Personal Gadget Insurance Market to Reach USD 79.2 Billion by 2034, Growing at a CAGR of 10.9% | TMR Study

The global personal gadget insurance market is on a promising growth trajectory. Valued at US$ 25.4 billion in 2023, the industry is projected to grow at a compound annual growth rate (CAGR) of 10.9% from 2024 to 2034, reaching an estimated valuation of US$ 79.2 billion by the end of the forecast period. This growth underscores the rising demand for comprehensive coverage of electronic devices in an increasingly connected world.

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Analyst Viewpoint

The increasing reliance on consumer electronics and the growing frequency of accidental damages and thefts are the key drivers behind the burgeoning personal gadget insurance market. This insurance provides financial protection for various electronic devices such as smartphones, tablets, laptops, and wearables, ensuring peace of mind for policyholders.

The market has evolved to include coverage for software-related issues, such as protection against malware and viruses, and expanded international coverage, meeting the demands of a mobile and tech-savvy population. This broader scope highlights the industry's commitment to addressing the complexities of the digital age.

Overview of Global Personal Gadget Insurance Market

Personal gadget insurance safeguards electronic devices from risks such as loss, theft, damage, or malfunction. With electronics becoming integral to daily life, this specialized insurance mitigates financial risks associated with repair or replacement, ensuring uninterrupted connectivity and productivity.

The coverage has become indispensable for individuals and businesses alike, offering protection against accidental damages, software malfunctions, and unforeseen circumstances that could hinder the functionality of gadgets. As the reliance on electronic devices grows, the role of personal gadget insurance in facilitating smooth digital experiences is becoming increasingly significant.

Key Market Drivers

1. Increase in Adoption of Consumer Electronics

The widespread use of consumer electronics such as smartphones, wearables, and tablets is a primary driver of the personal gadget insurance market.

Smartphone Penetration: Over 6.5 billion smartphones are in use globally, with this number expected to grow further. With nearly 90% of cellular phones being smartphones, the demand for insurance coverage has surged.
Global Trends: Smartphone sales increased by 10.8% in Q2 2021 alone, highlighting the growing market potential.

2. Rise in Cases of Accidental Damage and Phone Thefts

Accidental damages and thefts of electronic devices have become prevalent, boosting the need for comprehensive insurance policies.

Theft Statistics: In 2022, over 652,000 theft cases were reported in India, a significant rise compared to the previous year. Globally, one laptop is stolen every 53 seconds, as per research by Gartner.

Accidental Damage: Instances of liquid damage, screen breakage, and unauthorized use are increasing, prompting consumers to seek protection plans.

Emerging Trends in the Market

1. Coverage for Software Issues

Leading players are introducing policies that address software-related risks, such as viruses and malware, reflecting the growing complexity of digital threats.

2. International Coverage Expansion

To cater to the global consumer base, many insurers now offer international coverage, enabling customers to use their devices abroad without worrying about unexpected repair costs.

Regional Analysis

North America: The Market Leader

North America held the largest market share in 2023, driven by increasing disposable income, changing consumer lifestyles, and heightened awareness of gadget insurance benefits.

Key players such as Apple Inc., Assurant Inc., and Asurion Group Inc. dominate the region, offering innovative and affordable policies. For example, in September 2022, Assurant Inc. extended its partnership with T-Mobile to provide comprehensive mobile device protection solutions.

Asia-Pacific: A Growing Opportunity

The Asia-Pacific region is witnessing rapid adoption of gadget insurance, spurred by rising smartphone penetration and increasing consumer awareness. The region's expansive market size is a lucrative opportunity for insurers aiming to expand their footprint.

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Competitive Landscape

Prominent companies in the personal gadget insurance market include:

• Apple Inc.: Offers extended warranties and device-specific plans, such as AppleCare+.

• Samsung: Provides comprehensive screen protection for accidental breakage and damage for up to two years.

• Asurion and Assurant Inc.: Known for fast, paperless claims and global coverage options.

• Bolttech and Bajaj Allianz: Emerging players leveraging digital platforms for seamless insurance offerings.

These companies are driving innovation by integrating digital tools and launching customer-centric policies.

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