The increase in accidental damage, phone theft, virus infection and device malfunction, the increasing acceptance of high-quality smartphones, the increase in people’s living standards, and the rising demand for innovative multi-device insurance services are expected to fuel the growth of the global gadget insurance market.
PORTLAND, Ore., October 3, 2022 /PRNewswire/ — Allied Market Research released a report entitled: “Gadget Insurance Market by coverage type (Physical Damage, Internal Component Failure, Theft & Loss Protection, Virus & Data Protection, Other), by device type (Laptops & PCs, Mobile Phones & Tablets, Home Entertainment Devices, Cameras, Other), by distribution channel (Retail , Online), by End User (Enterprise, Individual): Global Opportunity Analysis and Industry Forecast, 2021-2031”. $59.4 billion in 2021 and expected to be reached $193.5 billion to 2031 and growing at a CAGR of 12.9% from 2022 to 2031.
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Drivers, limitations and opportunities
The increase in accidental damage, phone theft, virus infection and device malfunction, the increasing acceptance of high-end smartphones, the rise in people’s living standards, and the rising demand for innovative multi-device insurance services are expected to fuel the growth of the global gadget insurance market. On the other hand, the decline in PC sales due to the increasing penetration of smartphones and tablets is restraining the market growth. However, the increase in people’s spending on electronics is expected to create numerous opportunities for the industry.
- The outbreak of COVID-19 has negatively impacted the growth of the global gadget insurance market due to lockdowns in various countries around the world. The lockdown led to the closure of various shops and retail outlets, causing adverse problems for gadget owners to claim their insurance.
- These restrictions were imposed by the government to curb the spread of the virus during the pandemic.
- In addition, several countries imposed strict travel bans, prompting policyholders to file claims and call for further expansion of gadget coverage.
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The physical damage segment to lead the lane
Based on cover type, the property damage segment held the largest market share with almost half of the global market in 2021 and is expected to maintain its leading position during the forecast period. This is mainly due to the increasing adoption of property damage gadget insurance, which is attributed to hassle-free claims management services offered by insurance service providers, which is driving the growth of the market. On the other hand, the virus and data protection segment is expected to show the fastest CAGR of 19.5% during the forecast period. The increasing use of smartphones and laptops by people to track their personal information and the increase in cyber attacks on these devices are among the key factors fueling the growth of the market in this segment.
The mobile phone and tablet segment should dominate
Based on device type, the mobile phones and tablets segment held the largest market share in 2021, holding almost half of the global market and is expected to maintain its leading position during the forecast period. The growth of this segment is due to the high acquisition costs and repair prices of these devices. The cameras segment, on the other hand, is likely to quote them fastest CAGR of 17.9% over the forecast period. The increase in the cost of still cameras and their replacement parts due to increased demand for photography among millennials is driving the growth of the equipment insurance market.
The retail segment is set to lead the way
Based on distribution channels, the retail segment held the largest market share in 2021, holding more than three-fifths of the global market. The growth of this segment is mainly due to customers being able to visit service centers for their devices and get insurance for their devices. In addition, consumers can also take out insurance after purchasing their devices. The business segment, on the other hand, is expected to register the fastest CAGR of 14.7% during the forecast period. Various organizations have started offering insurance services for the devices used by employees as the bring-your-own-device (BYOD) culture in organizations increases and the need to secure every single device of the company increases, which in turn fuels the growth of the market.
That Asia Pacific Region to name the fastest CAGR
Based on region, the market is overarching Asia Pacific is expected to maintain its leadership status during the forecast period. Additionally, the same segment is expected to register the fastest CAGR of 17.4% over the forecast period. The growth in this region is mainly due to the rise of multichannel interaction, direct insurance and online transaction platforms. Additionally, the increase in sales of electronic devices in the developing world and increasing awareness of insurance among young professionals are driving the growth of the market. That North America The region, on the other hand, held the largest market share in 2021 with more than two-fifths of the global market. North America led the global market in terms of gadget insurance adoption due to the presence of a large number of gadget insurance providers and the increase in crimes committed using gadgets such as smartphones and laptops Canada and the US
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Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimates and forecast dynamics of the Gadget Insurance market from 2021 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information on major drivers, restraints and opportunities of Gadget Insurance market overview.
- Porter’s Five Forces Analysis highlights the potential of buyers and suppliers to empower stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the Gadget Insurance market segmentation helps in determining the prevailing Gadget Insurance market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- The positioning of market participants facilitates benchmarking and provides a clear understanding of the current position of market participants.
- The report provides analysis of regional and global Gadget Insurance Market trends, key players, market segments, application areas, and market growth strategies.
Important market segments
- physical damage
- Internal component error
- Protection against theft and loss
- Virus and data protection
- laptops and personal computers
- mobile phones and tablets
- mobile phones and tablets
- Home Entertainment Devices
- North America (US, Canada)
- Europe (UNITED KINGDOM, Germany, France, Italy, Spain, Netherlandsthe rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Singaporethe rest of Asia Pacific)
- LAMEA (Latin America, middle East, Africa)
Prominent market participants:
- Apple Inc.,
- Asurion, AXA
- AT&T, Inc.
- Bajaj Allianz General Insurance Company
- Bolttech, Chubb
- cloud clover
- Gadget Cover
- Progressive Accident Insurance Company
- Samsung, Sintel
- Safeware (One 80 Intermediates)
- pewter hat
- ave worth
- an assistant
- Square Trade, Inc. (All States)
The report analyzes these major players in the global Gadget Insurance Market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances and joint ventures to improve market penetration and strengthen their position in the industry. The report helps the target audience to determine the market performance, the performance of each segment, the evolution of the product portfolio in the market, and the contributions of each player to the market expansion.
“We have also published some syndicated market studies in a similar area that may be of interest to you. Below is the title of the report for reference, taking into account the impact of Covid-19 on this market, which will help you assess the aftermath of a pandemic in the short-term. long-term and long-term growth trends of this market.”
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