DUBLIN, Oct. 22, 2024 (Globe Newswire) — “China Gadget Insurance Market Size and Forecast, Country Share, Trends and Growth Opportunities Analysis Report Coverage: By Type, Device Type, Sales Channel, and End User.” The report was added to ResearchAndMarkets.com Offerings.
China’s gadget insurance market size was valued at USD 6.4 billion in 2023 and is projected to reach USD 20.49 billion by 2031. It is estimated to register a CAGR of 15.6% from 2023 to 2031.
China’s gadget insurance market is experiencing significant growth due to the increasing demand for insurance customized for specific devices. As the digital environment evolves and consumer electronics proliferate, insurers are improving their services to meet the unique needs of individual devices, increasing customer satisfaction and expanding market coverage. As consumers become increasingly reliant on technology in their daily tasks, the financial impact of damaged or lost gadgets is becoming more pronounced.
Customized insurance policies provide peace of mind by providing targeted protection tailored to each device’s value and usage, making it an attractive option for tech-savvy consumers. Major companies operating in the region offer protection and insurance plans to cover consumer devices from damage. For example, Samsung offers Samsung Care+. It brings together various benefits aimed at protecting the user’s device from accidental, physical, liquid damage, or technical or mechanical failure. Additionally, Samsung Care+ covers select Samsung smartphones, tablets, laptops, and wearables.
Similarly, Apple offers AppleCare+. This insurance provides coverage for the repair or replacement of eligible Apple devices such as the Apple Watch, HomePod, iPad (including Apple Pencil), iPhone, iPod, and headphones in the event of accidental damage or a dead battery. . You will receive priority access to telephone technical support from Apple. Such services by companies provide consumers with customized policies for their specific gadgets, driving market growth.
Based on sales channel, the market is segmented into retail and online. The retail sector will have the largest share of the Chinese gadget insurance market in 2023.The retail sector will have the largest share of the Chinese gadget insurance market in 2023. Based on end users, the market is segmented into businesses and individuals. The personal segment accounted for the largest share in the China gadget insurance market share in 2023.
Retail insurance distribution channels play a key role in China’s promising gadget insurance market, which is experiencing significant growth due to the increasing penetration of electronic devices among consumers. As the demand for gadgets such as smartphones, laptops and cameras increases, there is a growing need for insurance products to protect these investments from risks such as theft, accidental damage and mechanical breakdown.
China’s gadget insurance market is characterized by a variety of products tailored to different device types, including mobile phones, tablets, laptops, and home entertainment systems. Retailers are in a strategic position to offer these insurance products at the point of sale, giving consumers an immediate option to protect their purchases.
AT&T, Apple, Assurant, AmTrust Financial, HDFC ERGO General Insurance Company, Chubb, ICICI, AXA, Zurich General Insurance Company, Samsung, HUAWEI Care are some of the notable companies featured in the Chinese gadget insurance market.
Key attributes:
| report attributes | detail |
| Number of pages | 113 |
| Forecast period | 2023-2031 |
| Estimated market value in 2023 (USD) | $6.4 billion |
| Projected market value to 2031 (USD) | $20.49 billion |
| compound annual growth rate | 15.6% |
| Target area | China |
Main topics covered:
1. Introduction
2. Executive summary
3. Research method
4. Prospects for the Chinese gadget insurance market
4.1 Overview
4.2 PEST analysis
4.3 Ecosystem analysis
4.4 Market entry strategy and regulatory landscape
5. China Gadget Insurance Market – Key Market Trends
5.1 China Gadget Insurance Market – Key Market Trends
5.2 Market Drivers
5.2.1 Increase in sales of mobile phones and wearable devices
5.2.2 Improving awareness of gadget insurance
5.2.3 Development of insurtech in China
5.2.4 Customized policies for specific gadgets
5.3 Market constraints
5.3.1 Regulatory challenges in the insurance sector
5.3.2 Conflicts with device manufacturer warranty programs
5.4 Market opportunities
5.4.1 Expansion of efforts by gadget insurance market players
5.5 Future trends
5.5.1 Migration to a digital insurance platform
5.5.2 Integration with e-commerce and technology retailers
5.6 Effects of drivers and restraints
6. Chinese gadget insurance market analysis
6.1 China Gadget Insurance Market Revenue (Million USD), 2021-2031
6.2 China Gadget Insurance Market Forecast and Analysis
6.3 Analysis
6.3.1 Demographic Overview
6.3.2 China Smartphone Users 2021-2024 (Million)
6.3.3 The rise of insurtech in China
6.3.4 Securing devices by OEMs
6.3.4.1 Major OEMs in China Gadget Insurance Market
6.3.4.2 Market size of major OEMs in mobile insurance market
6.3.4.3 OEM Product and Strategy Analysis
6.3.4.4 OEMS Third Party Administrator
6.3.5 Device protection through e-commerce platforms
6.3.6 Device protection provided by carriers
6.3.7 Conclusion
7. China Gadget Insurance Market Analysis – By Type
7.1 Physical damage
7.2 Prevention of theft and loss
7.3 Others
8. China Gadget Insurance Market Analysis – By Device Type
8.1 Laptops and PCS
8.2 Smartphone
8.3 Tablet
8.4 Wearable devices
8.5 Home entertainment devices
8.6 Camera
8.7 Others
9.China Gadget Insurance Market Analysis – By Sales Channel
9.1 Retail
9.2 Online
10. China Gadget Insurance Market Analysis – By End User
10.1 Business
10.2 Individual
11. Competitive environment
11.1 Corporate positioning and concentration
11.2 Heatmap analysis by major companies
12. Industry Outlook
12.1 Overview
12.2 Market initiatives
12.3 Product development
12.4 Mergers and Acquisitions
13. Company profile
- AT&T
- apple
- guarantor
- AmTrust Financial Services
- Chub
- american international group
- samsung electronics
- Huawei Technologies
- allianz
- axa
- bolt tech
For more information on this report, please visit https://www.researchandmarkets.com/r/snnwow.
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source of international market research reports and market data. We provide the latest data on international and regional markets, key industries, top companies, new products and latest trends.
-
China’s gadget insurance market
