Research Nester has released a report titled “Europe Mobile Insurance Market –Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the Europe mobile insurance market in terms of market segmentation by mobile type, channel and by end user.
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.
The Europe mobile insurance market is segmented by providers into retailers, device OEMs, mobile operators and online, out of which, the retailers segment registered the largest market share of 41.20% in the year 2018 and is expected to cross a value of USD 4276.0 million by the end of 2028 by growing at 1.63x. The segment is further anticipated to garner a CAGR of 6.29% throughout the forecast period, i.e. 2020-2028, and gain an incremental $ opportunity of USD 49.6 million in the year 2020 as compared to the previous year. The segment is also anticipated to gain an absolute $ opportunity of USD 1650.4 million during the forecast period.
The Europe mobile insurance market is anticipated to achieve a CAGR of 6.16% during the forecast period. Ongoing trend of mergers and acquisitions between stakeholders and the growing strategic movements adopted by players in the mobile insurance industry, followed by the growing customization in the insurance policies, such as better support terms of services that include data protection, recovery features and other extensive technical support are some of the factors anticipated to promote the growth of the Europe mobile insurance market. Additionally, the 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 additional factors anticipated to promote towards the growth of the Europe mobile insurance market. The market is anticipated to gain an incremental $ opportunity of USD 112.3 million in the year 2020 as compared to the previous year and grow by 1.61x and gain an absolute $ opportunity of USD 3896.9 million during the forecast period. Additionally, 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.
Rising Number of Mobile Subscribers and Rising Criminal Activities
In the statistics by the GSM Association, there were over 465 million unique mobile subscribers in Europe in the year 2017, which is equivalent to over 85% of the population of Europe.
The mobile subscriber base has increased significantly 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. Growing adoption of mobile phones, followed by the numerous benefits of mobile insurance provided by insurance providers to the customers, and the increasing concerns for the number of smartphone crime in the region, such as theft and robbery of mobile phones are some of the factors anticipated to drive the growth of the Europe mobile insurance market.
However, concerns regarding the replacement of smartphones by consumers in over two years on an average, followed by the depreciating market value of old mobile phones are some of the factors anticipated to limit the growth of the Europe mobile insurance market.
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 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). 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.