About Gadget Insurance
Gadget insurance covers all kinds of gadgets such as phones, tablets, laptops, digital cameras, game consoles, MP3 Players, e-readers, digital recorders, smartwatches, and various other handheld devices. This insurance policy protects against loss, theft, accidental damage, and any other mechanical failure. As people are using more gadgets around the world, the insurance for gadgets market is rising and it can be used by individuals as well as businesses.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Gadget Cover (United Kingdom), NRMA Insurance (Australia), Chubb (United States), AT&T Inc. (United States), Worth Ave. Group (United States), Helpucover (United Kingdom), CoverCloud (United Kingdom), InsureandGo (United Kingdom), Asurion (United States), Progressive Casualty Insurance Company (United States), Loveit Coverit (United Kingdom), Ripe Insurance (United Kingdom) and Tinhat (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Gadget Insurance market by , Application (Individual and Business) and Region.
On the basis of geography, the market of Gadget Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Gadgets, the sub-segment i.e. Smartphones will boost the Gadget Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution, the sub-segment i.e. Online will boost the Gadget Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Theft will boost the Gadget Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Consumption of Gadget Insurance Among Students
Market Growth Drivers:
Need for Insuring the Gadgets and Devices and Demand for Various Types of Gadgets
Challenges:
New Entrants in the Gadget Insurance Market with Low Premium Rates
Restraints:
Stringent Regulatory Guidelines on Gadget Insurance Market
Opportunities:
The Prevalence of Phablet Gadgets will Boost the Gadget Insurance Market
Market Leaders and their expansionary development strategies
In July 2023, Apple Inc. announced AppleCare+, an extended warranty plan that includes accidental damage coverage and 24/7 technical help. AppleCare+ can be purchased within 60 days of buying an iPhone in most nations and locations.
On 17th June 2020, loveit coverit has become a leading name in the mobile phone insurance market, offering flexible plans for customers, including the ‘Essential’ package, which covers theft and accidental damage, and the ‘Premium’ package, which includes loss protection – all with the breakdown and worldwide cover included. From June 2020, the mobile phone insurance company will be extending its gadget insurance offering.
"The Central Bank expects all insurers to issue an annual statement reminding consumers that the gadget insurance product remains in force, setting out the total cost of the insurance for the next 12 months, highlighting the key features and exclusions of the policy, details of how to make a claim, and providing consumers with relevant contact details should they wish to cancel or discuss any aspect of the policy. Insurers should exclude from the target market for the gadget insurance product consumers who hold an existing insurance product that covers the gadget being purchased. This information should be sought at the point of sale when assessing the suitability of the gadget insurance product for the consumer."
Key Target Audience
Gadget Insurance Providers, Gadget Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.