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Global Gadget Insurance Market Size Study, by Coverage Type, by Device Type, by Sales Channel, by End User, and Regional Forecasts 2024-2032

Global Gadget Insurance Market Size Study, by Coverage Type, by...

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Global Gadget Insurance Market Size Study, by Coverage Type, by Device Type, by Sales Channel, by End User, and Regional Forecasts 2024-2032
Global Gadget Insurance Market Size...
Report Code
RO13/103/1002

Publish Date
06/Nov/2024

Pages
200
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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.

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