Report Overview

Asia Pacific Electronic Gadgets Insurance Market - Industry Trends & Forecast Report, 2029

Asia-Pacific Electronic Gadgets Insurance Market size was estimated to be worth USD 13.2 billion in 2022. During the forecast period between 2023 and 2029, the Asia-Pacific Electronic Gadgets Insurance Market size is projected to grow at a CAGR of 13.60%, reaching a value of USD 32.1 billion by 2029. Major growth factors for the Asia-Pacific Electronic Gadgets Insurance Market include rising electronic gadgets ownership along with rising incidences of accidental damage or loss, or theft, and malfunction. Furthermore, rising availability and accessibility of electronic gadgets insurance through online platforms is anticipated to present lucrative growth opportunities to the Asia-Pacific Electronic Gadgets Insurance Market during the forecast period.

Electronic Gadgets Insurance – 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.

Asia Pacific Electronic Gadgets Insurance Market

Growth Drivers

Increasing Demand for Electronic Gadgets

The growing consumer electronics sector has led to a strong rise in the Asia-Pacific electronics gadget insurance market in recent years. The primary growth driver of this market is the consistently rising demand from Asian consumers for smartphones, tablets, laptops, and other electronic devices. With the growth of the middle class and rising disposable incomes in emerging economies, more people are purchasing expensive electronics, which increases the risk of theft, damage, or malfunction. The market for insurance for electronic gadgets is expanding quickly due to the increasing reliance of consumers on these devices and the consequent need for comprehensive coverage.

Restraints

Lack of Awareness of Electronic Gadgets Insurance

The Asia-Pacific electronic gadgets insurance market is growing at a high rate. However, the lack of awareness among consumers may act as a huge restraining factor for its market growth. A huge portion of consumers are unaware of the benefits insurance offers at the time of gadget damage or loss or may not understand what the insurance covers. Furthermore, insurance premiums are expensive. This high cost of insurance acts as another limiting factor, especially in price sensitive markets, such as India, Vietnam, Indonesia, and others. 

Geopolitical Tensions Could Affect 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.

Asia-Pacific Electronic Gadgets Insurance Market

Segmental Coverage

Asia-Pacific Electronic Gadgets Insurance Market – By Device Type

Based on device type, the Asia-Pacific Electronic Gadgets Insurance Market Is segregated into mobile phones, laptops, tablets, smartwatches, and others. Mobile phones accounts for the largest share in the market owing to its widespread usage and high ownership rate compared to other gadgets. The need for insurance coverage has increased significantly along with the growing reliance on mobile devices for various applications, internet access, and communication. The large number of people who use mobile devices and the necessity of safeguarding these priceless devices from harm, theft, and other hazards account for the segment's dominance.

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 gadgets insurance market. This kind of insurance offers 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 substantial market share owing to the high rate of theft in certain countries, such as India.

Asia-Pacific Electronic Gadgets Insurance Market – By Distribution Channel

Based on distribution channel, the Asia-Pacific Electronic Gadgets Insurance Market is split into online and offline segments. The offline insurance accounts for a larger market share. Customers can visit their gadgets' service centers to purchase insurance for them, which is primarily responsible for the growth of this market segment. However, the online segment registered its biggest growth post the COVID-19 outbreak in the region. The shifting consumer trend toward online distribution channels for electronic gadget insurance is being driven by the availability of electronic insurance through official insurance providers' online portals as well as online payment apps like Amazon Pay.

Asia-Pacific Electronic Gadgets Insurance Market – By Country

The in-depth research report on the Asia-Pacific Electronic Gadgets Insurance Market covers a number of countries including China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, and rest of APAC. China dominates the Asia-Pacific electronic gadgets insurance market owing to the high electronics ownership in the country. China reigns at top in terms of smartphone ownership with 783 million users in the country, followed by India with over 600 million users. The demand for affordable smartphone and other electronic gadgets is also strong in these countries, which plays a crucial role in driving the demand for electronic gadgets insurance market in the region.

Competitive Landscape

Major players operating in the Asia-Pacific Electronic Gadgets Insurance Market include Apple Care+, 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.

Scope of the Report

By Device Type

• Mobile Phones

• Laptops

• Tablets

• Smartwatches

• Others

By Coverage

• Accidental Damage

• Theft

• Loss

• Others

By Distribution Channel

• Online

• Offline

By Country

• China

• India

• Japan

• South Korea

• Australia & New Zealand

• Indonesia

• Malaysia

• Singapore

• Vietnam

• Rest of APAC

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Asia-Pacific Electronic Gadgets Insurance Market Insights
   1. Technology Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Demand for Electronic Gadgets
         2. Rising Instances of Theft and Loss
      2. Restraints
         1. Lack of Awareness of Electronic Gadgets Insurance
         2. High Cost of Premiums
      3. Opportunities
         1. Expanding Product Offerings
         2. Targeting New Customer Segments
      4. Challenges
         1. Increasing Competition in the Market
   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. Asia-Pacific Electronic Gadgets Insurance Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Device Type
         1. Mobile Phones
         2. Laptops
         3. Tablets
         4. Smartwatches
         5. Others
      2. By Coverage
         1. Accidental Damage
         2. Theft
         3. Loss
         4. Others
      3. By Distribution Channel
         1. Online
         2. Offline
      4. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Australia & New Zealand
         6. Indonesia
         7. Malaysia
         8. Singapore
         9. Vietnam
         10. Rest Of APAC
5. China Electronic Gadgets Insurance Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Device Type
      2. By Coverage
      3. By Distribution Channel
6. India Electronic Gadgets Insurance Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Device Type
      2. By Coverage
      3. By Distribution Channel
7. Japan Electronic Gadgets Insurance Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Device Type
      2. By Coverage
      3. By Distribution Channel
8. South Korea Electronic Gadgets Insurance Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Device Type
      2. By Coverage
      3. By Distribution Channel
9. Australia & New Zealand Electronic Gadgets Insurance Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Device Type
      2. By Coverage
      3. By Distribution Channel
10. Indonesia Electronic Gadgets Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Device Type
       2. By Coverage
       3. By Distribution Channel
11. Malaysia Electronic Gadgets Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Device Type
       2. By Coverage
       3. By Distribution Channel
12. Singapore Electronic Gadgets Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Device Type
       2. By Coverage
       3. By Distribution Channel
13. Vietnam Electronic Gadgets Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Device Type
       2. By Coverage
       3. By Distribution Channel
14. Rest of Asia-Pacific Electronic Gadgets Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Device Type
       2. By Coverage
       3. By Distribution Channel
15. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Asia-Pacific Electronic Gadgets Insurance Company Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
16. Impact of Covid-19 on Asia-Pacific Electronic Gadgets Insurance Market
17. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. Apple Care+
    2. Samsung Premium Care
    3. Safeware
    4. Syska Gadget Secure
    5. Warranty Asia
    6. The Digital Insurer
    7. Allianz Insurance
    8. Gadget Cover
    9. Brightstar Corp.
    10. Aviva
    11. AIG
    12. Chubb
    13. Hiscox
    14. Liberty Mutual
    15. Zurich Insurance Group
    16. Other Prominent Players
18. Key Strategic Recommendations
19. 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 Country
    5. Assumption & Limitation

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

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

List of Figures

Figure 1 Asia-Pacific Electronic Gadgets Insurance Market Segmentation

Figure 2 Asia-Pacific Electronic Gadgets Insurance Value Chain Analysis

Figure 3 Company Market Share Analysis, 2022

Figure 4 Asia-Pacific Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 5 Asia-Pacific Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 7 Asia-Pacific Electronic Gadgets Insurance Share, By Coverage, By Value, 2019–2029

Figure 8 Asia-Pacific Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 9 Asia-Pacific Electronic Gadgets Insurance Market Share, By Country, By Value, 2019–2029

Figure 10 China Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 11 China Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 12 China Electronic Gadgets Insurance Market Share, By Coverage, By Value, 2019–2029

Figure 13 China Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 14 India Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 15 India Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 16 India Electronic Gadgets Insurance Market Share, By Coverage, By Value, 2019–2029

Figure 17 India Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 18 Japan Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 19 Japan Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 20 Japan Electronic Gadgets Insurance Market Share, By Coverage, By Value, 2019–2029

Figure 21 Japan Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 22 South Korea Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 23 South Korea Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 24 South Korea Electronic Gadgets Insurance Market Share, By Coverage, By Value, 2019–2029

Figure 25 South Korea Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 26 Australia & New Zealand Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 27 Australia & New Zealand Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 28 Australia & New Zealand Electronic Gadgets Insurance Market Share, By Coverage, By Value, 2019–2029

Figure 29 Australia & New Zealand Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 30 Indonesia Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 31 Indonesia Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 32 Indonesia Electronic Gadgets Insurance Market Share, By Coverage, By Value, 2019–2029

Figure 33 Indonesia Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 34 Malaysia Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 35 Malaysia Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 36 Malaysia Electronic Gadgets Insurance Market Share, By Coverage, By Value, 2019–2029

Figure 37 Malaysia Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 38 Singapore Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 39 Singapore Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 40 Singapore Electronic Gadgets Insurance Market Share, By Coverage, By Value, 2019–2029

Figure 41 Singapore Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 42 Philippines Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 43 Philippines Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 44 Philippines Electronic Gadgets Insurance Market Share, By Coverage, By Value, 2019–2029

Figure 45 Philippines Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 46 Vietnam Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 47 Vietnam Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 48 Vietnam Electronic Gadgets Insurance Market Share, By Coverage, By Value, 2019–2029

Figure 49 Vietnam Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

Figure 50 Rest of Asia-Pacific Electronic Gadgets Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 51 Rest of Asia-Pacific Electronic Gadgets Insurance Market Share, By Device Type, By Value, 2019–2029

Figure 52 Rest of Asia-Pacific Electronic Gadgets Insurance Market Share, By Coverage, By Value, 2019–2029

Figure 53 Rest of Asia-Pacific Electronic Gadgets Insurance Market Share, By Distribution Channel, By Value, 2019–2029

List of Tables

Table 1 Asia-Pacific Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 2 Asia-Pacific Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 3 Asia-Pacific Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 4 Asia-Pacific Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 5 Asia-Pacific Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 6 Asia-Pacific Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 7 Asia-Pacific Electronic Gadgets Insurance Market Size, By Country, By Value, 2019–2029

Table 8 China Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 9 China Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 10 China Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 11 India Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 12 India Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 13 India Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 14 Japan Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 15 Japan Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 16 Japan Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 17 South Korea Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 18 South Korea Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 19 South Korea Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 20 Australia & New Zealand Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 21 Australia & New Zealand Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 22 Australia & New Zealand Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 23 Indonesia Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 24 Indonesia Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 25 Indonesia Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 26 Malaysia Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 27 Malaysia Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 28 Malaysia Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 29 Singapore Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 30 Singapore Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 31 Singapore Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 32 Philippines Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 33 Philippines Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 34 Philippines Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 35 Vietnam Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 36 Vietnam Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 37 Vietnam Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 38 Rest of Asia-Pacific Electronic Gadgets Insurance Market Size, By Device Type, By Value, 2019–2029

Table 39 Rest of Asia-Pacific Electronic Gadgets Insurance Market Size, By Coverage, By Value, 2019–2029

Table 40 Rest of Asia-Pacific Electronic Gadgets Insurance Market Size, By Distribution Channel, By Value, 2019–2029

Table 41       Apple Care+ Company Overview

Table 42       Apple Care+ Financial Overview

Table 43       Samsung Premium Care Company Overview

Table 44       Samsung Premium Care Financial Overview

Table 45       Safeware Company Overview

Table 46       Safeware Financial Overview

Table 47       Syska Gadget Secure Company Overview

Table 48       Syska Gadget Secure Financial Overview

Table 49       Warranty Asia Company Overview

Table 50       Warranty Asia Financial Overview

Table 51       The Digital Insurer Company Overview

Table 52       The Digital Insurer Financial Overview

Table 53       Allianz Insurance Company Overview

Table 54       Allianz Insurance Financial Overview

Table 55       Gadget Cover Company Overview

Table 56       Gadget Cover Financial Overview

Table 57       Brightstar Corp. Company Overview

Table 58       Brightstar Corp. Financial Overview

Table 59       Aviva Company Overview

Table 60       Aviva Financial Overview

Table 61       AIG Company Overview

Table 62       AIG Financial Overview

Table 63       Zurich Insurance Group Company Overview

Table 64       Zurich Insurance Group Financial Overview

Table 65       Other Prominent Players Company Overview

Table 66       Other Prominent Players Financial Overview