United States Electronic Gadgets Insurance Market, By Coverage Type (Accidental Damage, Theft & Loss); By Device Type (Laptops, Computers, Cameras, Mobile Devices, Drones); By End User (Corporate, Individual), Competitive Landscape & Forecast, 2019–2029
United States Electronic Gadgets Insurance Market Size More Than Doubles to Touch USD 38.6 Billion by 2029
United States electronic gadgets insurance market is flourishing due to rising consumer reliance on electronic devices, increasing device complexity and repair costs, expanding adoption of smartphones and smart devices, and the need for financial protection against accidental damage, theft, and technical malfunctions.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the United States electronic gadgets insurance market size at USD 16.92 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the United States electronic gadgets insurance market size to grow at a robust CAGR of 12.5% reaching a value of USD 38.58 billion by 2029. The growth of the United States electronic gadgets insurance market is primarily driven by rising consumer reliance on electronic devices, escalating device costs, and increased awareness about protection against damage, theft, and malfunction. Technological advancements and the growing complexity of gadgets also fuel the demand for comprehensive insurance coverage. The prevalence of accidental damages and the desire to ensure uninterrupted digital lifestyles further contribute to the market's expansion. Innovative insurance offerings, customizable plans, and simplified claims processes cater to evolving consumer preferences, fostering market growth.
United States Electronic Gadgets Insurance Market – Overview
Electronic gadget insurance offers protection against damages, theft, and malfunctions for devices like smartphones, laptops, and tablets. It safeguards financial investments and ensures swift replacements or repairs, reducing disruptions in daily life. This coverage typically includes accidental damage, liquid spills, hardware and software failures, as well as theft. Electronic gadgets have become integral to modern living, making this insurance crucial for maintaining productivity and connectivity. It offers peace of mind by covering unforeseen expenses related to repairs or replacements, promoting convenience and uninterrupted digital experiences for policyholders.
Impact of COVID-19 on United States Electronic Gadgets Insurance Market
The COVID-19 pandemic significantly influenced the United States electronic gadgets insurance market. With remote work and increased digital dependence, the demand for electronic devices surged, driving demand for insurance coverage. However, supply chain disruptions hindered device availability and led to higher premiums. While the market expanded due to heightened device usage, economic uncertainties prompted cautious spending. Overall, COVID-19 reshaped the market landscape, emphasizing the importance of device protection amid evolving consumer behaviors and market dynamics.
United States Electronic Gadgets Insurance Market – By Device Type
By device type, United States electronic gadgets insurance market is divided into Laptops, Computers, Cameras, Mobile Devices, and Drones segments. The mobile devices segment is the largest device type in the United electronic gadgets insurance market. The segment encompasses a wide range of smartphones, tablets, and other portable electronics, reflecting the modern reliance on such devices. Therefore, insurance coverage for mobile devices has gained significant importance due to their widespread use and vulnerability to damage or loss, driving substantial market demand for this particular segment.
Competitive Landscape
United States electronic gadgets insurance market is fiercely competitive. Major companies in the market include Allianz Insurance, AIG, Aviva, Assurant, Inc., AXA, AT&T Inc., Amica Mutual Insurance, Assurity Life Insurance Company, American Fidelity Assurance, and Chubb. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in United States electronic gadgets insurance market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of United States Electronic Gadgets Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in United States Electronic Gadgets Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. United States Electronic Gadgets Insurance Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. The increasing ownership of electronic gadgets
- 3.2.1.2. The rising cost of repairing or replacing electronic gadgets
- 3.2.2. Restrains
- 3.2.2.1. The high cost of insurance premiums
- 3.2.2.2. The availability of alternative forms of protection, such as warranties and extended warranties
- 3.2.3. Opportunities
- 3.2.3.1. Expanding into new product lines, such as insurance for wearable devices and drones
- 3.2.3.2. Targeting new customer segments, such as millennials and Gen Z
- 3.2.4. Challenges
- 3.2.4.1. The need to educate consumers about the benefits of electronic gadgets insurance
- 3.2.4.2. The need to manage the risk of fraud and abuse
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. United States Electronic Gadgets Insurance Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Coverage Type
- 4.2.1.1. Accidental Damage
- 4.2.1.2. Theft and Loss
- 4.2.2. By Device Type
- 4.2.2.1. Laptops
- 4.2.2.2. Computers
- 4.2.2.3. Cameras
- 4.2.2.4. Mobile Devices
- 4.2.2.5. Drones
- 4.2.3. By End Users
- 4.2.3.1. Corporate
- 4.2.3.2. Individual
- 5. Competitive Landscape
- 5.1. List of Key Players and Their Offerings
- 5.2. United States Electronic Gadgets Insurance Company Market Share Analysis, 2022
- 5.3. Competitive Benchmarking, By Operating Parameters
- 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- 6. Impact of Covid–19 on United States Electronic Gadgets Insurance Market
- 7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 7.1. Allianz Insurance
- 7.2. AIG
- 7.3. Aviva
- 7.4. Assurant, Inc.
- 7.5. AXA
- 7.6. AT&T Inc.
- 7.7. Amica Mutual Insurance
- 7.8. Assurity Life Insurance Company
- 7.9. American Fidelity Assurance
- 7.10. Chubb
- 7.11. Other Prominent Players
- 8. Key Strategic Recommendations
- 9. Research Methodology
- 9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
- 9.2. Quantitative Research
- 9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
- 9.4. Breakdown of Primary Research Respondents, By Region
- 9.5. Assumptions & Limitations
- *Financial information of non-listed companies can be provided as per availability.
- **The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
- List of Figures
- Figure 1 United States Electronic Gadgets Insurance Segmentation
- Figure 2 United States Electronic Gadgets Insurance Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 United States Electronic Gadgets Insurance Market Size, By Value (USD Million), 2019–2029
- Figure 5 United States Electronic Gadgets Insurance Market Share, By Coverage Type, By Value, 2019–2029
- Figure 6 United States Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029
- Figure 7 United States Electronic Gadgets Insurance Market Share, By End Users, By Value, 2019–2029
- List of Tables
- Table 1 United States Electronic Gadgets Insurance Market Size, By Value (USD Million), 2019–2029
- Table 2 United States Electronic Gadgets Insurance Market Size, By Coverage Type, By Value, 2019–2029
- Table 3 United States Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029
- Table 4 United States Electronic Gadgets Insurance Market Size, By End Users, By Value, 2019–2029
- Table 5 Allianz Insurance Company Overview
- Table 6 Allianz Insurance Financial Overview
- Table 7 AIG Company Overview
- Table 8 AIG Financial Overview
- Table 9 Aviva Company Overview
- Table 10 Aviva Financial Overview
- Table 11 Assurant, Inc. Company Overview
- Table 12 Assurant, Inc. Financial Overview
- Table 13 AXA Company Overview
- Table 14 AXA Financial Overview
- Table 15 AT&T Inc. Company Overview
- Table 16 AT&T Inc. Financial Overview
- Table 17 Amica Mutual Insurance Company Overview
- Table 18 Amica Mutual Insurance Financial Overview
- Table 19 Assurity Life Insurance Company: Company Overview
- Table 20 Assurity Life Insurance Company Financial Overview
- Table 21 American Fidelity Assurance Company Overview
- Table 22 American Fidelity Assurance Financial Overview
- Table 23 Chubb Company Overview
- Table 24 Chubb Financial Overview
- Table 25 Other Prominent Players Company Overview
- Table 26 Other Prominent Players Financial Overview
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