Gadget Insurance Market by Device Type (Cameras, Home Entertainment Devices, Laptop & PCs), Coverage Type (Internal Component Failure, Physical Damage, Theft & Loss Protection), End-User - Global Forecast 2024-2030

Gadget Insurance Market by Device Type (Cameras, Home Entertainment Devices, Laptop & PCs), Coverage Type (Internal Component Failure, Physical Damage, Theft & Loss Protection), End-User - Global Forecast 2024-2030

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.

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



Market Dynamics



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.

Market Drivers


Increasing proliferation of electronic gadgets in daily routine worldwide
Growing use of Internet and e-commerce platforms
Supportive regulatory policies enhancing consumer protection

Market Restraints


Limited standardization across gadget insurance policies

Market Opportunities


Development and integration of smart home technologies
Ongoing collaborations with device manufacturers and insurance providers

Market Challenges


Complex and ambiguities in policy terms

Market Segmentation Analysis


Device Type: Increasing demand for insurance of Laptops and PCs to avoid disruption in daily tasks and financial strain from device-related issues
End-User: Growing end-use in the corporates to ensure data protection and operational continuity

Market Disruption Analysis


Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

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.


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.


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.

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



This research report categorizes the Gadget Insurance Market to forecast the revenues and analyze trends in each of the following sub-markets:

Device Type
Cameras
Home Entertainment Devices
Laptop & PCs
Mobile Phones & Tablets
Coverage Type
Internal Component Failure
Physical Damage
Theft & Loss Protection
Virus and Data Protection
End-User
Corporate
Individual
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year