Global Gadget Insurance Market Size Study, by Coverage Type, by Device Type, by Sales Channel, by End User, and Regional Forecasts 2022-2032

Description

The Global Gadget Insurance Market is valued at approximately USD 62.7 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 12.9% over the forecast period 2024-2032. Gadget insurance has emerged as a critical service for consumers and businesses alike, offering coverage for accidental damage, theft, unauthorized usage, and other risks associated with electronic gadgets. This insurance not only provides peace of mind but also mitigates the financial burden of unexpected repairs and replacements. With the increasing reliance on electronic devices, from smartphones and tablets to laptops and home entertainment systems, the demand for comprehensive gadget insurance continues to rise, fueled by the growing incidents of device malfunctions, virus infections, and malicious damage.

The market is driven by the widespread adoption of high-end smartphones, wearables, and other portable devices, coupled with the high replacement costs of these gadgets. As the penetration of smart devices increases globally, particularly in emerging markets, the need for robust insurance coverage to protect these valuable assets becomes more pronounced. However, the decline in PC sales, attributed to the growing preference for smartphones and tablets, may act as a restraint, potentially impacting the demand for gadget insurance in certain segments. Nevertheless, the market is poised for substantial growth, supported by the rising awareness among consumers regarding the importance of gadget insurance, and the development of innovative insurance products catering to multiple devices.

The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America dominated the gadget insurance market in 2023, driven by the high incidence of smartphone thefts, accidental damages, and the overall rise in device malfunctions. The region's substantial smartphone user base, coupled with increased awareness of gadget insurance, contributes to its market leadership. The Asia-Pacific region is expected to witness significant growth during the forecast period, fueled by the increasing adoption of smart devices, expanding middle class, and the rising disposable income levels in countries such as China and India.

Major market players included in this report are:

Apple Inc.
Samsung Electronics Co., Ltd.
Asurion, LLC
AXA Group
AT&T Inc.
Bajaj Allianz General Insurance Company
Chubb Limited
SquareTrade, Inc. (Allstate)
Worth Ave. Group
Safeware (One80 Intermediaries)
Singtel
Tinhat
Bolttech
Progressive Casualty Insurance Company
Gadget Cover

The detailed segments and sub-segments of the market are explained below:

By Coverage Type:

Physical Damage
Internal Component Failure
Theft & Loss Protection
Virus & Data Protection
Others

By Device Type:

Laptops & PCs
Mobile Phones & Tablets
Home Entertainment Devices
Cameras
Others

By Sales Channel:

Retail
Online

By End User:

Business
Individuals

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Gadget Insurance Market Executive Summary

1.1. Global Gadget Insurance Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Coverage Type
- 1.3.2. By Device Type
- 1.3.3. By Sales Channel
- 1.3.4. By End User
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Gadget Insurance Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Gadget Insurance Market Dynamics

3.1. Market Drivers
- 3.1.1. Increase in Incidents of Accidental Damage, Phone Thefts, Virus Infection, and Device Malfunction
- 3.1.2. Rise in Sale of Mobile Phones and Wearables
- 3.1.3. Increased Awareness for Gadget Insurance
3.2. Market Challenges
- 3.2.1. Decline in Sale of PCs
- 3.2.2. High Costs of Insurance Premiums
3.3. Market Opportunities
- 3.3.1. Surge in Demand for Multiple Gadget Insurance Services
- 3.3.2. Technological Advancements in Blockchain for Insurance

Chapter 4. Global Gadget Insurance Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Gadget Insurance Market Size & Forecasts by Coverage Type 2022-2032

5.1. Segment Dashboard
5.2. Global Gadget Insurance Market: Coverage Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Physical Damage
- 5.2.2. Internal Component Failure
- 5.2.3. Theft & Loss Protection
- 5.2.4. Virus & Data Protection
- 5.2.5. Others

Chapter 6. Global Gadget Insurance Market Size & Forecasts by Device Type 2022-2032

6.1. Segment Dashboard
6.2. Global Gadget Insurance Market: Device Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Laptops & PCs
- 6.2.2. Mobile Phones & Tablets
  - 6.2.2.1. Android
  - 6.2.2.2. iOS
  - 6.2.2.3. Others
- 6.2.3. Home Entertainment Devices
- 6.2.4. Cameras
- 6.2.5. Others

Chapter 7. Global Gadget Insurance Market Size & Forecasts by Sales Channel 2022-2032

7.1. Segment Dashboard
7.2. Global Gadget Insurance Market: Sales Channel Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. Retail
- 7.2.2. Online

Chapter 8. Global Gadget Insurance Market Size & Forecasts by End User 2022-2032

8.1. Segment Dashboard
8.2. Global Gadget Insurance Market: End User Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 8.2.1. Business
- 8.2.2. Individuals

Chapter 9. Global Gadget Insurance Market Size & Forecasts by Region 2022-2032

9.1. North America Gadget Insurance Market
- 9.1.1. U.S. Gadget Insurance Market
  - 9.1.1.1. Coverage Type breakdown size & forecasts, 2022-2032
  - 9.1.1.2. Device Type breakdown size & forecasts, 2022-2032
  - 9.1.1.3. Sales Channel breakdown size & forecasts, 2022-2032
  - 9.1.1.4. End User breakdown size & forecasts, 2022-2032
- 9.1.2. Canada Gadget Insurance Market
- 9.1.3. Mexico Gadget Insurance Market
9.2. Europe Gadget Insurance Market
- 9.2.1. UK Gadget Insurance Market
- 9.2.2. Germany Gadget Insurance Market
- 9.2.3. France Gadget Insurance Market
- 9.2.4. Spain Gadget Insurance Market
- 9.2.5. Italy Gadget Insurance Market
- 9.2.6. Rest of Europe Gadget Insurance Market
9.3. Asia-Pacific Gadget Insurance Market
- 9.3.1. China Gadget Insurance Market
- 9.3.2. India Gadget Insurance Market
- 9.3.3. Japan Gadget Insurance Market
- 9.3.4. Australia Gadget Insurance Market
- 9.3.5. South Korea Gadget Insurance Market
- 9.3.6. Rest of Asia Pacific Gadget Insurance Market
9.4. Latin America Gadget Insurance Market
- 9.4.1. Brazil Gadget Insurance Market
- 9.4.2. Argentina Gadget Insurance Market
- 9.4.3. Rest of Latin America Gadget Insurance Market
9.5. Middle East & Africa Gadget Insurance Market
- 9.5.1. Saudi Arabia Gadget Insurance Market
- 9.5.2. South Africa Gadget Insurance Market
- 9.5.3. Rest of Middle East & Africa Gadget Insurance Market

Chapter 10. Competitive Intelligence

10.1. Key Company SWOT Analysis
10.2. Top Market Strategies
10.3. Company Profiles
- 10.3.1. Apple Inc.
  - 10.3.1.1. Key Information
  - 10.3.1.2. Overview
  - 10.3.1.3. Financial (Subject to Data Availability)
  - 10.3.1.4. Product Summary
  - 10.3.1.5. Market Strategies
- 10.3.2. Samsung Electronics Co., Ltd.
- 10.3.3 Asurion, LLC
- 10.3.4. AXA Group
- 10.3.5. AT&T Inc.
- 10.3.6. Bajaj Allianz General Insurance Company
- 10.3.7. Chubb Limited
- 10.3.8. SquareTrade, Inc. (Allstate)
- 10.3.9.Worth Ave. Group
- 10.3.10. Safeware (One80 Intermediaries)
- 10.3.11. Singtel
- 10.3.12. Tinhat
- 10.3.13. Bolttech
- 10.3.14. Progressive Casualty Insurance Company
- 10.3.15. Gadget Cover

Chapter 11. Research Process

11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
11.2. Research Attributes