The rising number of the mobile subscribers and the growth in the number of the customers purchasing the expensive mobile phones has led to the growth in the mobile insurance market. The mobile insurance refers to the protection from various risks including the risks from theft, malfunction and damage. Further, with the rising penetration of internet the customers are also purchasing the mobile phones through the internet. As a result, various companies such as Amazon US and Google have started providing mobile insurance along with the purchase of the mobile, especially the smartphones. The growth is driven by the increasing reliance on the smartphones and tablets for the business use. Further, the growth is driven by the feeling of security among the customers that is the accidental damage will be compensated if they have opted for the insurance policy. Another driving force behind the growth of the mobile insurance market is the flexibility allowed to the customers while opting for the plan.
However, with the growth of the Europe mobile market, there are some challenges too. The new entrants in the market will shake the other players prevailing in the market. Further, there might be cut in the costs as the existing players will try to retain themselves in the competitive landscape and try to block the entry of the new entrants. Europe mobile phone insurance market was valued at $10.2 billion in revenue in 2016 and expected to expand at a CAGR of 12.5% during 2016-2023.
Fig: Europe Mobile Insurance Market, By Risk Covered-2016
Source: Research Nester
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The growth of the market will be fueled by the major players operating in the competitive environment that will provide a range of innovative payments, loyalty and services such as the digital wallets. Likewise, the top players operating in the market will try to provide engagement services to the customers by creating opportunities through employment of the different smartphone brands. Moreover, sense of being protected from the various risks will increase the market size of the global insurance market. Also the internet penetration through the use of the mobile wallets will help to bridge the gap between retail environment and e-commerce market. As a result, the different vendors will be attracted to the market leading to growth of the insurance market.
Our in depth analysis of the Europe mobile insurance market include the following segment:
Moreover, the increase in the mobile insurance market will be driven by the innovative coverage policies and schemes. The various value added services provided at the retail stores such as discount provided by the retailers will be offered to the customers as a combination along with providing the mobile insurance. This will led the push in the global mobile insurance market with a positive impact on the Europe mobile insurance market. Further, the mobile insurance market will expand as the OEMs will collaborate with the local insurance markets to cater to the new needs of the market, thus positively creating an impact on the European mobile insurance market. As a result both Eastern and the Western Europe will emerge as the new markets for safeguarding their mobiles from the risks.
Overview of the Parent Market
The Europe mobile insurance market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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