Market Size of US Electronic Gadgets Insurance Industry
| 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 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 Size Summary
The US electronic gadgets insurance market is experiencing significant growth, driven by the increasing reliance on electronic devices and the rising complexity and repair costs associated with them. As smartphones, laptops, and tablets become integral to daily life, the demand for insurance that protects against accidental damage, theft, and technical malfunctions is on the rise. This insurance not only safeguards financial investments but also ensures quick replacements or repairs, minimizing disruptions and maintaining productivity and connectivity. The market is further bolstered by the continuous increase in electronic gadget prices due to rising material and labor costs, prompting consumers to seek insurance as a viable solution to protect their investments.
The market landscape is characterized by a steady rise in consumer electronics expenditure, fueled by increased per capita income and consumption spending in the United States. This trend is evident in the growing adoption of wearable devices and the significant retail revenue from consumer electronics sales. As the average price of gadgets continues to rise, so does the demand for insurance services to mitigate potential losses. Key players in the market, such as Allianz Insurance, AIG, Aviva, Assurant Inc., and AXA, are actively innovating and expanding their product offerings to meet the evolving needs of consumers. Recent partnerships and product launches, such as those by Bolttech and Allianz Partners, highlight the market's dynamic nature and the ongoing technological advancements shaping the industry.
US Electronic Gadgets Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increse in Consumer spending for Electronic gadgets.
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1.2.2 Rising living living standard of the the people
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1.3 Market Restraints
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1.3.1 Fluctuation in price of electronic gadgets raw material.
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1.3.2 Fragmented market in electronic gadgets insurance business
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1.4 Market Opportunities
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1.4.1 Rising products diversity in United States Electronic Gadgets
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1.4.2 Increse in demand for expensive electronic gadgets attracting insurance market.
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitutes
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1.5.5 Intensity of Competitive Rivalry
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1.6 Insights into Latest Technological Innovations and Recent Trends in the Industry
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Coverage Type
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2.1.1 Accidental Damage
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2.1.2 Theft and Loss
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2.2 By Device Type
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2.2.1 Laptops
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2.2.2 Computers
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2.2.3 Cameras
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2.2.4 Mobile Devices
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2.2.5 Drones
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2.3 By End Users
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2.3.1 Corporate
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2.3.2 Individual
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US Electronic Gadgets Insurance Market Size 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.
