Asia-Pacific Electronic Gadgets Insurance Market Size

Asia Pacific Electronic Gadget Insurance Market Analysis

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.