Gadget Insurance Market : Review of the Market Dynamics, Competitive Scenario, Trends

Gadget Insurance Market : Review of the Market Dynamics, Competitive Scenario, Trends

NEW CASTLE, DE, UNITED STATES, July 2, 2025 /EINPresswire.com/ -- Recently, Allied Market Research has published a report on the gadget insurance market in which it has touched upon various aspects of the industry ranging from growth forecast, upcoming trends, regional and segmental analysis, and competitive scenario of the landscape. The report provides actionable data and market intelligence on the changing dynamics of the sector in order to help businesses understand how the market might evolve in the coming period. The study also presents accurate revenue numbers and CAGR values to substantiate the given information. “The Global Gadget Insurance Market was valued at $59.4 billion in 2021, and is projected to reach $193.5 billion by 2031, growing at a CAGR of 12.9% from 2022 to 2031.

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The primary aim behind the publication of the report is to provide companies with practical guidance on the investment opportunities and growth drivers of the industry so that they can focus their energies on the right areas. The study also covers the latest advancements and upcoming trends in the industry to enable businesses to stay well-informed about the recent developments in the landscape.

Gadget insurance is a service contract which provides component fix repair service for gadget sold by retailers, and service providers. It often provides additional coverage of phones such as unauthorized usage, malicious damage, e-wallet payments or theft. Gadget insurance also covers the cost and inconvenience of mechanical and electrical failures.

Factors such as increase in incidents of accidental damage, phone thefts, virus infection, and device malfunction, drives the gadget insurance market growth. However, decline in sale of PCs is a major restraint that hinders the growth of gadget insurance market. On the contrary, surge in demand for expanded insurance coverage policies for multiple gadget insurance is expected to boost the market growth in the future. In addition, cover my gadget trend among customers has boosted the growth of gadget insurance market.

Formulating growth strategies with holistic industry highlights and competitive scenario
The report on the gadget insurance landscape contains an in-depth study of the growth drivers, market restraints, and investment opportunities in the industry. The growth drivers and investment opportunities aim at helping new entrants get an idea of the nature of the industry, while the market restraints enable companies to overcome various challenges. On these lines, the important factors influencing the gadget insurance market include:

1) Increase in Incidents of Accidental Damage, Phone Thefts, Virus Infection, and Device Malfunction
2) Rise in Sales of Mobile Phones and Wearables
3) Increased Awareness of Gadget Insurance