Wilmington, Delaware, Nov. 02, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Europe gadget insurance market garnered $13.79 billion in 2021, and is estimated to generate $39.37 billion by 2031, manifesting a CAGR of 11.4% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $13.79 billion |
| Market Size in 2031 | $39.37 billion |
| CAGR | 11.4% |
| No. of Pages in Report | 213 |
| Segments covered | coverage type, device type, sales channel, end user, and region |
| Drivers | Surge in incidents of accidental damage, phone thefts, virus infection, device malfunction, Surge in adoption of high-quality smartphones High replacement cost of various parts of gadgets |
| Opportunities | Surge in demand for innovative multiple Europe gadget insurance services |
| Restraints | Decline in sale of PCs owing to increased penetration of smartphones and tablets |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the Europe gadget insurance market, owing to implementation of global lockdown.
- However, the demand for gadget insurance is likely to increase in the post-pandemic.
The research provides detailed segmentation of the Europe gadget insurance market based on coverage type, device type, sales channel, end user, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on coverage type, the physical damage segment held the highest share in 2021, accounting for nearly half of the Europe gadget insurance market, and is expected to continue its leadership status during the forecast period. However, the virus and data protection segment is expected to register the highest CAGR of 18.1% from 2022 to 2031.
Based on device type, the mobile phones and tablets segment accounted for the highest share in 2021, contributing to nearly half of the Europe gadget insurance market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the cameras segment is expected to manifest the highest CAGR of 16.4% from 2022 to 2031.
Based on sales channel, the retail segment accounted for the highest share in 2021, holding more than three-fifths of the Europe gadget insurance market, and is expected to continue its leadership status during the forecast period. However, the online segment is estimated to grow at the highest CAGR of 13.3% during the forecast period.
Based on region, UK held the largest share in 2021, contributing to more than one-fifth of the Europe gadget insurance market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Italy region is expected to manifest the fastest CAGR of 16.5% during the forecast period.
Leading market players of the Europe gadget insurance market analyzed in the research include Apple Inc., Asurion, AXA, AT&T Inc., Bolttech, Chubb, OneAssist Consumer Solutions Pvt. Ltd., simplesurance GmBH, SPB UK & Ireland Ltd, and Wertgarantie.
The report provides a detailed analysis of these key players of the Europe gadget insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Europe gadget insurance market forecast from 2021 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities of Europe gadget insurance market overview.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Europe gadget insurance market segmentation assists in determining the prevailing Europe gadget insurance market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as Europe gadget insurance market trends, key players, market segments, application areas, and market growth strategies.
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Europe Gadget Insurance Market Report Highlights
Aspects Details
By Coverage Type
- Physical Damage
- Internal Component Failure
- Theft and Loss Protection
- Virus and Data Protection
- Others
By Device Type
- Laptop and PCs
- Mobile Phones and Tablets
- Android
- iOS
- Others
- Home Entertainment Devices
- Cameras
- Others
By Sales Channel
- Retail
- Online
By End User
- Business
- Individuals
By Country
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
By Key Market Players
- Apple Inc.
- Asurion
- AXA
- AT&T Inc.
- Bolttech
- Chubb
- OneAssist Consumer Solutions Pvt. Ltd.
- simplesurance GmBH
- SPB UK & Ireland Ltd
- Wertgarantie
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