APAC gadget insurance market to grow 17.4% yearly until 2031

Worldwide, the segmet is seen to bag $194b in six years.

Asia-Pacific’s gadget insurance market is expected to register the highest compound annual growth rate (CAGR) of 17.4% from 2021 to 2031, driven by increased sales and awareness amongst young professionals.

Meanwhile, the global gadget insurance market is projected to grow from $59.4b in 2021 to $193.5b by 2031, at CAGR of 12.9%, according to a report by Allied Market Research. 

The growth is driven by rising cases of accidental damage, phone theft, virus infections, and device malfunctions, alongside the increasing adoption of high-quality smartphones and demand for multi-gadget insurance services. 

However, the decline in PC sales due to the growing use of smartphones and tablets may hinder market growth.  

The physical damage segment held nearly half of the global gadget insurance market in 2021 and is expected to remain the leading segment during the forecast period. 

This growth is attributed to the hassle-free claim management services offered by insurance providers. 

The virus and data protection segment is expected to record the fastest CAGR of 19.5%, driven by the increasing use of smartphones and laptops and the rise in cyber-attacks targeting personal information.  

Mobile phones and tablets dominated the market in 2021, accounting for nearly half of the global share, primarily due to high initial costs and expensive repairs. 

Cameras segment is projected to grow at the fastest rate of 17.9%, fueled by the rising cost of photography equipment and increased demand amongst millennials.