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The COVID-19 pandemic had a positive impact on the Asia-Pacific electronic gadgets insurance market as the demand for electronic gadgets has increased by a greater margin compared to that of previous years, due to the imposition of lockdoown and majority of the activities were operated via online mode. As some of the gadgets are highly expensive, so the users of these gadgets prefered Insurance coverage for them and this in turn had a positive impact on the electronic gadgets insurance market in Asia Pacific region.
The Asia -Pacific mobile phone insurance market is currently witnessing strong growth as it helps users to evade expensive replacement costs of mobile gadgets or their different components. Presently, with the increasing sales of smartphones and the rising instances of theft, the demand for mobile phone insurance is escalating in the Asia-Pacific region. Rapid urbanization and inflating disposable incomes are positively influencing the sales of of premium smartphones, laptops, and tablets. This represents one of the key factors impelling the market growth in the Asia Pacific region. Apart from this, the emergence of multichannel interaction, direct-to-consumer insurance assistance and online transaction platforms are driving the market growth.
Moreover, leading companies in the region are utilizing data analytics to expand their consumer base. They are also collaborating with the manufacturers of these gadgets to offer different coverage policies to users. This, along with the introduction of recovery features, data protection and extensive technical support, is anticipated to strengthen the market growth in the coming years.
Scope of the Report
Electronic Gadgets Insurance offers comprehensive coverage to loss of electronic goods and helps the policyholder save on unavoidable costs. It provides financial protection to an insured gadget user for expenses or losses incurred due to unexpected events such as damage, fire, theft and accidents. Asia Pacific Electronic Gadget Insurance Market is segmented By Coverage Type, By Device Type, By End User, By Distribution Channel and By Geography.By Coverage Type the market is segmented into Physical Damage, Electronic Damage, Data Protection, Virus Protection, Theft Protection and Other Coverage Types. By Device Type, the market is segmented into Laptops, Computers, Cameras, Mobile Devices, Tablets and Other Devices. By End User, the market is segmented into Corporate and Individual. By Geography, the market is segmented into China, India, Japan, South Korea, and Rest of Asia-Pacific.
|By Coverage Type|
|Other Coverage Types|
|By Device Type|
|Rest of Asia Pacific|
Key Market Trends
Increase in the Electronics Market in the Asia-Pacific region
The emergence of semiconductor technology, owing to technological advancement, is the key factor for the growth of the market. In addition, the rising adaption of consumer goods such as smartphones, automated home appliances, laptops and tablets is expected to boost the market. The growing popularity of smart homes is expected to boost demand for Electronic Gadgets. Wearable Electronic Gadgets such as smart watches are another set of products gaining popularity across the Asia Pacific region, in the area of health & fitness. The smart devices provide enhanced features such as optimized display, in-house health monitoring, etc. Since these advanced features are attracting consumer attention towards these devices, it is a key driver for the market growth. Additionally, possession of these smart devices is considered as a status symbol, which encourages consumers to buy these products.
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Price and Online Compatibility Hold a Major Share of Respondents for Insurance Purchase Decisions
With the ongoing "Fight for the customer", Insurtechs are driving digital innovation and disruption in the industry. With investments in insurtechs are focused on the marketing and distribution segments of the insurance value chain, enabling them to solve customer pain points through a digitally enhanced client experience that could pose a competitive threat to incumbents. Also the Online Insurance option gives flexibilty to a wide range of customers acorss the Asia Pacific region at the comfort of their homes. Price of a certain Electronic Gadgets Insurance policy is also becoming an important factor while taking the decision to opt for a certain policy as many of the Electronic Gadgets Insurance companies are now coming up with customized plans at affordable prices.
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The report includes an overview of challenger banks operating across the region. The market is moderately consolidated with the major players occupying more than one third of the market share but the other players have also occupied a signifacnt percentage of the market share. The market can be considered as moderately concentrated.
- On March 2022, Samsung Electronics has announced that Galaxy device owners will be able to take product repair into their own hands for Samsung’s most popular models across the globe including Asia Pacific region, the Galaxy S20 and S21 family of products, and the Galaxy Tab S7+ beginning this summer. Samsung consumers would get access to genuine device parts, repair tools, and intuitive, visual, step-by-step repair guides. Samsung is collaborating with iFixit, the leading online repair community, on this program.
- On March 2021, AppleCare+ has announced that it now covers two incidents of accidental damage every 12 months, as well as a lower deductible for the AppleCare+ Theft or Loss plan across all the service centres including Asia Pacific region. In the past, AppleCare+ covered only two incidents of accidental damage every 24 months, such as water damage, a cracked screen, or a cracked back.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. INDUSTRY DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Impact of Technology and Innovation in Operations in Electronic Gadgets Insurance
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Coverage Type
5.1.1 Physical Damage
5.1.2 Electronic Damage
5.1.3 Data Protection
5.1.4 Virus Protection
5.1.5 Theft Protectiom
5.1.6 Other Coverage Types
5.2 By Device Type
5.2.4 Mobile Devices
5.2.6 Other Devices
5.3 By End-User
5.4 By Geography
5.4.4 South Korea
5.4.5 Rest of Asia Pacific
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 Apple Care+
6.2.2 Samsing Premium Care
6.2.4 Syska Gadget Secure
6.2.5 Warranty Asia
6.2.6 The Digital Insurer
6.2.7 Allianz Insurance
6.2.8 Gadget Cover
6.2.9 Brightstar Corp.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The Asia-Pacific Electronic Gadgets Insurance Market market is studied from 2018 - 2027.
What is the growth rate of Asia-Pacific Electronic Gadgets Insurance Market ?
The Asia-Pacific Electronic Gadgets Insurance Market is growing at a CAGR of >5% over the next 5 years.
Who are the key players in Asia-Pacific Electronic Gadgets Insurance Market ?
Apple Care+, Samsung Premium Care, Safeware, Syska Gadget Secure, Warranty Asia are the major companies operating in Asia-Pacific Electronic Gadgets Insurance Market .