Press release
Gadget Insurance Market Drivers Shaping Future Growth, $193.5 billion by 2031 | CAGR 12.9%
According to the report, the global gadget insurance market generated $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.
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Drivers, Restraints, and Opportunities
Increase in cases of accidental damage, phone thefts, virus infection, & device malfunction, rise in the adoption of high-quality smartphones, surge in the standard of living among people, and increase in demand for innovative multiple gadget insurance services are expected to drive the growth of the global gadget insurance market. On the other hand, decline in sale of PCs owing to increased penetration of smartphones and tablets hinders the market growth. However, rise in expenditure on electronics among people are expected to create ample opportunities for the industry.
COVID-19 Pandemic
The outbreak of COVID-19 has had a negative impact on the growth of the global gadget insurance market, owing to the occurrence of lockdowns in various countries across the globe. Lockdown resulted in the closure of various shops and retail stores, which created adverse problems for gadget holders to claim their insurance.
These restrictions were imposed by the government to curb the spread of the virus during the pandemic.
In addition, several countries imposed a strict ban on traveling, and hence policyholders were filing claims, demanding further extension of gadget insurance coverage.
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The physical damage segment to lead the trail.
Based on coverage type, the physical damage segment held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. This is mainly due to increase in adoption of gadget insurance for physical damage due to hassle free claim management services offered by insurance service providers propels the growth of the market. The virus and data protection segment, on the other hand, is expected to cite the fastest CAGR of 19.5% during the forecast period. Increase in use of smartphone and laptops among the people to track their personal information and rise in incidences of cyber-attacks on these gadgets are among the key factors that boost the growth of the market in this segment.
The mobile phones and tablets segment to dominate
Based on device type, the mobile phones and tablets segment held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The growth of this segment is due to high initial cost and repairing prices of these devices. The cameras segment, on the other hand, is expected to cite the fastest CAGR of 17.9% during the forecast period. The rise in costs of photography camera and their spare parts owing to increased demand for photography among millennials fuels the growth of the gadget insurance market.
The retail segment to lead the trail
Based on sales channel, the retail segment held the largest market share in 2021, holding more than three-fifths of the global market. The growth of this segment is mainly because customers can visit service centers of their gadgets and purchase insurance for their devices. Further, consumers can purchase insurance even after purchasing their devices. The business segment, on the other hand, is expected to cite the fastest CAGR of 14.7% during the forecast period. Various organizations have started providing insurance services for the devices used by employees with rise in bring your own device (BYOD) culture in organizations and surge in need to secure each and every device of the company, which in turn propels the growth of the market.
The Asia-Pacific region to cite the fastest CAGR
Based on region, the market across Asia-Pacific is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 17.4% during the forecast period. The growth in this region is mainly attributed to surge in multichannel interaction, direct-to-consumer insurance and online transaction platforms. In addition, rise in electronic gadget sales among the developing nations and increase in awareness toward insurance among the young working people propel the growth of the market. The North America region, on the other hand, held the largest market share in 2021, holding more than two-fifths of the global market. North America led the global market in terms of gadget insurance adoption, owing to the presence of a large number of gadget insurance providers and the rise in incidences of crimes committed using gadgets such as smartphones and laptops in Canada and the U.S.
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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.
Key Market Segments
Coverage Type
Physical Damage
Internal Component Failure
Theft and Loss Protection
Virus and Data Protection
Others
Device Type
Laptop and PCs
Mobile Phones and Tablets
Mobile Phones and Tablets
Android
iOS
Others
Home Entertainment Devices
Cameras
Others
Sales Channel
Retail
Online
End User
Business
Individuals
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)
Prominent Players of the Market:
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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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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