The “Gadget Insurance Market” 2023-2032 Research Report provides both qualitative and quantitative insights into global market growth factors, limitations, opportunities, and challenges. It offers comprehensive market data on key players and revenue forecasts. The report includes revenue growth statistics for various regional and country-level markets, along with insights into competition and detailed company analyses for the projected period. The Gadget Insurance Market Report covers growth drivers, current market share, adoption of various types, technologies, applications, and regional trends up to 2032.
The global gadget insurance market revenue was around US$ 67.0 billion in 2022 and is estimated to reach US$ 193.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 12.9% during the forecast period from 2023 to 2031.
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Gadget insurance is a service agreement that delivers component fix repair service for electronic gadgets sold by service providers, and retailers. It often delivers additional coverage of gadgets like malicious damage, e-wallet payments, unauthorized usage, or theft. Gadget insurance also covers the cost and inconvenience of electrical and mechanical failures.
Factors Influencing Market Growth
– The surge in the adoption of high-quality smartphones and the rise in incidents of accidental damage, phone thefts, virus infection, & device malfunction are some of the major factors, which push the growth of the gadget insurance market.
– The high replacement cost of different parts of gadgets propels the growth of the gadget insurance market.
– The reduction in the sale of PCs because of the increased penetration of tablets and smartphones is a major limitation that hampers the growth of the gadget insurance market.
– The surge in demand for innovative multiple gadget insurance services is anticipated to fuel the growth of the gadget insurance market in the future.
Impact of COVID-19
The COVID-19 pandemic had a significant impact on the gadget insurance market as various countries have imposed travel bans, demanding further extension of gadget insurance coverage, policyholders were filing claims, and there were shifts in terms of policies in the market. This has guided insurers to freeze sales of new coverages for gadget insurance in the market.
Although the COVID-19 pandemic negatively influenced the growth of the gadget insurance market, the industry has recovered quickly. Due to an increase in government initiatives and support toward the insurance industry and a rise in the purchasing power of customers to buy gadget insurance.
Regional Analysis
In 2022, North America dominated the gadget insurance market in terms of revenue. This is attributed to a rise in incidents of accidental device damage, virus infection, phone thefts, device malfunction, and other malicious activities.
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Leading Companies
The leading prominent companies profiled in the global gadget insurance market are: –
– Apple Inc.
– Asurion
– AXA
– AT&T, Inc.
– Bajaj Allianz General Insurance Company
– Bolttech
– Chubb
– CloudClover Insurance
– Gadget Cover
– Progressive Casualty Insurance Company
– Samsung
– Singtel
– Safeware (One 80 intermediaries)
– Tinhat
– Worth Ave. Group
– OneAssist Consumer Pvt. Ltd.
– SquareTrade, Inc. (Allstate)
– Other prominent key players
Segmentation Outline
The global gadget insurance market segmentation focuses on Coverage Type, Device Type, Sales Channel, End User, and Region.
Segmentation based on Coverage Type
– Physical Damage
– Internal Component Failure
– Theft and Loss Protection
– Virus and Data Protection
– Others
Segmentation based on Device Type
– Laptop and PCs
– Mobile Phones and Tablets
– Android
– iOS
– Others
– Home Entertainment Devices
– Cameras
– Others
Segmentation based on Sales Channel
– Retail
– Online
Segmentation based on End User
– Business
– Individuals
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Segmentation based on Region
– North America
– The U.S.
– Canada
– Europe
– UK
– Germany
– France
– Italy
– Spain
– Netherlands
– Rest of Europe
– Asia-Pacific
– China
– Japan
– India
– Australia
– South Korea
– Singapore
– Rest Of Asia-Pacific
– LAMEA
– Latin America
– Middle East
– Africa
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
What are the pricing trends and strategies in the market?
What are the distribution channels and their effectiveness in reaching the target audience?
What are the regulatory and legal factors impacting the market?
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