China Gadget Insurance Market is expected to reach US$ 20.49 Billion by 2031

Increased Awareness of Gadget Insurance Fuels China Gadget Insurance Market Growth

According to our latest study on "China Gadget Insurance Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Type, Device Type, Sales Channel, and End User," the market size was valued at US$ 6.40 billion in 2023 and is expected to reach US$ 20.49 billion by 2031; it is estimated to record a CAGR of 15.6% from 2023 to 2031. The report includes growth prospects owing to the current China gadget insurance market trends and their foreseeable impact during the forecast period.

Customers in China are becoming more tech-savvy; they are increasingly understanding the vulnerabilities associated with electronic devices. The China gadget insurance industry is expanding rapidly, owing to increased consumer awareness of the need to safeguard their electronic gadgets. This increased knowledge is modifying customer behavior and affecting purchase decisions, providing an advantageous environment for insurance companies. In recent years, insurance firms and tech shops in China have launched major educational programs to enlighten consumers about the benefits of device insurance. These commercials emphasize the possible financial losses caused by equipment damage, theft, or failure, persuading customers to view insurance as a vital safety net. As customers grow more knowledgeable, they see gadget insurance as a critical component of their technological expenditures.

China Gadget Insurance Market – by Country

Source: The Insight Partners Analysis

The widespread use of social media and internet platforms has contributed significantly to increased awareness of gadget insurance. For instance, according to DataReportal, there were 1.09 billion internet users in China at the start of 2024, when internet penetration stood at 76.4%. China was home to 1.06 billion social media users in January 2024, equating to 74.2% of the total population. Positive testimonials and reviews from consumers who have utilized gadget insurance during incidents such as device theft or accidental damage serve as powerful endorsements for the service. These firsthand accounts highlight the effectiveness and reliability of gadget insurance, reinforcing its value to potential customers. This social evidence encourages new customers to view insurance as a viable alternative, which fuels the China gadget market expansion.

China Gadget Insurance Market Report Segmentation and Scope:

The China gadget insurance market analysis has been carried out by considering the following segments: type, device type, sales channel, and end user. Based on coverage type, the market is categorized into physical damage, theft and loss protection, and others. In terms of device type, the market is divided into laptops and PCs, smartphones, tablets, wearable devices, home entertainment devices, cameras, and others. Based on sales channel, the market is segmented into retail and online. In terms of end user, the market is categorized into businesses and individuals.

By type, the market is divided into physical damage, theft & loss prevention, and others. The physical damage segment held the largest China gadget insurance market share in 2023. Physical damage insurance coverage for gadgets is a critical component of risk management for businesses that rely heavily on technology and electronic devices. This insurance protects against financial losses from physical damage to gadgets due to various unforeseen incidents, such as accidents, theft, or natural disasters. As businesses and individuals increasingly integrate gadgets into their operations, understanding the scope and benefits of physical damage coverage becomes essential. Furthermore, physical damage typically covers costs associated with accidental damage to gadgets, such as drops, spills, or other uncertainties that may render devices inoperable or require costly repairs. Additionally, physical damage policies may include provisions for mechanical or electrical failures that are not due to wear and tear, thus protecting businesses from unexpected repair costs.

AT&T; Apple Inc.; ASSURANT, INC.; AmTrust Financial; HDFC ERGO General Insurance Company Limited; Chubb; ICICI Group; AXA; Zurich General Insurance Company (China) Limited; Samsung; and HUAWEI Care are among the prominent players profiled in the China gadget insurance market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The China gadget insurance market forecast can help stakeholders plan their growth strategies.

China Gadget Insurance Market Recent Developments:

Companies in the China gadget insurance market highly adopt inorganic and organic strategies such as mergers and acquisitions. As per the company press releases, below are a few recent key developments:

• Apple increased the sign-up period for new Applecare+ plans to 45 days after existing coverage expires. The plan can be renewed monthly, yearly, or for 36 months. This extension is applicable to users in multiple countries, including the US, UK, and other European nations. (Source: Apple Inc., Press Release, August 2024)
• Apple's extended warranty scheme for MacBooks underwent a significant modification during June's WWDC. Though Apple did not give it much publicity, the AppleCare insurance Plan was renamed AppleCare Plus and now adds accidental damage insurance. (Source: Apple Inc., Press Release, January 2024).
• Assurant, a global pioneer in lifestyle and housing solutions, has announced the strategic purchase of iSmash. The acquisition allowed Assurant to dramatically expand and strengthen its leadership in the drop-in repair industry. While the actual amount of the merger has not been announced, it is expected to establish the UK's most comprehensive drop-in repair network, with 68 locations staffed by highly trained and authorized specialists. (Source: Assurant, Press Release, April 2024).

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