Electronics Gadget Insurance Market Forecast, Trends, and Growth 2031

Electronics Gadget Insurance Market Size and Forecast (2021–2031), Global and Regional Share, Trends, and Growth Opportunity Analysis: by Coverage Type (Accidental Damage, Theft and Loss, Others); Device Type (Laptops, Computers, Cameras, Mobile Devices, Drones, Others); End User (Corporate, individual) and Geography

  • Report Code : TIPRE00039234
  • Category : Banking, Financial Services, and Insurance
  • Status : Upcoming
  • No. of Pages : 150
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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.
REGIONAL FRAMEWORK

Electronics Gadget Insurance Market Report Analysis

Electronics Gadget Insurance Market

  • CAGR (2023 - 2031)
    12.1%
  • Market Size 2023
    US$ XX Million
  • Market Size 2031
    US$ XX Million

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Tinhat
  • AT&T, Inc.
  • One Assist
  • Square Trade, Inc.
  • Apple,Inc.
  • AXA
  • Bajaj Allianz General Insurance Company
  • Samsung
  • Asurion
  • Chubb

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Electronics Gadget Insurance Market
By Coverage Type
  • Accidental Damage
  • Theft and Loss; Device Type
By Coverage Type
  • Accidental Damage
  • Theft and Loss
By Device Type
  • Laptops
  • Computers
  • Cameras
  • Mobile Devices
  • Drones
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

Electronics Gadget Insurance Market Report Scope

Report Attribute Details
Market size in 2023 US$ XX Million
Market Size by 2031 US$ XX Million
Global CAGR (2023 - 2031) 12.1%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Electronics Gadget Insurance Market
    By Coverage Type
    • Accidental Damage
    • Theft and Loss; Device Type
    By Coverage Type
    • Accidental Damage
    • Theft and Loss
    By Device Type
    • Laptops
    • Computers
    • Cameras
    • Mobile Devices
    • Drones
    Regions and Countries Covered North America
    • US
    • Canada
    • Mexico
    Europe
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
    Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia-Pacific
    South and Central America
    • Brazil
    • Argentina
    • Rest of South and Central America
    Middle East and Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East and Africa
    Market leaders and key company profiles
  • Tinhat
  • AT&T, Inc.
  • One Assist
  • Square Trade, Inc.
  • Apple,Inc.
  • AXA
  • Bajaj Allianz General Insurance Company
  • Samsung
  • Asurion
  • Chubb
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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