Gadget Insurance Market Poised for 12.1% Growth, Set to Hit $148

Published 1 month ago• 6 minute read

Gadget Insurance Market Size

What market dynamics are playing a key role in accelerating the growth of the gadget insurance market?
The gadget insurance market is poised to grow due to the increasing demand for electronic devices. The need for these devices is spurred by ongoing technological advancements, including enhanced processors, superior connectivity, and innovative features. Additionally, customer preferences for intelligent, portable devices and higher digital content usage fuel the demand for high-tech electronics for streaming, gaming, and multimedia activities. Gadget insurance can provide a safety net against financial loss related to device damage or loss, providing consumers with the confidence to purchase pricey electronic items without the fear of significant financial setbacks. As an example, in October 2023, the Shanghai Municipal People's Government, an administrative organization based in China, predicted a four percent rise that year, to 2.2 trillion yuan (US$305 billion) in China's total retail sales of electronics, anticipating an acceleration of growth to 5% in 2024. Consequently, the surging demand for electronic devices is spurring the expansion of the gadget insurance market.

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How will the growth rate of the gadget insurance market shape industry trends by 2034?
In the past few years, the size of the gadget insurance market has seen quick expansion. The prediction is that it will rise from $65.98 billion in 2024 to $74.13 billion in 2025, maintaining a compound annual growth rate (CAGR) of 12.4%. The spurt of growth during the historical period is credited to factors such as heightened knowledge of gadget insurance, a mounting demand for personalized coverage plans, an uptick in the usage of high-range gadgets, escalating possession of electronic devices, and an increased consciousness about the need for gadget protection.

Anticipations are high for a swift expansion in the gadget insurance market size over the coming years, with projections showing an increase to $117.1 billion by 2029, boasting a Compound Annual Growth Rate (CAGR) of 12.1%. This expected growth during the forecast period can be attributed to various contributing factors such as an increase in accidental damage incidents, an amplified usage and penetration of smartphones and tablets, an upswing in mobile phone and wearable sales along with their repair and replacement costs, a surge in internet and e-commerce platform usage, and a boosted demand for electronic devices. The forecast period will also witness key trends such as the emergence of innovative multi-gadget insurance services, blockchain technology integration, advancements in technology, the incorporation of internet of things telematics, and the creation of a broad array of electronic gadgets.

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What trends are poised to drive the future success of the gadget insurance market?
Key players in the gadget insurance sector are broadening their scope and improving their services through strategic partnerships. This kind of relationship is formed between two or more businesses, which pool their resources and knowledge, in order to accomplish mutual goals. Illustratively, Gamp, a leading technology and device insurance provider in Nigeria, teamed up with AXA Mansard, another Nigerian-based gadget insurance company, in July 2024 to offer simple yet flexible insurance solutions for gadgets. The goal of this partnership is to simplify gadget insurance acquisition, widening its availability via SLOT's comprehensive retail network. These insurance plans often come with minimal surplus charges and pay-as-you-go options, enabling consumers to opt for a plan that suits their needs without being tied down to long-term commitments. This program is set to debut in SLOT outlets, before making its way to other tech retail outlets nationwide, with insurance premiums starting from a mere N2500.

Which primary segments of the gadget insurance market are driving growth and industry transformations?
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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Which geographical regions are pioneering growth 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.

Who are the influential players reshaping the gadget insurance market landscape?
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

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What Is Covered In The Gadget Insurance Global Market Report?

•Market Size Forecast: Examine the gadget insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the gadget insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the gadget insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the gadget insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the gadget insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the gadget insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the gadget insurance market.
•Competitive Landscape: Review strategic developments in the gadget insurance market, including expansions, agreements, and new product launches.

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