Asia Pacific Electronic Gadgets Insurance Market Size More Than Doubles to Touch USD 32.1 Billion by 2029

Published | 11 December 2023

Asia-Pacific Electronic Gadgets Insurance Market is gaining traction because of the increasing demand for electronic gadgets and rising instances of theft and loss.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia-Pacific Electronic Gadgets Insurance Market size at USD 13.2 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Asia Pacific Electronic Gadgets Insurance Market size to grow at a CAGR of 13.6% reaching a value of USD 32.1 billion by 2029. The increasing ownership of electronic gadgets combined with an increase in theft, malfunction, and accidental damage or loss are major growth factors for the Asia-Pacific Electronic Gadgets Insurance Market. Furthermore, it is projected that during the forecast period, the Asia-Pacific electronic gadgets insurance market will have lucrative growth opportunities due to the increasing accessibility and availability of electronic gadget insurance through online platforms.

Opportunity: Rising Electronic Gadgets Theft Cases

There are alarmingly high numbers of theft cases involving electronic devices, and the number is rising quickly. According to government estimates, India alone has a record of about 50,000 mobile phones being stolen each month. Reportedly, stolen devices are frequently tracked down in China, where they are disassembled and resold, or, in the event that the device is fully functional, they are resold in the secondary market, thereby raising the possibility of data theft. Thus, insurance for electronic devices is becoming more popular in the Asia-Pacific region, which is propelling the growth of the market as a whole.

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Asia-Pacific Electronic Gadgets Insurance Market – By Coverage

Based on coverage, the Asia-Pacific Electronic Gadgets Insurance Market is segmented into accidental damage, theft, loss, and others. The accidental damage segment holds the largest share in the Asia-Pacific Electronic Gadget Insurance Market. This kind of insurance offers a defense against unintentional and incidental damages like spilled liquids, broken screens, power surges, and accidental drops. It pays for any surcharges, repairs, and, in certain situations, even the purchase of a new system. Theft also covers a substantial market share owing to the high rate of theft in certain countries, such as India.

Impact of Escalating Geopolitical Tensions on the Asia-Pacific Electronic Gadgets Insurance Market

The escalating geopolitical tensions disrupted the growth of the Asia-Pacific Electronic Gadgets Insurance market. For instance, the raging war between Israel and Palestine sends shockwaves across various industries, transcending geographic boundaries and affecting businesses globally. The conflict between Israel and Palestine has been a longstanding, deeply entrenched geopolitical issue. On October 07, 2023, Hamas, a Palestinian military organization, in a surprise and heavy attack, struck Israel with thousands of rockets and infiltrations. In response, the prime minister of Israel declared war against Hamas and anticipated that the war would be ‘long and difficult.’ As of November 22, 2023, it was estimated that more than 14,500 people had been killed in Gaza since the war broke out.

The ongoing conflict between Israel and Hamas has created significant obstacles and uncertainties in the electronics supply chain, impacting production facilities, multinational corporations, and the flow of skilled labor and goods. The Asia-Pacific market witnessed a slowdown in demand for electronic gadgets due to supply chain disruptions that caused prices to skyrocket. The market's overall growth was hampered by restricted sales in the electronic gadgets segment, which also had a negative impact on the demand for electronic insurance in the region.

Competitive Landscape

Major players operating in the Asia-Pacific Electronic Gadgets Insurance Market include Applecare, Samsung Premium Care, Safeware, Syska Gadget Secure, Warranty Asia, The Digital Insurer, Allianz Insurance, Gadget Cover, Brightstar Corp., Aviva, AIG, Chubb, Hiscox, Liberty Mutual, and Zurich Insurance Group.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Asia-Pacific Electronic Gadgets 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 the Asia-Pacific Electronic Gadgets Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia-Pacific Electronic Gadgets 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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