According to a new report published by Allied Market Research, titled, “Gadget Insurance Market Share,” The gadget insurance market was valued at $59.4 billion in 2021, and is estimated to reach $193.5 billion by 2031, growing at a CAGR of 12.9% from 2022 to 2031.
Gadget insurance is a service contract that provides component fix repair service for gadget sold by retailers, and service providers. It often provides additional coverage of phones such as unauthorized usage, malicious damage, e-wallet payments or theft. Gadget insurance also covers the cost and inconvenience of mechanical and electrical failures. Factors such as increase in incidents of accidental damage, phone thefts, virus infection, and device malfunction, drives the gadget insurance market growth. However, decline in sale of PCs is a major restraint that hinders the growth of gadget insurance market. On the contrary, surge in demand for expanded insurance coverage policies for multiple gadget insurance is expected to boost the market growth in the future. In addition, cover my gadget trend among customers has boosted the growth of gadget insurance market.
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On the basis of device type, the mobile phones & tablets segment dominated the gadget insurance market share in 2021. This is attributed to the fact that mobiles and tablets are mostly prone to get damaged accidently such as accidental falling, contact with water and hardware or software issues. Therefore, customers buy gadget insurance coverage to stay protected from such damages.
Region-wise, North America dominated the gadget insurance market size in 2021. This is attributed to increase in incidents of accidental device damage, phone thefts, virus infection, device malfunction, and other malicious activities. Furthermore, this region has nearly 10% of global smartphone users with 320 million users in 2020 and a surge in a number of users provide huge risk of phone thefts in crowed areas like public transport and fests.
The gadget insurance market has been negatively impacted by the COVID-19 outbreak. This is attributed to the changes in demands for gadget insurance claims and restrictions for travelling across the countries have led to decline in gadget insurance premiums. Furthermore, consecutive lockdown, social distancing norms, and increase in number of COVID-19-positive cases decrease the revenue to more than 50% in the U.S. owing to sharp decline in sales of consumer electronics, which in turn, reduced the demand for gadget insurance market trends.
Key Findings of the Study
- By device type, the mobiles phones & tablets segment led the gadget insurance market in terms of revenue in 2021.
- By sales channel, the retail segment accounted for the highest gadget insurance market share in 2021.
- By region, North America generated the highest revenue in 2021.
The key players profiled in the gadget insurance market analysis are Apple Inc., Asurion, AXA, AT&T, Inc., Bajaj Allianz General Insurance Company, Bolttech, Chubb, CloudClover Insurance, Gadget Cover, Progressive Casualty Insurance Company, Samsung, Singtel, Safeware (One 80 intermediares), Tinhat, Worth Ave. Group, OneAssist Consumer Pvt. Ltd., and SquareTrade, Inc. (Allstate). These players have adopted various strategies to increase their market penetration and strengthen their position in the gadget insurance industry.
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