UK Electronic Gadgets Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 10.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
UK Electronic Gadgets Insurance Market Analysis
Due to lockdown restrictions in many areas in the UK during the COVID-19 outbreak, people were compelled to stay indoors and instructed to complete all their office work online. The working class and students were educated online, prompting them to acquire pricey equipment such as computers, mobile devices, and tablets to improve the quality of their experience, boosting the market growth.
Electronic Gadget insurance covers various gadgets' accidental damage, liquid or water damage, theft, burglary, and fire damage. This insurance covers cell phones, laptops, digital cameras, and other electronic devices. Furthermore, when a customer's gadget is stolen, damaged, or lost, insurance providers pay them. However, the amount varies by coverage. After depreciation, the client gets paid for the residual value in the case of total loss or theft. With the surge in the purchase of pricey devices like consumers purchasing Drones for agriculture and after applying for work from home in many firms during COVID-19 in the UK, gadget insurance businesses are seeing increased traction, with a quick increase in the number of policies offered, which is projected to drive the UK electronic gadget insurance industry forward shortly.
UK Electronic Gadgets Insurance Market Trends
This section covers the major market trends shaping the UK Electronic Gadgets Insurance Market according to our research experts:
Demand for Various Gadgets is Booming
The demand for numerous devices has been rapidly increasing in the UK. The COVID-19 epidemic is responsible for most of the expansion, raising the demand for devices. As a result of the tight limitations and the shift to online activities, demand for smartphones and laptops increased dramatically, favorably impacting the market growth. Because most of the population is at home, many have begun to pursue their passions. During the shutdown, for example, many individuals adopted photography as a hobby, so demand for professional cameras progressively soared. Customers acquired insurance plans for their gadgets since cameras are often expensive, fueling the expansion of the gadget insurance market revenue.
Growing digitalization and Urbanization
Technology has been creating industry-wide changes for the past two decades, allowing firms across industries to attain tremendous size and growth in the UK. Almost all industries have gone digital, with only a handful remaining. Since the current epidemic restricted individuals to their homes, there has been a greater need to digitalize practically every industry. The desire to digitalize industries will boost demand for all sorts of devices, and with that need will come the necessity to insure them, which will fuel the market's growth. As a result, the growing necessity to digitize every industry would raise demand for gadgets and propel the UK electronic devices insurance market forward.
UK Electronic Gadgets Insurance Industry Overview
The report covers major players operating in the UK Electronic Gadgets Insurance Market, their product portfolio, key financials, and developments. The market is transforming with many technological advancements through product innovation and process automation. The key market players are focusing on improving their production capacity, which will help them to increase exports.
UK Electronic Gadgets Insurance Market Leaders
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Axa (Inter Partner Assistance SA)
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Aviva Insurance Ltd
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Assurant General Insurance Limited
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AmTrust Europe Limited
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American International Group UK Limited
*Disclaimer: Major Players sorted in no particular order
UK Electronic Gadgets Insurance Market News
- In 2022, 47 % of UK customers would consider buying a reconditioned item, and 9% have already done so, according to a large worldwide business services organization that supports, protects, and connects big consumer purchases. Assurant has unveiled its new Device Care Centre, which offers state-of-the-art repair techniques and technology to guarantee that mobile devices live as long as possible and sell well secondhand.
- In 2019, AXA Partners tested a blockchain-based solution with the Swedish Public Employment Service (Arbetsförmedlingen) and the startup Stratumn to speed up and simplify payment protection in forced unemployment.
UK Electronic Gadgets Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Trends
4.5 Insights on impact of technology and innovation
4.6 Industry Attractiveness - Porters' Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Coverage Type
5.1.1 Accidental Damage
5.1.2 Theft and Loss
5.2 By Device Type
5.2.1 Laptops
5.2.2 Computers
5.2.3 Cameras
5.2.4 Mobile Devices
5.2.5 Drones
5.3 By End Users
5.3.1 Corporate
5.3.2 Individual
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 Axa (Inter Partner Assistance SA)
6.2.2 Aviva Insurance Ltd
6.2.3 Assurant General Insurance Limited
6.2.4 AmTrust Europe Limited
6.2.5 American International Group UK Limited
6.2.6 Better Buy Insurance
6.2.7 Acumen Insurance Services Ltd
6.2.8 Pier Insurance Managed Services Limited
6.2.9 EE Insurance
6.2.10 ROCK Insurance Services Limited*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
UK Electronic Gadgets Insurance Industry Segmentation
Electronic Gadget insurance covers various gadgets' accidental damage, liquid or water damage, theft, burglary, and fire damage. This insurance covers cell phones, laptops, digital cameras, and other electronic devices. Furthermore, when a customer's gadget is stolen, damaged, or lost, insurance providers pay them. However, the amount varies by coverage. UK Electronic Gadgets Insurance Market 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 | |
| Accidental Damage | |
| Theft and Loss |
| By Device Type | |
| Laptops | |
| Computers | |
| Cameras | |
| Mobile Devices | |
| Drones |
| By End Users | |
| Corporate | |
| Individual |
UK Electronic Gadgets Insurance Market Research FAQs
What is the current UK Electronic Gadgets Insurance Market size?
The UK Electronic Gadgets Insurance Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in UK Electronic Gadgets Insurance Market?
Axa (Inter Partner Assistance SA), Aviva Insurance Ltd, Assurant General Insurance Limited, AmTrust Europe Limited and American International Group UK Limited are the major companies operating in the UK Electronic Gadgets Insurance Market.
What years does this UK Electronic Gadgets Insurance Market cover?
The report covers the UK Electronic Gadgets Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the UK Electronic Gadgets Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
UK Electronic Gadgets Insurance Industry Report
Statistics for the 2024 UK Electronic Gadgets Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. UK Electronic Gadgets Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
