Press release
Gadget Insurance Market: Increased awareness for gadget insurance
The global gadget insurance market was valued at $59.4 billion in 2021, and is projected to reach $193.5 billion by 2031, growing at a CAGR of 12.9% from 2022 to 2031.Factors such as increase in incidents of accidental damage, phone thefts, virus infection, & device malfunction, and surge in adoption of high-quality smartphones are some of the major factors, which drive the gadget insurance market growth. In addition, high replacement cost of various parts of gadgets drives the growth of the gadget insurance market.
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However, decline in sale of PCs owing to increased penetration of smartphones and tablets is a major restraint that hinders the growth of the market. On the contrary, surge in demand for innovative multiple gadget insurance services is expected to boost the market growth in the future.
The report focuses on growth prospects, restraints, and trends of the global gadget insurance market analysis. The study provides Porter's five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the gadget insurance market outlook.
Top Impacting Factors
Increase in incidents of accidental damage, phone thefts, virus infection, and device malfunction
Rise in sale of mobile phones and wearables
Increased awareness for gadget insurance
Key benefits for stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the gadget insurance market forecast from 2021 to 2031 to identify the prevailing market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities of gadget insurance market overview.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the gadget insurance market segmentation assists in determining the prevailing gadget insurance market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes an analysis of the regional as well as global gadget insurance market trends, key players, market segments, application areas, and market growth strategies.
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Gadget Insurance Market Report Highlights
Aspects Details
Market Size By 2031 USD 193.5 billion
Growth Rate CAGR of 12.9%
Forecast period 2021 - 2031
Report Pages 408
Coverage Type Physical DamageInternal Component FailureTheft and Loss ProtectionVirus and Data ProtectionOthers
Device Type Laptop and PCsMobile Phones and TabletsMobile Phones and TabletsAndroidiOSOthersHome Entertainment Devices CamerasOthers
Sales Channel RetailOnline
End User BusinessIndividuals
By Region North America (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 Market Players Apple,Inc., Asurion, AXA, AT&T, Inc., Bajaj Allianz General Insurance Company, Bolttech, Chubb, Cloudclover, Gadget Cover, Progressive Casualty Insurance Company, Samsung, Singtel, Safeware (One 80 Intermediares), Tinhat, Worth ave, One Assist, Square Trade, Inc. (All state)
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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