The electronic gadgets insurance market size is expected to grow from US$ 60.4 billion in 2023 to US$ 154.9 billion by 2031; it is anticipated to expand at a CAGR of 12.5% from 2023 to 2031. The market is influenced by the increase in the incidents of accidental damage and virus infection. Electronic gadget insurance offers users repair services.
The growth of the electronic gadgets insurance market is primarily driven by factors such as an increase in incidents of accidental damage, phone thefts, virus infection, and device malfunction. Additionally, the surge in adoption of high-quality smartphones contributes to the market's expansion. The high replacement cost of various parts of gadgets also plays a significant role in driving the growth of the gadget insurance market. However, the decline in the sale of PCs due to the increased penetration of smartphones and tablets acts as a major restraint to market growth. Conversely, there is an expected surge in demand for innovative multiple gadget insurance services, which is expected to bring new electronic gadgets insurance market trends.
The scope of the electronic gadgets insurance market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant electronic gadgets insurance market share. Firstly, there has been an increase in incidents of accidental device damage, phone thefts, virus infection, device malfunction, and other malicious activities in the region. With the growing reliance on electronic gadgets in daily life, the risk of such incidents has also increased. Additionally, North America has a significant number of smartphone users, with nearly 10% of global smartphone users residing in the region, amounting to 320 million users in 2020. The high number of smartphone users poses a greater risk of phone theft, especially in crowded areas such as public transport and festivals.
The regional trends and factors influencing the Electronic Gadgets Insurance Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Electronic Gadgets Insurance Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 60.4 Billion |
| Market Size by 2031 | US$ 154.9 Billion |
| Global CAGR (2023 - 2031) | 12.5% |
| Historical Data | 2021-2023 |
| Forecast period | 2023-2031 |
| Segments Covered |
By End User
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Electronic Gadgets Insurance Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Electronic Gadgets Insurance Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Electronic Gadgets Insurance Market Analysis" was carried out based on coverage type, device type, end users, and geography. By coverage type, it is segmented into physical damage, theft & loss protection, virus & data protection, and others. On the basis of device type, it is divided into laptop & PCs, mobile phones & tablets, and others. Based on end users, the market is segmented into business, and individuals. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the market. A few recent key market developments are listed below:
The market report “Electronic Gadgets Insurance Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
The key players holding the majority of shares in the global electronic gadgets insurance market are Apple Inc., Asurion, AXA, AT&T, Inc., and Bajaj Allianz General Insurance Company.
The global electronic gadgets insurance market is expected to reach US$ 154.9 billion by 2031.
The electronic gadgets insurance market size is expected to grow from US$ 60.4 billion in 2023 to US$ 154.9 billion by 2031; it is anticipated to expand at a CAGR of 12.5% from 2023 to 2031
Rapid technological advancements and corresponding increases in gadget prices are anticipated to play a significant role in the global electronic gadgets insurance market in the coming years.
The electronic gadgets insurance market is influenced by the increase in the incidents of accidental damage, and virus infection.