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The purchase of a new mobile device, frequently a high-end smartphone, is typically accompanied by the purchase of mobile phone insurance. It might, however, be compatible with any kind of cell phone. Insurance provides additional piece of mind for consumers who purchase pricey phones by covering replacement costs in the event of loss or failure.

According to SPER market research, Europe Mobile Phone Insurance Market Size– By Phone Type, By Coverage, By Distribution Channel, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Mobile Phone Insurance Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.

The market for mobile phone insurance in Europe is expected to expand due to the rising popularity of smartphones. A smartphone is a small electronic gadget with cellular connectivity. As more individuals adopt smartphones, the market for mobile phone insurance is anticipated to grow because a trustworthy plan would pay for any required repairs or replacements. As a result, the market's growth rate over the projection period may be driven by the increase in smartphone use. Additionally, a rising level of integration of cutting-edge and innovative policy to the changing needs of consumers is anticipated to fuel market expansion for mobile phone insurance in Europe. Customers can acquire policies and file claims more easily by combining insurance offerings from insurance companies and mobile network providers with mobile apps. It will enhance customer satisfaction and boost the uptake of insurance policies. Additionally, insurance companies and mobile network providers can set themselves apart by creating new policy designs that change to meet the changing needs of their customers. Consumers worried about the protection of their personal information may be drawn to policies protecting cybercrime or social media hacking, for instance. All of these factors have increased demand for mobile phone insurance coverage, which will accelerate market expansion.

However, the high price of smartphones is one of the primary obstacles that could prohibit the industry from growing over the forecast period. There are many factors that can affect smartphone prices, but import tariffs, local tax rates, and occasionally just plain old manufacturer profiteering are the most frequent ones. As a result, the demand for mobile phone insurance services may potentially be impacted by the growing price of smartphones in Europe. In turn, it is predicted that in the following years, market expansion will be hindered.

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Furthermore, the European market for mobile phone insurance was significantly impacted by the coronavirus epidemic, which had a negative impact on the market for smartphones and other mobile devices. Smartphone sales also suffered a significant reduction in the market, even though the majority of companies in the market reported revenue declines from the mobile phone insurance industry. The market is anticipated to rebound in the upcoming years, nonetheless, as a result of the rising initiatives taken by European governments to boost the economy. Additionally, it is anticipated that smartphone lifespans would lengthen, which will help the market for mobile phone insurance to expand during the study period.

Geographically, the mobile phone insurance market in Europe is dominated by France. The nation has one of the most advanced insurance markets in the world, ranking fifth overall. As users become more aware of insurance coverage, the market for mobile phone insurance is expected to expand in France at a constant rate. In France, insurance companies and mobile network providers are expanding their coverage to include computers and tablets in addition to cell phones. Additionally, a lot of businesses and organisations are launching projects to break down the pricing barrier for smartphones. Additionally, some of the market key players are American International Group, Inc., Allianz SE, Apple Inc., Pier Insurance Managed Services Ltd., Others.

Our in-depth analysis of the Europe Mobile Phone Insurance Market includes the following segments:

The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.

By Phone Type:

  • New Phone
  • Refurbished

By Coverage:    

  • Data Protection
  • Electronic Damage
  • Physical Damage
  • Theft Protection

By Distribution Channel:             

  • Device OEMs
  • Mobile Operators
  • Online
  • Retailers
  • Others

By End User:     

  • Corporate
  • Personal

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

For More Information, refer to below link:-

Europe Mobile Phone Insurance Market Outlook

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SPER Market Research

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