Market Trends of Germany Electronic Gadgets Insurance Industry
This section covers the major market trends shaping the Germany Electronic Gadgets Insurance Market according to our research experts:
Rising Digitization & Demand for Electronic Gadgets
The electronics industry in Germany accounts for 3% of the Gross Domestic Product and 13% of the country's total exports in 2021. Thus, the gadget insurance market is growing at a robust rate in the country as the Covid-19 pandemic sparked a strong increase in sales in many sectors of the consumer electronics market in 2020. There were 78.8 million internet users in Germany, and internet penetration stood at 94% in January 2021. Since the pandemic, the need for digitization has increased at a considerable pace in every sector. Hence, the demand for electronic gadgets has been witnessing an upsurge in the previous years, and a similar trend is expected in the future years. Therefore, an increase in the need to digitalize every sector will not only surge the demand for gadgets but also boost the growth of the gadget insurance market during the forecast period.
Mobile Devices are Dominant in Germany Electronic Gadgets Insurance Market
Within device type, mobile devices acquire the largest share in Germany's electronic gadget insurance market in 2021 as the smartphone ecosystem stands for growth and innovation in the upcoming years. By 2024, 75.6 million people in Germany are expected to be smartphone owners. Mobile phones constitute of majority market share among other devices in Germany, which is why they dominate the market sales. Also, with the outbreak of the Covid 19 pandemic and increased digitization in every sector, the demand for mobile phones witnessed an upsurge due to which mobile devices dominated the gadget insurance market in Germany in 2021. Also, a similar trend is expected in future years.
