![]() The report focuses on growth prospects, restraints, and trends of the global gadget insurance market analysis. On the contrary, surge in demand for innovative multiple gadget insurance services is expected to boost the market growth in the future. 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. In addition, high replacement cost of various parts of gadgets drives the growth of the gadget insurance market. In addition, cover my gadget trend among customers has boosted the growth of gadget insurance market.įactors 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, which drive the gadget insurance market growth. Gadget insurance also covers the cost and inconvenience of mechanical and electrical failures. It often provides additional coverage of gadgets such as unauthorized usage, malicious damage, e-wallet payments, or theft. Gadget insurance is a service contract which provides component fix repair service for electronic gadgets sold by retailers, and service providers. Therefore, the demand for gadget insurance during the pandemic has depleted. The 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. 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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