United States Electronic Gadgets Insurance Market Insights Forecasts to 2032

• The United States Electronic Gadgets Insurance Market Size was valued at USD 14.74 Billion in 2022.
• The Market is growing at a CAGR of 11.19% from 2022 to 2032.
• The U.S Electronic Gadgets Insurance Market Size is expected to reach USD 42.58 Billion by 2032.

The United States Electronic Gadgets Insurance Market Size is anticipated to exceed USD 42.58 Billion by 2032, growing at a CAGR of 11.19% from 2022 to 2032.

The Growing consumer reliance on electronic devices, rising device costs, and increased awareness about protection against damage, theft, and malfunction are driving the growth of the electronic gadgets insurance market in the United States.     

Market Overview

Electronic gadget insurance protects devices such as smartphones, laptops, and tablets from damage, theft, and malfunction. It protects financial investments and ensures quick replacements or repairs, resulting in fewer disruptions in daily life. Accidental damage, liquid spills, hardware and software failures, and theft are all typical coverages. Electronic devices have become an essential part of modern life, making this insurance essential for maintaining productivity and connectivity. It provides policyholders with peace of mind by covering unforeseen expenses related to repairs or replacements, while also promoting convenience and uninterrupted digital experiences. Technological advancements and the increasing complexity of gadgets drive the demand for comprehensive insurance coverage. The prevalence of accidental damages, as well as the desire to maintain uninterrupted digital lifestyles, contribute to the market's expansion. Innovative insurance offerings, customizable plans, and simplified claims processes cater to changing consumer preferences, fostering market growth.

Report Coverage

This research report categorizes the market for the US electronic gadgets insurance market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the electronic gadgets insurance market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the electronic gadgets insurance market.

Driving Factors

The electronic gadgets insurance market in the United States is thriving, owing primarily to rising consumer demand for high-tech electronic devices. As more people use smartphones, tablets, laptop computers, and smartwatches, the demand for comprehensive insurance coverage has increased. This trend is bolstered further by rapid technological advancements and corresponding increases in gadget prices. With a growing awareness of electronic gadgets' vulnerability to accidents, theft, and damage, insurance products are becoming a necessity, propelling the market's growth as individuals seek to protect their valuable technological investments.

Restraining Factors

Due to its limited coverage for wear and tear devices, the United States electronic gadgets insurance market faces significant challenges. While policies may cover accidental damage and theft, many plans do not cover gradual deterioration, mechanical breakdowns, or pre-existing conditions. This constraint not only exposes consumers to common device issues, but it also limits the market's potential for growth. If this limitation is not addressed and more comprehensive coverage is not provided, the market may struggle to meet the evolving needs of tech-savvy consumers seeking holistic protection for their electronic investments.

Market Segmentation

The United States Electronic Gadgets Insurance Market share is classified into coverage type and device type.

• The accidental damage segment is expected to hold a significant share of the United States electronic gadgets insurance market during the forecast period.   

The United States electronic gadgets insurance market is segmented by coverage type into accidental damage, theft & loss. Among these, the accidental damage segment is expected to hold a significant share of the United States electronic gadgets insurance market during the forecast period. The accidental damage segment is the most important in terms of coverage and significance, as it addresses insurance coverage for accidental harm or damage caused to electronic gadgets such as smartphones, laptops, tablets, and other devices. It safeguards against accidental drops, liquid spills, screen damage, and other physical mishaps, ensuring that individuals' devices can be repaired or replaced in the event of such mishaps. The accidental damage segment meets the widespread need for physical damage insurance coverage, reflecting the high demand and value it has in the US electronic gadget insurance market.     

• The mobile devices segment is expected to hold the largest share of the United States electronic gadgets insurance market during the forecast period.       

Based on the device type, the United States electronic gadgets insurance market is divided into laptops, computers, cameras, mobile devices, and drones. Among these, the mobile devices segment is expected to hold the largest share of the United States electronic gadgets insurance market during the forecast period. The segment includes a diverse range of smartphones, tablets, and other portable electronics, reflecting today's reliance on such devices. As a result of their widespread use and vulnerability to damage or loss, insurance coverage for mobile devices has grown in importance, driving significant market demand for this specific segment.        

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the US electronic gadgets insurance market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

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

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at United States, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the United States Electronic Gadgets Insurance Market based on the below-mentioned segments:

United States Electronic Gadgets Insurance Market, By Coverage Type

• Accidental Damage
• Theft & Loss

United States Electronic Gadgets Insurance Market, By Device Type

• Laptops
• Computers
• Cameras
• Mobile Devices
• Drones

United States Electronic Gadgets Insurance Market, By End User

• Corporate
• Individual