The global gadget insurance market was valued at $59.4 billion in 2021, and is projected to reach $193.5 billion by 2031, growing at a CAGR of 12.9% from 2022 to 2031.
Factors such as increase in incidents of accidental damage, phone thefts, virus infection, & device malfunction, and surge in adoption of high-quality smartphones are some of the major factors, which drive the gadget insurance market growth. In addition, high replacement cost of various parts of gadgets drives the growth of the gadget insurance market.
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However, decline in sale of PCs owing to increased penetration of smartphones and tablets is a major restraint that hinders the growth of the market. On the contrary, surge in demand for innovative multiple gadget insurance services is expected to boost the market growth in the future.
The report focuses on growth prospects, restraints, and trends of the global gadget insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the gadget insurance market outlook.
Top Impacting Factors
Increase in incidents of accidental damage, phone thefts, virus infection, and device malfunction
Rise in sale of mobile phones and wearables
Increased awareness for gadget insurance
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the gadget insurance market forecast from 2021 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities of gadget insurance market overview.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the gadget insurance market segmentation assists in determining the prevailing gadget insurance market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global gadget insurance market trends, key players, market segments, application areas, and market growth strategies.
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Gadget Insurance Market Report Highlights
| Aspects | Details |
|---|---|
| Market Size By 2031 | USD 193.5 billion |
| Growth Rate | CAGR of 12.9% |
| Forecast period | 2021 – 2031 |
| Report Pages | 408 |
| Coverage Type | Physical DamageInternal Component FailureTheft and Loss ProtectionVirus and Data ProtectionOthers |
| Device Type | Laptop and PCsMobile Phones and TabletsMobile Phones and TabletsAndroidiOSOthersHome Entertainment DevicesCamerasOthers |
| Sales Channel | RetailOnline |
| End User | BusinessIndividuals |
| By Region | North America (U.S., Canada)Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)Asia-Pacific (China, Japan, India, Australia, South Korea, Singapore, Rest of Asia-Pacific)LAMEA (Latin America, Middle East, Africa) |
| Key Market Players | Apple,Inc., Asurion, AXA, AT&T, Inc., Bajaj Allianz General Insurance Company, Bolttech, Chubb, Cloudclover, Gadget Cover, Progressive Casualty Insurance Company, Samsung, Singtel, Safeware (One 80 Intermediares), Tinhat, Worth ave, One Assist, Square Trade, Inc. (All state) |
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