Market Trends of Asia-Pacific Electronic Gadgets Insurance Industry
This section covers the major market trends shaping the APAC Electronic Gadgets Insurance Market according to our research experts:
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.
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.
