PUBLISHER: 360iResearch | PRODUCT CODE: 1494633
PUBLISHER: 360iResearch | PRODUCT CODE: 1494633
[193 Pages Report] The Gadget Insurance Market size was estimated at USD 60.27 billion in 2023 and expected to reach USD 66.41 billion in 2024, at a CAGR 10.59% to reach USD 121.96 billion by 2030.
Gadget insurance is a form of coverage designed for protecting personal electronic devices, such as smartphones, laptops, tablets, and other portable technology, against various risks. These risks can include theft, accidental damage, and, in some cases, mechanical failures outside of the manufacturer's warranty period. The scope of the insurance can vary based on the policy, including the level of coverage and the types of incidents that are covered. Gadget insurance aims to provide financial protection to users by helping to cover the costs of repairing or replacing their devices under the terms specified in the insurance policy. The rapid proliferation of electronic devices, including smartphones, tablets, and laptops, in daily operations has significantly increased. This reliance boosts demand for gadget insurance to cover damages or losses, influencing market expansion. In addition, governments and regulatory bodies across various regions are introducing policies that mandate or encourage insurance for electronic gadgets, further driving market expansion. However, the expansion of the gadget insurance market can be hindered by the absence of standardized terms and conditions across different insurers regarding what constitutes a claimable situation and what does not, which can confuse consumers. The ongoing adoption of smart home devices has become more common, and the complexity and cost of these devices have increased. This trend offers lucrative opportunities for the growth of the gadget insurance market by providing specialized insurance products tailored to smart home ecosystems.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 60.27 billion |
Estimated Year [2024] | USD 66.41 billion |
Forecast Year [2030] | USD 121.96 billion |
CAGR (%) | 10.59% |
Regional Insights
In the American region, particularly in the U.S. and Canada, the market for gadget insurance is driven by the high ownership rate of multiple expensive gadgets, combined with consumers' awareness of product insurance benefits. Insurance policies in the Americas tend to be comprehensive, often covering accidental damage, loss, and theft. The Asia-Pacific region is showcasing rapid growth in the gadget insurance market due to the increasing penetration of smartphones and other high-tech devices, particularly in countries, including China and India. Insurance products in the Asia-Pacific region are evolving, with insurers tailoring offerings to cater to a broad demographic spectrum, from tech-savvy young consumers to more price-conscious segments. The gadget insurance market in the EMEA region is showcasing significant growth owing to the increasing reliance on and use of various personal and household gadgets such as smartphones, laptops, and tablets. In the Middle East, the gadget insurance market is growing, driven by the increasing penetration of smartphones and other high-tech devices in urban areas. The African market focuses predominantly on mobile insurance owing to the extensive use of mobile devices for digital transactions.
Market Insights
The market dynamics represent an ever-changing landscape of the Gadget Insurance Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Gadget Insurance Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Gadget Insurance Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Lazada and Igloo Partnered to Provide Comprehensive Insurance Plans for Tech Protection
Lazada partnered with Igloo to introduce tailored insurance plans for gadgets and accessories. These plans are designed to cater to the needs of diverse consumer segments, offering protection against accidental damage, breakdowns, and burglaries. [Published On: 2024-03-05]
Taurus Insurance Services Partnered with Aston Lark for Enhanced Gadget Protection
Taurus Insurance Services announced a strategic partnership with Aston Lark, a Howden company, to launch a new gadget insurance product named Aston Lark Mobile Phone & Gadget Insurance. The partnership signifies both companies' commitment to providing comprehensive insurance services tailored to meet the modern requirements of customers seeking reliable protection options for their gadgets. [Published On: 2023-07-31]
Switched On Insurance Launched Mobile Phone Coverage in Australia with Flexible Protection Options for New Devices
Switched On Insurance announced the launch of mobile phone insurance in Australia. This new service covers all types of mobile phones up to six months old. Customers can select from two levels of coverage: Standard, which includes protection against accidental damage, liquid damage, and screen breaks, and Premium, which additionally covers theft. This initiative aims to reassure mobile phone users in Australia by covering the costs of device repairs or replacements tailored to their specific needs. [Published On: 2023-05-04]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Gadget Insurance Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Gadget Insurance Market, highlighting leading vendors and their innovative profiles. These include Acumen Insurance Services Ltd., Admiral Group PLC, Allianz SE, ASSURANT, INC., Asurion, LLC, AT&T Inc., Bajaj Allianz General Insurance Company, Bharti AXA Life Insurance Company Limited, bolttech, Chubb Underwriting Agencies Limited (CUAL), Insurance2go, Lemonade Inc., Nationwide Building Society, OneAssist Consumer Solutions Pvt. Ltd., Progressive Casualty Insurance Company, Protect Your Bubble, Switched On Insurance, United Services Automobile Association (USAA), and Zurich Insurance PLC.
Market Segmentation & Coverage