What are the Historical Developments and Current Growth Metrics of the Gadget Insurance Market?
The gadget insurance market has seen considerable growth due to a variety of factors.
• In the recent past, the size of the gadget insurance market has seen a rapid expansion. It is projected to increase from a market worth of $65.98 billion in 2024 to $74.13 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.4%.
Factors such as growing consumer awareness about gadget insurance, rising needs for tailored coverage, increased consumer investment in high-grade gadgets, expanded ownership of electronic devices, and heightened understanding of gadget protection have largely driven growth during the prior period.
What Does Future Hold for The Gadget Insurance Market By 2029?
The gadget insurance market is expected to maintain its strong growth trajectory in upcoming years.
• Projections for the gadget insurance market size anticipate a swift expansion in the coming years. The market is predicted to surge to $117.1 billion by 2029, with a compound annual growth rate (CAGR) of 12.1%.
This predicted growth over the forecast period is due to factors such as a rising number of mishaps causing damage to devices, enhanced usage of smartphones and tablets, an upward trend in the sale of mobile phones and wearables, escalating costs of repairs and replacements, increased usage of the internet and e-commerce platforms, and a boosted demand for electronic devices. The forecast period is likely to see crucial trends like the commencement of innovative multi-gadget insurance services, the incorporation of blockchain technologies, technological progress, the integration of internet of things telematics, and the proliferation of a broad spectrum of electronic gadgets.
What Are The Primary Growth Drivers In The Gadget Insurance Market?
The growth of the gadget insurance market is anticipated to be driven by the increasing demand for electronic devices. This demand is fueled by ongoing technological advancements such as improved processors, enhanced connectivity and innovative features. Moreover, the growing consumer inclination for smart, portable devices and their escalating consumption of digital content promotes the need for cutting-edge electronics for various uses such as streaming, gaming, and multimedia. Gadget insurance comes in handy by alleviating financial risks associated with damage or loss of devices, thereby inspiring consumers to invest in high-cost electronic devices without the concern of significant financial losses. For instance, the Shanghai Municipal People's Government, a local administrative body based in China, projected in October 2023 that China's total retail sales of consumer electronics would grow by 4 percent to 2.2 trillion yuan (US$305 billion) this year, with the growth rate expected to spike to 5% in 2024. Consequently, the surging demand for electronic devices fuels the expansion of the gadget insurance market.
What Is The Segmentation Of The Global 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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Which Emerging Market Trends Are Altering The Gadget Insurance Industry?
Major corporations in the gadget insurance market, such as Gamp and AXA Mansard, are forging strategic alliances to broaden their reach and improve their services. Strategic partnerships usually mean a cooperative agreement between two or more entities, pooling their resources, knowledge and effort to attain shared objectives. For instance, in July 2024, Gamp, a technology company based in Nigeria that offers device insurance, formed a strategic alliance with AXA Mansard, another Nigerian gadget insurance provider. This partnership aims to simplify the acquisition of device insurance, making it readily available through SLOT's wide retail chain. Such insurance policies often have low excess charges and offer pay-as-you-go plans, giving customers the choice of coverage that suits their requirements without any long-term obligations. The initiative will first be introduced in SLOT outlets before it is rolled out to other tech retail stores nationwide, with insurance plan rates starting from a nominal charge of N2500.
Who Are the Key Players In The Gadget Insurance Market?
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 Regional Insights Into 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.
