). In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the Europe mobile insurance market in the near future.
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