Press release
Gadget Insurance Market Size Forecasted To Achieve $117.1 Billion By 2029 With Steady Growth
Gadget Insurance Market Size
What Is the Gadget Insurance Market Size and Projected Growth Rate?
The gadget insurance market size has grown rapidly in recent years. It will grow from $65.98 billion in 2024 to $74.13 billion in 2025 at a compound annual growth rate (CAGR) of 12.4%. 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 is expected to grow to $117.1 billion by 2029, at a CAGR of 12.1%. The growth is due to increased accidental damage, smartphone and tablet penetration, mobile phone and wearables sales, and rising repair costs. Trends include multiple gadget insurance services, blockchain technology integration, IoT telematics, and gadget range development.
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What Are the Major Segments in the Gadget Insurance Market?
The gadget insurancemarket covered in this report is segmented -
1) By Coverage Type: Physical Damage, Internal Component Failure, Theft And Loss Protection, Virus And Data Protection, Other Coverage Types
2) By Device Type: Laptop And Portable Personal Computers, Mobile Phones, Tablets, Home Entertainment Devices, Cameras, Other Device Types
3) By Sales Channel: Retail, Online
4) By End User: Business, Individuals
Subsegments:
1) By Physical Damage: Accidental Damage, Screen Breakage, Water Damage, Drop and Impact Damage, Cracked Screens or Housing, Spill Damage
2) By Internal Component Failure: Battery Failure, Hardware Malfunctions, Motherboard Failure, Display or Graphics Failure, Charging Port and Connector Issues, Camera or Sensor Failures
3) By Theft and Loss Protection: Theft of Device, Robbery or Break-in Protection, Lost Devices, Device Recovery Assistance, International Theft Coverage
4) By Virus and Data Protection: Malware Protection, Ransomware Protection, Data Recovery Services, Data Breach and Privacy Protection, Anti-virus and Security Software Coverage, Identity Theft Protection
5) By Other Coverage Types: Accidental Damage with Loss of Use, Cosmetic Damage Coverage, Extended Warranty For Device, International Coverage, Loss Of Accessories Coverage, Software And Application Protection
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What Are The Driving Gadget Insurance Market Evolution?
Increasing usage of electronic devices is expected to boost the gadget insurance market. Technological innovation and rising demand for high-tech, portable electronics are key factors behind this trend. Gadget insurance helps protect users financially from device damage or theft. For instance, in October 2023, the Shanghai Municipal People's Government forecasted China's retail electronics sales to grow by 4% to 2.2 trillion yuan (US$305 billion) in 2023, with 5% growth expected in 2024. This increase supports the expansion of the gadget insurance market.
Which Firms Dominate The Gadget Insurance Market Segments?
Major companies operating in the gadget insurance market are 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
What Are the Latest Developing Trends in the Gadget Insurance Market?
Companies in the gadget insurance market are forming strategic partnerships to expand their reach and enhance service offerings. A strategic partnership allows businesses to combine resources and expertise for mutual benefit. For example, in July 2024, Gamp teamed up with AXA Mansard to provide accessible and flexible gadget insurance solutions in Nigeria. The collaboration, leveraging SLOT's retail network, offers affordable insurance options with pay-as-you-go plans, initially available at SLOT outlets and expanding to other tech retail stores.
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Which Is The Largest Region In The Gadget Insurance Market?
North America was the largest region in the gadget insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gadget insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Gadget Insurance Market?
2. What is the CAGR expected in the Gadget Insurance Market?
3. What Are the Key Innovations Transforming the Gadget Insurance Industry?
4. Which Region Is Leading the Gadget Insurance Market?
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