US Electronic Gadgets Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 19.58 Billion |
| Market Size (2029) | USD 33.81 Billion |
| CAGR (2024 - 2029) | 11.54 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Electronic Gadgets Insurance Market Analysis
The US Electronic Gadgets Insurance Market size is estimated at USD 19.58 billion in 2024, and is expected to reach USD 33.81 billion by 2029, growing at a CAGR of 11.54% during the forecast period (2024-2029).
The electronic gadgets insurance market in the United States is growing due to the rising consumer reliance on electronic devices, increasing device complexity and repair costs, expanding adoption of smartphones and smart devices, and the need for financial protection against accidental damage, theft, and technical malfunctions.
The electronic gadgets insurance market in the United States offers protection against damages, theft, and malfunctions for devices like smartphones, laptops, and tablets. It safeguards financial investments and ensures swift replacements or repairs, reducing disruptions in daily life. Because electronic gadgets have become integral to modern living, making this insurance crucial for maintaining productivity and connectivity. It offers peace of mind by covering unforeseen expenses related to repairs or replacements, promoting convenience and uninterrupted digital experiences for policyholders.
US Electronic Gadgets Insurance Market Trends
Increase In Demand For Electronic Gadget Post Pandemic
With a continuous rise in Material and Labour costs, electronic supply prices are constantly increasing in the United States. These factors resulted in a surge in electronic gadget prices between 7% and 8% in the United States last year. As consumers pay a higher price for these electronic gadgets, spending more for insurance has emerged as a rising solution in the US Insurance market.
With rising inflation, the average price of smartphones has continuously increased in the United States, rising to USD 828 last year. Similarly, other gadgets also observe price inflation, raising demand for services related to insuring these products in case of loss.
Retail revenue from consumer electronic/technology sales in the United States observed a significant increase, rising to more than USD 500 billion combined with increased penetration of electronic gadgets in the United States.
Wearable devices, which are part of electronic gadgets and are available in varying pieces from average to expensive, have observed a rising market in the United States, with more than 67 Million users having the device as of last year, signaling an opportunistic market for US electronic gadget insurance.
High Penetration of Consumer Electronics in United States is Driving the Market
The United States is seeing a steady rise in the quality of life for the people in the country, with an increase in the per capita income and consumption spending. Expenditure on electronic devices has increased significantly in the U.S. The increase in the consumption of consumer electronics combined with the increasing cost of devices is prompting US consumers to take out insurance for their gadgets, leading to the market growth of gadget insurance. In the U.S., smartphones, personal computers (PCs), and laptops are some of the devices having the highest usage in the country, while tablets are next to them in terms of usage. As a result, different gadget insurance products are being developed based on the availability and usage of these devices.
US Electronic Gadgets Insurance Industry Overview
The report covers major players operating in the US 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 in gadgets. The key market players in US electronic gadget insurance are Allianz Insurance, AIG, Aviva, Assurant Inc., and AXA.
US Electronic Gadgets Insurance Market Leaders
-
Allianz Insurance
-
AIG
-
Aviva
-
Assurant, Inc.
-
AXA
*Disclaimer: Major Players sorted in no particular order
US Electronic Gadgets Insurance Market News
- In October 2023, Bolttech and Allianz Partners partnered to launch insurance solutions for embedded devices and appliances in the United States.
- In February 2023, Moonrock Insurance, in collaboration with Apollo Insurance, unveiled an innovative drone insurance offering. This product aims to cover a wide range of non-standard drone operations, encompassing activities such as beyond visual line of sight (BVLOS) flights, heavy lift capabilities, swarm displays, and crop spraying.
US 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
4.2.1 Increse in Consumer spending for Electronic gadgets.
4.2.2 Rising living living standard of the the people
4.3 Market Restraints
4.3.1 Fluctuation in price of electronic gadgets raw material.
4.3.2 Fragmented market in electronic gadgets insurance business
4.4 Market Opportunities
4.4.1 Rising products diversity in United States Electronic Gadgets
4.4.2 Increse in demand for expensive electronic gadgets attracting insurance market.
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Latest Technological Innovations and Recent Trends in the Industry
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 Allianz Insurance
6.2.2 AIG
6.2.3 Aviva
6.2.4 Assurant Inc.
6.2.5 AXA
6.2.6 AT&T Inc.
6.2.7 Amica Mutual Insurance
6.2.8 American Fidelity Assurance
6.2.9 Chubb
6.2.10 Progressive*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
US Electronic Gadgets Insurance Industry Segmentation
Gadget insurance covers insurance of various gadgets against accidental damage, liquid or water damage, theft, burglary, and fire damage. Cell phones, laptops, digital cameras, computers, and other gadgets are covered by this insurance.
The United States electronic gadgets insurance market is segmented by coverage type, device type, and end-user. The market by coverage type is further segmented into accidental damage, theft, and loss. The market by device type is further segmented into laptops, computers, cameras, mobile devices, and drones. The market by end-user is further segmented into corporate and individual. The report offers forecasts and market size for the US electronic gadgets insurance market in value (USD) for all the above segments.
| By Coverage Type | |
| Accidental Damage | |
| Theft and Loss |
| By Device Type | |
| Laptops | |
| Computers | |
| Cameras | |
| Mobile Devices | |
| Drones |
| By End Users | |
| Corporate | |
| Individual |
US Electronic Gadgets Insurance Market Research FAQs
How big is the US Electronic Gadgets Insurance Market?
The US Electronic Gadgets Insurance Market size is expected to reach USD 19.58 billion in 2024 and grow at a CAGR of 11.54% to reach USD 33.81 billion by 2029.
What is the current US Electronic Gadgets Insurance Market size?
In 2024, the US Electronic Gadgets Insurance Market size is expected to reach USD 19.58 billion.
Who are the key players in US Electronic Gadgets Insurance Market?
Allianz Insurance, AIG, Aviva, Assurant, Inc. and AXA are the major companies operating in the US Electronic Gadgets Insurance Market.
What years does this US Electronic Gadgets Insurance Market cover, and what was the market size in 2023?
In 2023, the US Electronic Gadgets Insurance Market size was estimated at USD 17.32 billion. The report covers the US Electronic Gadgets Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the US Electronic Gadgets Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
US Electronic Gadgets Insurance Industry Report
Statistics for the 2024 US Electronic Gadgets Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Electronic Gadgets Insurance analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
