United States Electronic Gadgets Insurance Market Size More Than Doubles to Touch USD 38.6 Billion by 2029

Published | 11 October 2023

United States electronic gadgets insurance market is flourishing due to 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.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the United States electronic gadgets insurance market size at USD 16.92 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the United States electronic gadgets insurance market size to grow at a robust 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 – 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.

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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 – 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 is the largest device type in the United electronic gadgets insurance market. 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.

Competitive Landscape

United States electronic gadgets insurance market is fiercely competitive. Major companies in the market include Allianz Insurance, AIG, Aviva, Assurant, Inc., AXA, AT&T Inc., Amica Mutual Insurance, Assurity Life Insurance Company, American Fidelity Assurance, and Chubb. These 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 United States electronic gadgets insurance market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of United States Electronic Gadgets Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in United States 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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