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India Electronic Gadget Insurance Market Size (2024 - 2029)

The market size for electronic gadget insurance in India is poised for growth, driven by the increasing demand for gadgets such as smartphones and laptops, particularly accelerated by the COVID-19 pandemic. Despite the high ownership of electronic gadgets, the penetration of insurance remains low, indicating significant potential for market expansion. Most consumers prefer standalone insurance policies, with a portion opting for bundled coverage with other financial products. This scenario presents opportunities for growth in the market size as awareness and accessibility of gadget insurance improve.

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Market Size of India Electronic Gadget Insurance Industry

India Electronics Gadget Insurance Market Overview
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 4.00 %
Market Concentration Medium

Major Players

India Electronics Gadget Insurance Market Companies

*Disclaimer: Major Players sorted in no particular order

India Electronic Gadget Insurance Market Analysis

During COVID-19, demand for various types of gadgets has been growing exponentially. The majority of the growth contributed to the increased demand for gadgets is attributed to the COVID-19 pandemic. The demand for smartphones and laptops witnessed a sharp rise, which, in turn, positively impacted the growth of the market because activities were operated online. Since the majority of the population are staying home, most of them have started to explore their interests. For instance, many people pursued photography as one of their interests during this lockdown period, and thus the demand for professional cameras gradually increased.

Over eight-in-ten consumers own a mobile phone and over eight-in-ten own electronic gadgets like computers, digital cameras, tablets, games consoles, e-readers, and smartwatches in India, only 16% of consumers who own mobile for personal use own insurance and 7% of gadget owners have gadget insurance. Therefore, there is ample potential to expand the market, although past attempts have clearly not driven penetration to high levels. Most mobile phone and gadget insurance policyholders own a standalone policy, and most policyholders pay for their cover on a monthly basis. However, just under half own insurance cover which is bundled with other financial products (mostly packaged bank accounts for mobile cover and other insurances - most likely home insurance - for gadget cover).

India Electronic Gadget Insurance Industry Segmentation

Gadget insurance covers insurance of various different gadgets against accidental damage, liquid or water damage, theft, burglary, and fire damage. Cell phones, laptops, digital cameras, computers, and other gadgets are covered in this insurance. Furthermore, when a customer's device is stolen, damaged, or lost, insurance companies compensate them for their loss, which further varies from policy to policy. India Electronic Gadget Insurance Market is Segmented by Coverage Type (Physical Damage, Electronic Damage, Data Protection, Virus Protection and Theft Protection), Device Type (Laptops, Computers, Cameras, Mobile Devices, and Tablets), and End User (Corporate and Individual).

By Coverage Type
Physical Damage
Electronic Damage
Data Protection
Virus Protection
Theft Protection
Device Type
Laptops
Computers
Cameras
Mobile Devices
Tablet
By End User
Corporate
Individual
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India Electronic Gadget Insurance Market Size Summary

The India Electronic Gadget Insurance Market is experiencing significant growth, driven by the increasing adoption of digital technologies and the rising demand for electronic gadgets such as smartphones, laptops, and cameras. The COVID-19 pandemic has accelerated this trend, as more people turned to online activities and pursued new interests, boosting gadget sales. Despite the high ownership of electronic devices, the penetration of gadget insurance remains low, presenting a substantial opportunity for market expansion. The digitization of the Indian economy, supported by government initiatives, has transformed India into a major digital consumer base, further propelling the demand for gadget insurance. The seamless digital payment systems, like UPI, and the push towards a $5 trillion economy by 2025 are also contributing to the market's growth trajectory.

The market is moderately consolidated, with major players like New India Assurance, Bajaj Allianz, and ICICI Lombard dominating the landscape. However, technological advancements and product innovations are enabling mid-size and smaller companies to expand their presence. The rise in smartphone sales through organized retail and e-commerce channels is expected to significantly boost the gadget insurance market. Additionally, the increasing need to protect expensive devices from damage or loss is driving demand. While new entrants offering low premium rates pose challenges, the overall market is poised for robust growth, with insurance companies actively marketing product insurance through various channels. The market's expansion may soon require regulatory attention from the Insurance Regulatory and Development Authority of India.

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India Electronic Gadget Insurance Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Insights into Latest Technologies used in the Industry

    5. 1.5 Industry Attractiveness- Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargainning Power of Buyers

      3. 1.5.3 Bargainning Power of Suppliers

      4. 1.5.4 Threat of Substitutes

      5. 1.5.5 Intensity of Competative Rivalry

    6. 1.6 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Coverage Type

      1. 2.1.1 Physical Damage

      2. 2.1.2 Electronic Damage

      3. 2.1.3 Data Protection

      4. 2.1.4 Virus Protection

      5. 2.1.5 Theft Protection

    2. 2.2 Device Type

      1. 2.2.1 Laptops

      2. 2.2.2 Computers

      3. 2.2.3 Cameras

      4. 2.2.4 Mobile Devices

      5. 2.2.5 Tablet

    3. 2.3 By End User

      1. 2.3.1 Corporate

      2. 2.3.2 Individual

India Electronic Gadget Insurance Market Size FAQs

The India Electronic Gadget Insurance Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

New India Assurance, Bajaj Allianz, Oriental Insurance Company, National Insurance Co. and ICIC Lombard are the major companies operating in the India Electronic Gadget Insurance Market.

India Electronic Gadget Insurance Market Report Snapshots

India Electronic Gadget Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)