Europe mobile insurance market is segmented into risk covered such as accidental damage, theft, liquid damage, breakdown and worldwide cover. Among these segments, accidental damage segment is expected to occupy the top position in Europe mobile insurance market. Further, rising incidences of accidental damage of smartphones coupled with high repairing cost of damaged smartphones is expected to supplement the growth of Europe accidental damage mobile insurance market. Further, increasing sale of smartphones is anticipated to strengthen the growth of Europe mobile insurance market during the forecast period.
Europe mobile insurance market is expected to flourish at a significant CAGR of 12.5% over the forecast period. Moreover, Europe mobile insurance market was held at USD 10.2 Billion in 2016. Factors such as rising disposable income, spiked sale of smartphones are some of the factors which are expected to drive the growth of the Europe mobile insurance market.
United Kingdom grabbed the highest percentage share in overall mobile insurance market in 2016. The growth in the region can be attributed to increasing disposable income of the population. Moreover, rising sale of smartphones is expected to positively impact the demand for mobile insurance market in Europe. Germany market is expected to expand at a significant CAGR during the forecast period i.e. 2017-2024. Increasing sale of premium smartphones is expected to be the key factor behind the growth of mobile insurance market in the Europe region.
Rising sale of Smartphones
Rising sale of smartphone across the Europe region is one of the key growth drivers of mobile insurance market. Further, in Europe, many people are purchasing premium mobile smartphones. This massive adoption of premium smartphones is anticipated to expand the market of mobile insurance.
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Availability of Innovative and Customized Mobile Insurance Policies
Most of the major retailers, wireless carriers, insurance specialists, device and OEMs are now offering insurance policies that cover loss, malfunctions, damage as well as theft of mobile phones. Moreover, in order to increase the sale of mobile insurance, many mobile phone insurance policies now have added safety features such as backup facilities or data recovery, along with improved technical support, allowing customers to safely back up their mobile phone data online.
However, lack of awareness and slow adoption rate in various European countries are some of the factors which are expected to hamper the growth of the Europe mobile insurance market.
The report titled “Mobile insurance Market: Europe Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the Europe Mobile insurance market in terms of market segmentation by component, by technology, by application and by country.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the Europe mobile insurance market which includes company profiling of Insurance2go, Better Buy Insurance, Tinhat, Row, Love it Cover it, Protect your Bubble, Gadget Cover, Switched on Insurance and O2 Mobile Insurance. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Europe Mobile insurance market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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