Dublin, Oct. 22, 2024 (GLOBE NEWSWIRE) -- The "China Gadget Insurance Market Size and Forecast, Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type, Device Type, Sales Channel, and End User" report has been added to ResearchAndMarkets.com's offering.
China's gadget insurance market size was valued US$ 6.40 billion in 2023 and is forecast to reach US$ 20.49 billion by 2031; it is estimated to record a CAGR of 15.6% from 2023 to 2031. 
The China gadget insurance market is experiencing significant growth, driven by the increasing demand for customized policies tailored to specific devices. As the digital landscape evolves and consumer electronics proliferate, insurers are improving their offerings to meet the unique needs of individual gadgets, enhancing customer satisfaction and expanding market reach. With consumers being increasingly reliant on technology for everyday tasks, the financial implications of gadget damage or loss have become more pronounced.
Customized insurance policies provide peace of mind by offering targeted protection that aligns with the value and usage of each device, making them an attractive choice for tech-savvy consumers. Key players operating in the region offer protection and insurance plans to cover the consumers' devices against damages. For instance, Samsung offers Samsung Care+, which brings together a range of benefits that are meant to safeguard users' devices against any accidental, physical, or liquid damage or technical or mechanical failure. Additionally, Samsung Care+ covers a select range of Samsung smartphones, tablets, laptops, and wearables.
Similarly, Apple provides AppleCare+, an insurance policy covering the policy period for repairs or replacement of covered Apple devices such as Apple Watch, HomePod, iPad (including Apple Pencil), iPhone, iPod, or Headphones in case of accidental damage or battery depletion. It gives priority access to telephone technical support from Apple. Such offerings by the companies provide consumers with customized policies for a specific gadget, driving market growth.
Based on sales channel, the market is segmented into retail and online. The retail segment held the largest China Gadget Insurance market share in 2023 China gadget insurance market share in 2023. Based on end user, the market is segmented into businesses and individuals. The individual segment held the largest share in the China gadget insurance market share in 2023.
The retail insurance sales channel plays a crucial role in the promising gadget insurance market in China, which has seen significant growth due to the increasing penetration of electronic devices among consumers. As the demand for gadgets such as smartphones, laptops, and cameras rises, the need for insurance products that protect these investments from risks like theft, accidental damage, and mechanical failure increases.
In China, the gadget insurance market is characterized by a diverse range of products tailored to various device types, including mobile phones, tablets, laptops, and home entertainment systems. Retailers are strategically positioned to offer these insurance products at the point of sale, providing consumers with immediate options to safeguard their purchases.
AT&T, Apple, Assurant, AmTrust Financial, HDFC ERGO General Insurance Company, Chubb, ICICI, AXA, Zurich General Insurance Company, Samsung and HUAWEI Care are among the prominent players profiled in the Chinese gadget insurance market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 113 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value (USD) in 2023 | $6.4 Billion |
| Forecasted Market Value (USD) by 2031 | $20.49 Billion |
| Compound Annual Growth Rate | 15.6% |
| Regions Covered | China |
Key Topics Covered:
1. Introduction
2. Executive Summary
3. Research Methodology
4. China Gadget Insurance Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Market Entry Strategies and Regulatory Landscape
5. China Gadget Insurance Market - Key Market Dynamics
5.1 China Gadget Insurance Market - Key Market Dynamics
5.2 Market Drivers
5.2.1 Rise in Sales of Mobile Phones and Wearables
5.2.2 Increased Awareness of Gadget Insurance
5.2.3 InsurTech Development in China
5.2.4 Customized Policies for Specific Gadgets
5.3 Market Restraints
5.3.1 Regulatory Challenges in Insurance Sector
5.3.2 Competition from Device Manufacturers' Warranty Programs
5.4 Market Opportunities
5.4.1 Growing Initiatives by Gadget Insurance Market Players
5.5 Future Trends
5.5.1 Shift Toward Digital Insurance Platforms
5.5.2 Integration with E-Commerce and Tech-Retailer Companies
5.6 Impact of Drivers and Restraints
6. China Gadget Insurance Market Analysis
6.1 China Gadget Insurance Market Revenue (US$ Million), 2021-2031
6.2 China Gadget Insurance Market Forecast and Analysis
6.3 Analysis
6.3.1 Demographic Overview
6.3.2 Smartphone Users in China 2021 to 2024 (In Million)
6.3.3 Rise of Insurtech in China
6.3.4 Device Protection by OEMs
6.3.4.1 Key OEMs in China Gadget Insurance Market
6.3.4.2 Market Size of Key OEMs for Mobile Insurance Market
6.3.4.3 Product and Strategy Analysis by OEMs
6.3.4.4 Third Party Administrators of OEMSs
6.3.5 Device Protection by E-Commerce Platform
6.3.6 Device Protection Offered by Carriers
6.3.7 Conclusion
7. China Gadget Insurance Market Analysis - by Type
7.1 Physical Damage
7.2 Theft and Loss Prevention
7.3 Others
8. China Gadget Insurance Market Analysis - by Device Type
8.1 Laptop and PCS
8.2 Smartphones
8.3 Tablets
8.4 Wearable Devices
8.5 Home Entertainment Devices
8.6 Cameras
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 Users
10.1 Businesses
10.2 Individual
11. Competitive Landscape
11.1 Company Positioning & Concentration
11.2 Heat Map Analysis by Key Players
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
- AT&T
- Apple
- Assurant
- AmTrust Financial Services
- Chubb
- American International Group
- Samsung Electronics
- Huawei Technologies
- Allianz
- AXA
- bolttech
For more information about this report visit https://www.researchandmarkets.com/r/snnwow
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