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United States Electronic Gadgets Insurance Market
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United States Electronic Gadgets Insurance Market

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United States Electronic Gadgets Insurance Market, By Coverage Type (Accidental Damage, Theft & Loss); By Device Type (Laptops, Computers, Cameras, Mobile Devices, Drones); By End User (Corporate, Individual), Competitive Landscape & Forecast, 2019–2029

  • Published Date: October 2023
  • Report ID: BWC23834
  • Available Format: PDF
  • Page: 200

Report Overview

Rapid growth in gadget ownership, increasing dependence on devices, frequent technological upgrades, and the need to safeguard against damage, theft, and malfunctions are expected to expand the United States Electronic Gadgets Insurance Market during the forecast period between 2023 and 2029.

United States Electronic Gadgets Insurance Market – Industry Trends & Forecast Report, 2029

United States electronic gadgets insurance market size was estimated at USD 16.92 billion in 2022. During the forecast period between 2023 and 2029, the size of United States electronic gadgets insurance market is projected to grow at a CAGR of 12.5% reaching a value of USD 38.58 billion by 2029. The growth of the United States electronic gadgets insurance market is primarily driven by rising consumer reliance on electronic devices, escalating device costs, and increased awareness about protection against damage, theft, and malfunction. Technological advancements and the growing complexity of gadgets also fuel the demand for comprehensive insurance coverage. The prevalence of accidental damages and the desire to ensure uninterrupted digital lifestyles further contribute to the market's expansion. Innovative insurance offerings, customizable plans, and simplified claims processes cater to evolving consumer preferences, fostering market growth.

United States Electronic Gadgets Insurance Market

United States Electronic Gadgets Insurance Market - Overview

Electronic gadget insurance 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. This coverage typically includes accidental damage, liquid spills, hardware and software failures, as well as theft. 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.

Growth Drivers

Rising Consumer Demand for Cutting-Edge Electronic Devices

United States electronic gadgets insurance market is thriving, primarily driven by the increasing consumer demand for high-tech electronic devices. As consumers increasingly adopt smartphones, tablets, laptops, and smartwatches, the need for comprehensive insurance coverage has surged. This trend is further bolstered by rapid technological advancements and the corresponding rise in gadget prices. With a growing awareness of the vulnerability of electronic gadgets to accidents, theft, and damage, insurance products are becoming a necessity, propelling the market's growth as individuals seek to safeguard their valuable tech investments.

Restraints

Limited Coverage for Wear and Tear May Impede Market Growth

United States electronic gadgets insurance market faces a significant challenge due to its limited coverage for wear and tear devices. While policies may offer protection against accidental damage and theft, many plans exclude coverage for gradual deterioration, mechanical breakdowns, and pre-existing conditions. This restraint not only leaves consumers vulnerable to common device issues but also hampers the market's expansion potential. Without addressing this limitation and offering more comprehensive coverage, the market may struggle to meet the evolving needs of tech-savvy consumers seeking holistic protection for their electronic investments.

Impact of COVID-19 on United States Electronic Gadgets Insurance Market

The COVID-19 pandemic significantly influenced the United States electronic gadgets insurance market. With remote work and increased digital dependence, the demand for electronic devices surged, driving demand for insurance coverage. However, supply chain disruptions hindered device availability and led to higher premiums. While the market expanded due to heightened device usage, economic uncertainties prompted cautious spending. Overall, COVID-19 reshaped the market landscape, emphasizing the importance of device protection amid evolving consumer behaviors and market dynamics.

United States Electronic Gadgets Insurance Market

Segmental Coverage

United States Electronic Gadgets Insurance Market – By Coverage Type

Based on coverage type, United States electronic gadgets insurance market is bifurcated into Accidental Damage and Theft & Loss. Accidental damage coverage offers protection against unforeseen mishaps like drops, spills, or other accidents that may harm electronic devices. On the other hand, theft and loss coverage safeguards against the unfortunate events of theft or the complete loss of gadgets. These two segments represent the core offerings within the electronic gadget insurance market in the United States, addressing the diverse needs of consumers seeking to safeguard their valuable devices from various potential risks.

United States Electronic Gadgets Insurance Market – By Device Type

By device type, United States electronic gadgets insurance market is divided into Laptops, Computers, Cameras, Mobile Devices, and Drones segments. The Mobile Devices segment stands out as the largest. The segment encompasses a wide range of smartphones, tablets, and other portable electronics, reflecting the modern reliance on such devices. Therefore, insurance coverage for mobile devices has gained significant importance due to their widespread use and vulnerability to damage or loss, driving substantial market demand for this particular segment.

United States Electronic Gadgets Insurance Market Share

United States Electronic Gadgets Insurance Market – By End User

By end user, United States electronic gadgets insurance market is split into Corporate and Individual segments. These segments represent the division of insurance offerings tailored for businesses and personal consumers, respectively. Each segment addresses unique needs and risks associated with electronic devices, catering to the distinct requirements of corporate entities and individual users within the ever-evolving landscape of electronic technology.

Competitive Landscape

Major players in the United States electronic gadgets insurance market include Allianz Insurance, AIG, Aviva, Assurant, Inc., AXA, AT&T Inc., Amica Mutual Insurance, Assurity Life Insurance Company, American Fidelity Assurance, and Chubb. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

  • In 2022 - Aviation insurance launches new policy converge for drones used in agriculture. Increased use of drone technology to perform standard farming tasks, such as spraying crops with pesticides and fertilizer, is driving growth in Electronic gadgets insurance sector.

  • In 2022 - AT&T Managed Wireless WAN is a plug-and-play wireless cellular connection solution that delivers speedy deployment, security, and flexibility to any number of fixed locations, anywhere.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Million

Market Coverage

United States

Product/ Service Segmentation

Coverage Type, Device Type, End Users

Key Players

Allianz Insurance, AIG, Aviva, Assurant, Inc., AXA, AT&T Inc., Amica Mutual Insurance, Assurity Life Insurance Company, American Fidelity Assurance, Chubb

 

 

By Coverage Type

  • Accidental Damage

  • Theft and Loss

By Device Type

  • Laptops

  • Computers

  • Cameras

  • Mobile Devices

  • Drones

By End Users

  • Corporate

  • Individual

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. United States Electronic Gadgets Insurance Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. The increasing ownership of electronic gadgets
        2. The rising cost of repairing or replacing electronic gadgets
      2. Restrains
        1. The high cost of insurance premiums
        2. The availability of alternative forms of protection, such as warranties and extended warranties
      3. Opportunities
        1. Expanding into new product lines, such as insurance for wearable devices and drones
        2. Targeting new customer segments, such as millennials and Gen Z
      4. Challenges
        1. The need to educate consumers about the benefits of electronic gadgets insurance
        2. The need to manage the risk of fraud and abuse
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. United States Electronic Gadgets Insurance Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Coverage Type
        1. Accidental Damage
        2. Theft and Loss
      2. By Device Type
        1. Laptops
        2. Computers
        3. Cameras
        4. Mobile Devices
        5. Drones
      3. By End Users
        1. Corporate
        2. Individual
  5. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. United States Electronic Gadgets Insurance Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  6. Impact of Covid–19 on United States Electronic Gadgets Insurance Market
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Allianz Insurance
    2. AIG
    3. Aviva
    4. Assurant, Inc.
    5. AXA
    6. AT&T Inc.
    7. Amica Mutual Insurance
    8. Assurity Life Insurance Company
    9. American Fidelity Assurance
    10. Chubb
    11. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

 

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

List of Figures

 

Figure 1       United States Electronic Gadgets Insurance Segmentation

Figure 2       United States Electronic Gadgets Insurance Market Value Chain Analysis       

Figure 3       Company Market Share Analysis, 2022

Figure 4       United States Electronic Gadgets Insurance Market Size, By Value (USD Million), 2019–2029 

Figure 5       United States Electronic Gadgets Insurance Market Share, By Coverage Type, By Value, 2019–2029

Figure 6       United States Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 7       United States Electronic Gadgets Insurance Market Share, By End Users, By Value, 2019–2029

 

List of Tables

 

Table 1        United States Electronic Gadgets Insurance Market Size, By Value (USD Million), 2019–2029

Table 2        United States Electronic Gadgets Insurance Market Size, By Coverage Type, By Value, 2019–2029

Table 3        United States Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 4        United States Electronic Gadgets Insurance Market Size, By End Users, By Value, 2019–2029

Table 5        Allianz Insurance Company Overview

Table 6        Allianz Insurance Financial Overview

Table 7        AIG Company Overview

Table 8        AIG Financial Overview

Table 9        Aviva Company Overview

Table 10      Aviva Financial Overview

Table 11      Assurant, Inc. Company Overview

Table 12      Assurant, Inc. Financial Overview

Table 13      AXA Company Overview

Table 14      AXA Financial Overview

Table 15      AT&T Inc. Company Overview

Table 16      AT&T Inc. Financial Overview

Table 17      Amica Mutual Insurance Company Overview

Table 18      Amica Mutual Insurance Financial Overview

Table 19      Assurity Life Insurance Company: Company Overview

Table 20      Assurity Life Insurance Company Financial Overview

Table 21      American Fidelity Assurance Company Overview

Table 22      American Fidelity Assurance Financial Overview

Table 23      Chubb Company Overview

Table 24      Chubb Financial Overview

Table 25      Other Prominent Players Company Overview

Table 26      Other Prominent Players Financial Overview

Market Segmentation

No data available
No data available

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Frequently Asked Questions (FAQs):

Ans: United States Electronic Gadgets Insurance Market size was estimated at USD 16.92 billion in 2022.
Ans: United States Electronic Gadgets Insurance Market size is expected to grow at a CAGR of 12.5% during the forecast period between 2023 and 2029.
Ans: Major factors driving the growth of United States Electronic Gadgets Insurance Market include rising gadget ownership, increasing dependence on devices, frequent technological upgrades, and the need to safeguard against damage, theft, and malfunctions. Additionally, innovative coverage options and digital distribution channels contribute to market expansion.
Ans: Key players in United States Electronic Gadgets Insurance Market include Allianz Insurance, AIG, Aviva, Assurant, Inc., AXA, AT&T Inc., Amica Mutual Insurance, Assurity Life Insurance Company, American Fidelity Assurance, and Chubb.
Ans: The mobile devices segment accounts for the highest market share in United States Electronic Gadgets Insurance Market by device type.