The gadget insurance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Gadget Insurance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The gadget insurance market size has increased by grown rapidly in recent years. It will grow from $58.87 billion in 2023 to $65.98 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increasing awareness of gadget insurance, increasing demand for customized coverage, increasing adoption of high-end gadgets, increasing ownership of electronic devices, and growing awareness of gadget protection.
The gadget insurance market size is expected to see rapid growth in the next few years. It will grow to $104.56 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to an increase in incidents of accidental damages, increased penetration of smartphones and tablets, a rise in the sale of mobile phones and wearables, rising repair and replacement costs, a growing use of the internet and e-commerce platforms, and rising demand for electronic devices. Major trends in the forecast period include innovative multiple gadget insurance services, the integration of blockchain technologies, technological advancements, the integration of internet of things telematics, and the development of a wide range of electronic gadgets.
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Scope Of Gadget Insurance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Gadget Insurance Market Overview
Market Drivers –
The rising demand for electronic devices is expected to propel the growth of the gadget insurance market going forward. The demand for electronic devices is driven by continuous technological innovation, including faster processors, better connectivity, and new features. Additionally, growing consumer preferences for smart, portable devices and increased digital content consumption drive demand for advanced electronics for streaming, gaming, and multimedia. Gadget insurance helps mitigate financial risks associated with device damage or loss, encouraging consumers to invest in expensive electronic devices without fear of substantial financial loss. For instance, in October 2023, according to Shanghai Municipal People’s Government, a China-based local administrative agency, China’s total retail sales of consumer electronics are projected to increase by 4 percent to 2.2 trillion yuan (US$305 billion) this year, with growth expected to accelerate to 5% in 2024. Therefore, the rising demand for electronic devices is driving the growth of the gadget insurance market.
Market Trends –
Major companies operating in the gadget insurance market are adopting a strategic partnership approach to expand their reach and enhance their service offerings. A strategic partnership typically refers to a collaborative relationship between two or more organizations where they combine their resources, expertise, and efforts to achieve common goals or objectives. For instance, in July 2024, Gamp, a Nigerian-based technology provider of device insurance, announced a strategic partnership with AXA Mansard, a Nigerian-based gadget insurance provider, to provide easy and flexible gadget insurance solutions. This collaboration seeks to streamline the process of obtaining device insurance, making it more accessible through SLOT’s extensive retail network. These policies often include low excess fees and the option of pay-as-you-go plans, allowing customers to choose coverage that fits their needs without long-term commitments. The initiative will initially launch at SLOT outlets and later expand to other tech retail stores across the country, with insurance options starting at a minimal fee of N2500.
The gadget insurance market covered in this report is segmented –
1) By Coverage Type: Physical Damage, Internal Component Failure, Theft And Loss Protection, Virus And Data Protection, Other Coverage Types
2) By Device Type: Laptop And Portable Personal Computers, Mobile Phones, Tablets, Home Entertainment Devices, Cameras, Other Device Types
3) By Sales Channel: Retail, Online
4) By End User: Business, Individuals
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Regional Insights –
North America was the largest region in the gadget insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gadget insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the gadget insurance market are Apple Inc, Samsung Electronics Co Ltd, Allianz SE, AT& T Inc., AXA Group, Progressive Casualty Insurance Company, Chubb Limited, Nationwide Building Society, Assurant Inc, Asurion LLC, Geek Squad, Admiral Group PLC, Adrian Flux, SquareTrade Inc, Endsleigh, Lemonade Inc, Trustpilot, Bolttech Mannings Inc, OneAssist Consumer Solutions Pvt Ltd, Worth Ave Group, Acumen Insurance Services Ltd, i-Digital Insurance, Switchd, Tinhat Insurance Services Ltd< /b>
Table of Contents
1. Executive Summary
2. Gadget Insurance Market Report Structure
3. Gadget Insurance Market Trends And Strategies
4. Gadget Insurance Market – Macro Economic Scenario
5. Gadget Insurance Market Size And Growth
…..
27. Gadget Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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