Europe Gadget Insurance Market Outlook – 2031
The Europe gadget insurance market size was valued at $13.79 billion in 2021, and is projected to reach $39.37 billion by 2031, registering a CAGR of 11.4% from 2022 to 2031.
Europe gadget insurance is a service contract that provides component fix repair services for electronic gadgets sold by retailers and service providers. It covers all kinds of gadgets such as phones, tablets, laptops, digital cameras, game consoles, MP3 players, e-readers, digital recorders, smartwatches, and various other handheld devices. Furthermore, this insurance policy protects against loss, theft, accidental damage, and any other mechanical failure. Moreover, as people are using more gadgets around Europe, the adoption for gadget insurance market is on the rise.
For instance, in December 2020, Chubb has announced the creation of a new digital team for Continental Europe (CE) and the UK & Ireland (UK&I). The team has been formed to develop and execute the insurer's plans to broaden its digital product and service offerings and to create new channels for product distribution.
Factors such as increase in incidents of accidental damage, phone thefts, virus infection, device malfunction, and surge in adoption of high-quality smartphones are some of the major factors that drives the Europe gadget insurance market growth. In addition, high replacement cost of various parts of gadgets drives the growth of the Europe gadget insurance market share. However, decline in sale of PCs owing to increased penetration of smartphones and tablets is a major restraint that hinders the growth of the market. On the contrary, surge in demand for innovative multiple Europe gadget insurance services is expected to boost the market growth in the future.
For instance, in May 2021, Germany-based mobile bank N26 launched N26 Insurance, which offers the digital bank’s customers the option to purchase insurance plans from within the N26 app. Executed in partnership with Insurtech Simplesurance, N26 Insurance brings the same benefits to insurance that it has brought to its digital banking experience. Moreover, N26 customers in Europe be able to purchase coverage, manage plans, and initiate claims for smartphone insurance straight from the N26 mobile or desktop apps to cover accidents and damage, including water damage and even theft of their device.
By Coverage Type
Physical Damage segment will generate the highest revenue during the forecast period
The report focuses on growth prospects, restraints, and trends of the Europe gadget insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the Europe gadget insurance market outlook.
By Device Type
Mobile Phones and Tablets segment will maintain the lead during 2022 - 2031
Segment Overview
The Europe gadget insurance market is segmented on the basis of coverage type, device type, sales channel, end user, and region. By coverage type, it is segmented into physical damage, internal component failure, theft & loss protection, virus & data protection, and others. By device type, it is divided into laptop & PCs, mobile phones & tablets, home entertainment devices, cameras and others. The mobile phones & tablets segment is further divided into android, iOS, and others. By sales channel, it is segregated into retail and online. By end user, the Europe gadget insurance market is divided into business and individuals.
By Sales Channel
Retail segment accounted for the highest market share during the forecast period
By coverage type, the physical damage segment acquired the largest market share of Europe gadget insurance market in 2021. This is attributed to increase in repairing and replacing cost of gadget and rise in awareness among the youth toward physical damage coverage.
Competitive Analysis
The report analyzes the profiles of key players operating in the Europe gadget insurance market such as Apple Inc., Asurion, AXA, AT&T Inc., Bolttech, Chubb, OneAssist Consumer Solutions Pvt. Ltd., simplesurance GmBH, SPB UK & Ireland Ltd, and Wertgarantie. These players have adopted various strategies to increase their market penetration and strengthen their position in the Europe gadget insurance market.
By End User
Individuals segment will dominate the market throughout the forecast period
Market Landscape and Trends
The gadget insurance market in Europe is expected to develop due to an increase in the use of gadget insurance among students to protect their devices from various situations and an increase in demand for various types of gadgets among the general population. Furthermore, the industry is being propelled forward by increasing digitization worldwide. On the other hand, new entrants in the industry offering reduced premium rates to clients are impeding the sector's growth.
Moreover, the surge in demand to cover gadgets and devices, seen as an opportunity for the Europe gadget insurance market, because most of them are extremely costly and cannot be replaced if broken or lost. Therefore, these are the trends attributed to increase the growth of the Europe gadget insurance market.
For instance, in December 2021, Samsung and Bolttech, the international insurtech, announced the expansion of their device protection partnership into six additional markets in Europe. Through the Samsung Care+ program, Bolttech aims to help customers in Europe protect their smartphones, tablet, and wearable devices against accidental physical and liquid breakage for up to two years. The device protection plans also offer worldwide cover to ensure protection away from home as well as a host of other benefits, including an option for theft cover.
By Country
Germany will acquire the highest market share throughout the forecast period
Top Impacting Factors
Increase in Incidents of Accidental Damage, Phone Thefts, Virus Infection, and Device Malfunction in Europe
Rise in demand for gadget insurance on events such as mechanical breakdown, liquid damage, theft, and unauthorized usage is propelling the growth of the Europe gadget insurance market. In addition, the insurance companies are increasingly providing full coverage with advanced services to the customers in their gadget insurance portfolio.
In recent years, there has been an increase in the number of accidents, in terms of accidental damage from handling and loss protection, which resulted in an increase in the need for gadget insurance. For instance, New Scientist Ltd., a magazine covering all aspects of science and technology, stated that since April 2019, there have been more than 300 cases in the UK of attacks in which people try to fraudulently obtain codes that would let them gain control of someone’s mobile number. Thus, increase in incidents of accidental damage, phone thefts, virus infection and device malfunction in Europe is driving the growth of the Europe gadget insurance market.
Rise in Sale of Mobile Phones and Wearables
The protection for gadgets has increased at a faster rate in the market with increase in usage of smart phones, wearables and other gadgets. Therefore, provision of gadget insurance for these items is attributed to stolen gadget cases and cyber-attacks. For instance, a recent study released from Kensington, a pioneer in desktop and mobile device accessories, stated that:
- One laptop is stolen every 53 seconds.
- 70 million smartphones are lost each year, with only 7% recovered.
- 4.3% of company-issued smartphones are lost or stolen every year.
- 80% of the cost of a lost laptop is from data breach.
- 52% of devices are stolen from the office/workplace, and 24%from conferences.
Moreover, rise in prices of spare parts continue to imply pressure on profit margins of manufacturers and retailers of consumer electronic products. Furthermore, gadget insurance for these goods is continuously evolving and is expected to maintain the dominance during the forecast period. In addition, electronic item makers continue to attract customers during the festive season. For instance, in Europe, the festive season is considered during Christmas; hence, there is a continuous rise in use and sale of smartphones, cameras, PCs and other gadgets, which fuels the Europe gadget insurance market growth.
Increased Awareness For Gadget Insurance Among Europeans
Many consumers’ electronic products have a hefty price tag associated with them at the time of purchase; hence, awareness for gadget insurance for these products has increased tremendously. In addition, as consumers are often worried about safety of their electronic products post expiry of seller’s warranty; thus, coverage for gadget insurance has surged among the consumer electronics & mobile devices segment. Further, current technological changes such as blockchain technology has led to innovations and new trends in the Europe gadget insurance industry. Moreover, providing gadget insurance also helps in building customer loyalty. Thus, increased awareness for gadget insurance propels the Europe gadget insurance market growth.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Europe gadget insurance market forecast from 2021 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities of Europe gadget insurance market overview.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Europe gadget insurance market segmentation assists in determining the prevailing Europe gadget insurance market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as Europe gadget insurance market trends, key players, market segments, application areas, and market growth strategies.
Europe Gadget Insurance Market Report Highlights
| Aspects | Details |
 By Coverage Type |
|
 By Device Type |
|
 By Sales Channel |
|
 By End User |
|
 By Country |
|
 By Key Market Players |
|
Analyst Review
Europe gadget insurance provides coverage for multiple types of products & brands, ranging from appliances to electronics, wearables, computer equipment, and others. In addition, manufacturers tend to deal with limited product & brand set to provide an insurance as the licensing & credentialing requirements largely differ from other insurance coverages. Furthermore, Europe gadget insurance is designed to provide additional protection for end users. However, consumers face several challenges while dealing with Europe gadget insurance.
The Europe gadget insurance market has faced moderate impact of the COVID-19 pandemic, as consumers have reduced purchasing electronic products during the lockdown due to lower income level. However, due to surge in online shopping, there’s a spike in demand for consumer electronics from e-commerce websites along with extended warranties. This, in turn, boosted the growth of Europe gadget insurance market during the pandemic.
The Europe gadget insurance market is fragmented with the presence of regional vendors such as Apple Inc., Asurion, AXA, AT&T Inc., Bolttech, Chubb, OneAssist Consumer Solutions Pvt. Ltd., simplesurance GmBH, SPB UK & Ireland Ltd, and Wertgarantie. Major players operating in this market are adopting various strategies that include business expansion and partnerships to reduce supply and demand gaps. With increase in awareness and demand for Europe gadget insurance across the globe, major players are collaborating on their product portfolio to provide differentiated and innovative products.
The Europe Gadget Insurance Market is anticipated to grow at a CAGR of 11.4% from 2022 to 2031.
The Europe Gadget Insurance Market is projected to hit $39.37 billion by 2031.
To get the latest version of sample report
Incidents of accidental damage, phone thefts, virus infection, and device malfunction etc. boost the market growth.
The key players profiled in the report include Apple Inc., Asurion, AXA, AT&T Inc., Bolttech, and many more.
On the basis of top growing big corporations, we select top 10 players.
The Europe Gadget Insurance Market is segmented on the basis of coverage type, device type, sales channel, end user, and region.
The key growth strategies of market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Italy will grow at a highest CAGR of 16.5% during the forecast period.
Physical Damage segment will dominate the market during 2022 - 2031.
Loading Table Of Content...
