India Electronic Gadget Insurance Market Size Set to Grow at Steady CAGR of 4.22% During 2023–2029

Published | 23 May 2023

India electronic gadget insurance market is growing due to a surge in the demand for electronic gadget insurance policies, integration of advanced technologies such as artificial intelligence, and rising awareness among consumers regarding the benefits of electronic gadget insurance, such as coverage against accidental damage, theft, and breakdown.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the India electronics gadget insurance market size to grow at a steady CAGR of 4.22% during the forecast period between 2023 and 2029. The electronic gadget insurance market is growing rapidly due to major factors such as the increase in the adoption of insurance policies specifically designed for electronic gadgets such as smartphones, laptops, and tablets. This rise can be attributed to the growing ownership and reliance on these devices among Indian consumers. Also, insurance companies are offering innovative coverage options, including accidental damage, theft, and breakdown protection, to cater to the diverse needs of gadget owners. With the emergence of e-commerce platforms and online purchasing, there has been a surge in the availability and accessibility of gadget insurance, making it more convenient for consumers to safeguard their valuable devices.

India Electronic Gadget Insurance Market – Overview

Electronics gadget insurance refers to a type of insurance coverage that protects against the financial losses incurred due to damage, theft, or loss of electronic devices. It provides policyholders with financial reimbursement or replacement for their insured gadgets, including smartphones, laptops, tablets, cameras, and other portable electronic devices. This insurance typically covers various risks such as accidental damage, liquid damage, theft, loss, and mechanical breakdown. By paying a premium, individuals can safeguard their expensive electronic gadgets from unforeseen circumstances, ensuring that they can repair or replace their devices without bearing the full cost. Electronics gadget insurance offers peace of mind and financial protection for gadget owners.

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Impact of COVID-19 on India Electronic Gadget Insurance Market

The COVID-19 pandemic significantly impacted the India electronics gadget insurance market. With the widespread lockdowns and restrictions on movement, there has been a surge in demand for electronic devices such as smartphones, laptops, and tablets, as people increasingly relied on them for remote work, education, and entertainment. This increased reliance on gadgets has also led to a rise in the need for insurance coverage to protect these devices against damages, theft, or breakdowns. Thus, the India electronics gadget insurance market has witnessed substantial growth during the pandemic, with more consumers seeking comprehensive coverage for their valuable electronic devices in these uncertain times.

India Electronic Gadget Insurance Market – By End User

On the basis of end-user, India electronics gadget insurance market is divided into Corporate and Individual segments. The largest segment in terms of market size and customer base is the individual segment. The Individual segment encompasses coverage for personal electronic devices such as smartphones, laptops, tablets, and other consumer electronics. This segment caters to the insurance needs of individuals who seek protection for their valuable gadgets against various risks, including theft, accidental damage, and malfunction. With the increasing penetration of smartphones and other electronic devices in the Indian market, the Individual segment has witnessed substantial growth, highlighting the importance of gadget insurance among individual consumers.

Competitive Landscape

India electronics gadget insurance market is fiercely competitive. Major companies in the market include Bajaj Allianz Group, New India Insurance, Oriental Insurance Co Ltd, National Insurance Co. Ltd, ICICI Lombard, HDFC Ergo, Times Global, Policybazar, and SyskaGadjet Secure. Companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India electronics gadget insurance market.

Don’t miss the business opportunity in India Electronic Gadget Insurance Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Electronic Gadget Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Electronic Gadget Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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