Gadget Insurance Market Analysis 2024 - Global Insights, Industry Demand, Growth Trends And Outlook By 2033

The Business Research Company recently released a comprehensive report on the Global Gadget Insurance Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The gadget insurance market size has increased by grown rapidly in recent years. It will grow from $58.87 billion in 2023 to $65.98 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increasing awareness of gadget insurance, increasing demand for customized coverage, increasing adoption of high-end gadgets, increasing ownership of electronic devices, and growing awareness of gadget protection.

The gadget insurance market size is expected to see rapid growth in the next few years. It will grow to $104.56 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to an increase in incidents of accidental damages, increased penetration of smartphones and tablets, a rise in the sale of mobile phones and wearables, rising repair and replacement costs, a growing use of the internet and e-commerce platforms, and rising demand for electronic devices. Major trends in the forecast period include innovative multiple gadget insurance services, the integration of blockchain technologies, technological advancements, the integration of internet of things telematics, and the development of a wide range of electronic gadgets.

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Market Drivers and Trends:

The rising demand for electronic devices is expected to propel the growth of the gadget insurance market going forward. The demand for electronic devices is driven by continuous technological innovation, including faster processors, better connectivity, and new features. Additionally, growing consumer preferences for smart, portable devices and increased digital content consumption drive demand for advanced electronics for streaming, gaming, and multimedia. Gadget insurance helps mitigate financial risks associated with device damage or loss, encouraging consumers to invest in expensive electronic devices without fear of substantial financial loss. For instance, in October 2023, according to Shanghai Municipal People's Government, a China-based local administrative agency, China's total retail sales of consumer electronics are projected to increase by 4 percent to 2.2 trillion yuan (US$305 billion) this year, with growth expected to accelerate to 5% in 2024. Therefore, the rising demand for electronic devices is driving the growth of the gadget insurance market.

Major companies operating in the gadget insurance market are adopting a strategic partnership approach to expand their reach and enhance their service offerings. A strategic partnership typically refers to a collaborative relationship between two or more organizations where they combine their resources, expertise, and efforts to achieve common goals or objectives. For instance, in July 2024, Gamp, a Nigerian-based technology provider of device insurance, announced a strategic partnership with AXA Mansard, a Nigerian-based gadget insurance provider, to provide easy and flexible gadget insurance solutions. This collaboration seeks to streamline the process of obtaining device insurance, making it more accessible through SLOT's extensive retail network. These policies often include low excess fees and the option of pay-as-you-go plans, allowing customers to choose coverage that fits their needs without long-term commitments. The initiative will initially launch at SLOT outlets and later expand to other tech retail stores across the country, with insurance options starting at a minimal fee of N2500.

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Major Key Players of the Market:

Apple Inc, Samsung Electronics Co Ltd, Allianz SE, AT& T Inc., AXA Group, Progressive Casualty Insurance Company, Chubb Limited, Nationwide Building Society, Assurant Inc, Asurion LLC, Geek Squad, Admiral Group PLC, Adrian Flux, SquareTrade Inc, Endsleigh, Lemonade Inc, Trustpilot, Bolttech Mannings Inc, OneAssist Consumer Solutions Pvt Ltd, Worth Ave Group, Acumen Insurance Services Ltd, i-Digital Insurance, Switchd, Tinhat Insurance Services Ltd

Gadget Insurance Market 2024 Key Insights:

• The gadget insurance market size is expected to see rapid growth in the next few years. It will grow to $104.56 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
• Impact Of Rising Electronic Device Demand On The Gadget Insurance Market
• Innovative Partnership Introduces Tailored Gadget Insurance Solutions
• North America was the largest region in the gadget insurance market in 2023

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