The mobile phone insurance market will reach 53,161.84 million US dollars
According to our latest market research on “Mobile Phone Insurance Market Forecast to 2028 – Impact of COVID-19 and Global Analysis – By Coverage, Sales Channel, Phone Type and End User”, the size of the market should reach 53,161.84 million dollars by 2028 compared to 27,291.83 million US dollars in 2021; the market is expected to grow at a CAGR of 10.4% from 2022 to 2028.
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During the COVID-19 pandemic, the mobile industry in Europe has been successful in keeping consumers and businesses connected, regardless of changes in data consumption habits and demands. Mobile operators are taking steps to mitigate the impact of this crisis by introducing zero-rated educational services; promote the potential of mobile big data solutions for epidemiological modelling; and provide direct funding to hospitals and frontline workers, as well as other health care initiatives. The mobile phone insurance market is booming with the evolution of 4G networks and the Internet of Things (IoT), which is fueling the adoption of mobile phones. In 2020, 472 million Europeans (86% of the population) subscribed to mobile services. Additionally, Artificial Intelligence (AI) and 5G networks are the next frontiers that would aid in the growth of the market. Mobile phone insurance policies are offered by various smartphone manufacturers, network operators, insurance companies and retailers in Europe. Insurance companies help smartphone owners by offering theft or loss insurance, accident coverage, and more. Thus, increasing number of smartphone users across different regions is enhancing the growth of the market.
A few of the key players operating in the mobile phone insurance market are Allianz; American International Group, Inc.; Apple Inc.; AT&T Inc.; Aviva; Gadget cover; Pier Insurance Managed Services Ltd. ; and Telefonica Limited.
The mobile phone insurance market has been segmented on the basis of coverage, sales channel, type of phone and end user. Based on coverage, the market has been segmented into physical damage, electronic damage, virus protection, and theft protection. Based on the sales channel, the market is categorized into mobile operators, device OEMs, retailers and others. Based on phone type, the cell phone insurance market is segmented into new phones and refurbished phones. By end-user, the market is split into enterprise and personal.
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Impact of the COVID-19 pandemic on the mobile phone insurance market
Economic instability and lower consumer spending triggered by the onset of the COVID-19 pandemic have resulted in a reduction in people’s ability to pay phone insurance premiums. In addition to rising unemployment rates, many companies have deployed wage reduction strategies (instead of layoffs) to reduce labor costs. These changes hampered the daily expenses of employees, negatively influencing their earning activities. Thus, the pandemic has significantly hampered the growth of the mobile phone insurance market in 2020 and 2021. During this crisis, policyholders were filing claims and demanding further extension of mobile phone insurance coverage, which which has led insurance companies to bring changes in terms of policies in the market. . Insurers also had to freeze sales of new phone insurance plans.
However, companies in the mobile phone insurance market are expected to gradually restart their activities from 2022, which is mainly attributed to government initiatives favorable to the insurance industry, an increase in demand for high-end smartphones. quality and a gradual increase in purchasing power. consumers.
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