Dublin, Sept. 12, 2024 (GLOBE NEWSWIRE) -- The "Global Personal Gadget Insurance Market (2024 Edition): Market Size, Trends, Opportunities and Forecast By Gadget Type, Coverage, Sales Channel, Region, By Country: 2020-2030" report has been added to ResearchAndMarkets.com's offering.
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 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
Global Personal Gadget Insurance Market: Historic and Forecast
- Impact Analysis of Macro Economic Factors on Global Personal Gadget Insurance Market
- Global Prevalence of Personal Gadget Insurance (% of overall insurance sector)
- Personal Gadget Insurance Type Matrix
- Global Personal Gadget Insurance Market: Dashboard
- Global Personal Gadget Insurance Market: Market Size and CAGR, By Value, 2020-2030 (USD Billion & CAGR)
- Global Personal Gadget Insurance Market: Market Size and CAGR, By Volume, 2020-2030 (Gross Written Premiums & CAGR)
- Global Personal Gadget Insurance Market: Market Value Assessment
- Assessment of Degree Impact of COVID-19 on Global Personal Gadget Insurance Market
Global Personal Gadget Insurance Market Segmentation : By Gadget Type
- Global Personal Gadget Insurance Market, By Gadget Type Overview
- Global Personal Gadget Insurance Market Attractiveness Index, By Gadget Type (2025-2030)
- Global Personal Gadget Insurance Market Size, By Mobile Phone and Tablets, By Value, 2020H-2030F (USD Billion & CAGR)
- Global Personal Gadget Insurance Market Size, By Home Entertainment Devices, By Value, 2020H-2030F (USD Billion & CAGR)
- Global Personal Gadget Insurance Market Size, By Laptops and PCs, By Value, 2020H-2030F (USD Billion & CAGR)
- Global Personal Gadget Insurance Market Size, By Cameras , By Value, 2020H-2030F (USD Billion & CAGR)
- Global Personal Gadget Insurance Market Size, By Other Gadget Types, By Value, 2020H-2030F (USD Billion & CAGR)
Global Personal Gadget Insurance Market Segmentation : By Coverage
- Global Personal Gadget Insurance Market, By Coverage Overview
- Global Personal Gadget Insurance Market Attractiveness Index, By Coverage (2025-2030)
- Global Personal Gadget Insurance Market Size, By Theft and Loss Protection, By Value, 2020H-2030F (USD Billion & CAGR)
- Global Personal Gadget Insurance Market Size, By Physical Damage, By Value, 2020H-2030F (USD Billion & CAGR)
- Global Personal Gadget Insurance Market Size, By Internal Component Failure, By Value, 2020H-2030F (USD Billion & CAGR)
- Global Personal Gadget Insurance Market Size, By Other Coverages, By Value, 2020H-2030F (USD Billion & CAGR)
Global Personal Gadget Insurance Market Segmentation : By Sales Channel
- Global Personal Gadget Insurance Market, By Sales Channel Overview
- Global Personal Gadget Insurance Market Attractiveness Index, By Sales Channel (2025-2030)
- Global Personal Gadget Insurance Market Size, By Online, By Value, 2020H-2030F (USD Billion & CAGR)
- Global Personal Gadget Insurance Market Size, By Offline, By Value, 2020H-2030F (USD Billion & CAGR)
Competitive Positioning
- Companies' Service Positioning
- Market Position Matrix
- Market Share Analysis of Personal Gadget Insurance Market
Company Profiles
- 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
For more information about this report visit https://www.researchandmarkets.com/r/t238ku
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