Global Personal Gadget Insurance Market (2024 Edition): Market Size, Trends, Opportunities and Forecast By Gadget Type (Mobile Phones and Tablets, Home Entertainment Devices, Laptops and PCs, Cameras and Other Gadget Types), Coverage, Sales Channel, Regio

Global Personal Gadget Insurance Market (2024 Edition): Market Size, Trends, Opportunities and Forecast By Gadget Type (Mobile Phones and Tablets, Home Entertainment Devices, Laptops and PCs, Cameras and Other Gadget Types), Coverage, Sales Channel, Region, By Country: 2020-2030

Background

A report published by Azoth Analytics highlights different factors and opportunities prevailing in the “Global Personal Gadget Insurance Market (2024 Edition)”. According to the report, Global Personal Gadget Insurance Market valued at USD 64 Billion in 2023 is expected to grow at a CAGR of 14.4% during 2025-2030. The report explores a multi-faceted opportunity landscape in terms of market segmentation by Gadget Type (Mobile Phone and Tablets, Home Entertainment Devices, Laptops and PCs, Cameras and Other Gadget Types), by Coverage (Theft and Loss Protection, Physical Damage, Internal Component Failure and Other Coverages) and by Sales Channel (Online and Offline)

Market Overview

The Personal Gadget Insurance Market is experiencing a significant surge in growth driven by an array of comprehensive factors that are shaping the way individuals secure their electronic devices. At the forefront of this growth are the heightened levels of gadget ownership fueled by advancements in technology, leading to an increased dependency on electronic devices for both personal and professional purposes. This dependency has subsequently increased the financial risk associated with damage or loss of such devices, thereby propelling the demand for personal gadget insurance solutions.

Another driver for the market is the global increase in internet penetration and digital literacy, which has expanded the consumer base for personal gadgets significantly. This widespread use of gadgets has fostered a parallel growth in the awareness of the risks associated with owning such devices. As a result, more individuals are recognizing the importance of insurance as a protective measure. Insurance providers are capitalizing on this opportunity by offering tailored insurance policies that cater to the diverse needs of gadget users, including coverage for accidental damage, liquid damage, theft, and data protection.

Moreover, the evolution of consumer electronics towards higher-priced models equipped with advanced technologies has made these devices more susceptible to specific damages that are costly to repair. The replacement costs for parts of modern gadgets, particularly high-end smartphones and laptops, are increasing, which has directly influenced the growth of the personal gadget insurance market. Consumers are more inclined to insure their devices against potential mishaps to avoid the high costs associated with replacements or repairs.

The regulatory landscape is also playing a crucial role in the expansion of the personal gadget insurance market. Various countries have implemented regulations that require certain types of insurance for electronic devices, either as part of a broader policy or as specific gadget insurance. These regulations are aimed at protecting consumers and ensuring that they are financially covered in the event of gadget-related mishaps. Compliance with these regulations has prompted both consumers and providers to prioritize insurance, thus contributing to market growth. Another significant driver of the personal gadget insurance market is the collaboration between electronics manufacturers and insurance providers. Many manufacturers are now offering bundled insurance products at the point of sale, which provides convenience and immediate protection for the consumer’s new device. This strategy not only benefits the consumer by offering peace of mind but also enhances the manufacturer's value proposition by providing an additional service.

Segment Insights

By Coverage, Physical Damage contributes the maximum revenue with a share of 34% in 2023.

The development and proliferation of more sophisticated technology in personal gadgets have inherently increased their market value and, correspondingly, the potential repair costs. Modern devices feature advanced components and delicate electronics, such as high-resolution screens and complex circuitry, which are costly to replace. This aspect of modern gadgets significantly contributes to the growth of the personal gadget insurance market as consumers seek to protect their investments from physical damage that could otherwise lead to significant financial burdens.

Geographical Insights

Americas represents the largest market in value terms, by region with a share of around 38.52% in the Global Personal Gadget Insurance Market.

The integration of technology in the insurance sector, known as insurtech, is a critical driver of market growth in the Americas. Insurtech startups and established insurance companies are using technology to streamline the underwriting process, enhance customer service, and offer personalized insurance products. Innovations such as mobile apps for managing insurance policies, automated claim processing using artificial intelligence, and real-time data analytics for risk assessment are making gadget insurance more accessible and appealing to a broader audience.

Market Segmentation

By Gadget Type:

• Mobile Phone and Tablets
• Home Entertainment Devices
• Laptops and PCs
• Cameras
• Other Gadget Types

By Coverage:

• Theft and Loss Protection
• Physical Damage
• Internal Component Failure
• Other Coverages

By Sales Channel:

• Online
• Offline

By Geography

• Americas (The United States, Canada, Brazil, Mexico, Rest of Americas)
• Europe (United Kingdom, Germany, France, Italy, Spain, Turkey, Russia, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Singapore, Indonesia, Rest of Asia Pacific)
• Middle East and Africa (GCC, Israel, South Africa, Rest of Middle East and Africa)

Key Companies

The report assesses the competitive developments, strategies, mergers and acquisitions and new product development and market share portfolio of top 15 companies. Key companies in the Global Personal Gadget Insurance Market include:

• SquareTrade, Inc.
• Bolttech
• Asurion
• Progressive Casualty Insurance Company
• Bajaj Allianz General Insurance Company
• Akko
• AT&T, Inc.
• OneAssist Consumer Solutions Pvt. Ltd
• Worth Ave. Group
• AIG
• Other Leading Companies

Reasons to buy this report:

• In-Depth Comparative Assessment of Top 20 Markets in the Personal Gadget Insurance Industry: Comparative assessment of 20 leading countries highlighting the total addressable market, opportunities, lucrative segments and competitive positioning of leading companies.
• Comprehensive Historical, Present, and Future Analytics of the Personal Gadget Insurance Market: A deep dive in the historical (2020-2023), current (2024) and forecast (2025-2030) market analytics of Personal Gadget Insurance Market.
• Detailed Analysis of Personal Gadget Insurance Market By Gadget Type, Coverage, and Sales Channel Across 20 Countries
• Beyond the Purchase: 90 Days of Support
• Direct Access to Analysts: Have questions after reading the report? Our expert analysts are just a call or email away.
• Customized Assistance: Whether you're integrating insights into your strategy or have questions about market dynamics, our team provides tailored support to meet your specific business needs.
• Data Customization Requests: During the support period, you have the flexibility to request additional data cuts or deeper dives into specific areas of interest.
• Gain insights specific to new entrants or new market areas to tap: The study provides detailed market entry strategies, including analysis of barriers to entry, pricing strategies, opportunities, trends, drivers, and challenges and product positioning using the Opportunity Portfolio Matrix (OPM)
• Strategic Industry Movements: Tracking Competitive Developments and Key Players in the Market: The report covers competitive strategies, mergers & acquisitions, new developments, future plans and market share analysis of ~15 top companies

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