Electronics Gadget Insurance Market Forecast, Trends, and Growth 2031

 

The electronics gadget insurance market size is expected to grow at a CAGR of 12.1% from 2023 to 2031. The electronics gadget insurance market includes growth prospects owing to the current electronics gadget insurance market trends and their foreseeable impact during the forecast period. The electronics gadget insurance market is a large and expanding sector. The electronics gadget insurance market is growing due to an increase in demand for electronic gadgets and an increase in incidents of accidental damage.

Electronics Gadget Insurance Market Analysis

Electronics gadget insurance is a policy that covers the repair or replacement costs of electronic devices in case of damage, theft, or loss. Numerous electronic devices, including computers, gaming consoles, smartwatches, smartphones, tablets, and cameras, are covered by electronic gadget insurance. Accidental damage, liquid damage, theft, loss, mechanical failure, and occasionally even software errors are all covered in electronics gadget insurance. Insurance policies may vary in terms of coverage options.

Electronics Gadget Insurance Market Industry Overview

• With the increasing reliance on electronic devices in both personal and professional settings, the demand for electronic gadget insurance is on the rise.
• As technology evolves, insurance providers adapt their policies to cover newer and more advanced devices, ensuring comprehensive protection for consumers.
• The electronics gadget insurance market is competitive, with several insurance companies offering diverse coverage options and pricing structures to attract customers.

Electronics Gadget Insurance Market Driver

Increase in Demand For Electronic Gadgets To Drive The Electronics Gadget Insurance Market

• The COVID-19 pandemic and the ensuing lockdowns have drastically impacted modern life. Growing numbers of people are using telecommuting for work, school, and play, which has increased demand for electronic gadgets.
• As more people own electronic gadgets like smartphones, laptops, and tablets, the need to protect these valuable assets grows. Consumers are investing significant amounts of money in purchasing electronic devices, making it essential to safeguard these investments against damage, theft, or loss.
• Moreover, consumers are becoming more aware of the risks associated with owning electronic gadgets, such as accidental damage, water damage, or theft, leading them to seek insurance coverage.
• Thus, as gadgets become more advanced and expensive, the cost of repairing or replacing them also increases, prompting consumers to opt for insurance coverage to mitigate financial risks.

Electronics Gadget Insurance Market Report Segmentation Analysis

• Based on the coverage type, the electronics gadget insurance market is segmented into accidental damage, theft and loss, and others. The accidental damage segment is expected to hold a substantial electronics gadget insurance market share in 2023.

Electronics Gadget Insurance Market Share Analysis By Geography

The scope of the electronics gadget insurance market 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 electronics gadget insurance market share. With a large population and high adoption rates of electronic gadgets, North America represents a significant market for gadget insurance. As a hub for technological advancement, North America sees constant evolution in gadget insurance offerings to keep up with the latest devices and consumer trends. Insurance companies in North America often collaborate with gadget retailers or manufacturers to offer bundled insurance packages, enhancing convenience for consumers and driving market growth in North America.

Electronics Gadget Insurance Market Report Scope

The "Electronics Gadget Insurance Market Analysis" was carried out based on coverage type, device type, end user and geography. On the basis of coverage type, the market is segmented into accidental damage, theft and loss, and others.  On the basis of device type, the market is segmented into laptops, computers, cameras, mobile devices, drones, and others. Based on end users, the market is segmented into corporate and individual. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Electronics Gadget Insurance Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the electronics gadget insurance market. A few recent key market developments are listed below:

• In July 2023, Taurus Insurance announced a partnership with Aston Lark to offer its customers exceptional gadget protection for their devices. The bespoke product range has been designed to enable Aston Lark to easily integrate this specialized insurance into its offering both online and over the phone.

[Source: Taurus Insurance, Press Release]

• In October 2023, The mobile operator, owned by BT, EE, confirmed that it will offer a new suite of products and services, including gadget insurance to all UK consumers, via a new integrated platform powered by an EE ID.

[Source: EE, Press Release]

Electronics Gadget Insurance Market Report Coverage & Deliverables

The electronics gadget insurance market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Electronics Gadget Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
• Detailed company profiles.

Electronics Gadget Insurance Report Scope