Need a report that reflects how COVID-19 has impacted this market and its growth?
During the COVID-19 pandemic, people were forced to stay indoors and ordered to finish all of their office work online due to lockdown limitations. Firms were restructured to allow employees to work from home. Schools, the working class, and students were all taught online, leading them to purchase advanced equipment like laptops, mobile devices, and tablets to increase the quality of their experience and support market development.
The market in Europe is expected to develop due to an increase in the use of gadget insurance among students to protect their devices from various situations and an increase in demand for various types of gadgets among the general population. Furthermore, the industry is being propelled forward by increasing digitization worldwide. On the other hand, new entrants in the industry offer reduced premium rates to clients are impeding the sector's growth. On the other hand, the surge in demand to cover gadgets and devices, seen as an opportunity for the gadget insurance market because most of them are extremely costly and cannot be replaced if broken or lost, is seen as a threat to the gadget insurance industry.
Scope of the Report
Electronic gadget insurance covers all accidents, such as accidental damage, liquid or water damage, theft, burglary, and fire damage to a range of equipment. Cell phones, laptops, digital cameras, PCs, and other electronic gadgets are all covered under this policy. Furthermore, when a customer's device is stolen, damaged, or lost, insurance companies compensate them. However, the amount varies depending on the policy. Europe Electronic Gadgets Insurance Market segmented by Coverage Type (Physical Damage, Electronic Damage, Data Protection, Virus Protection, and Theft Protection), Device Type (Laptops, Computers, Cameras, Mobile Devices, and Tablets), and End User (Corporate and Individual), Geography (Italy, France, Germany, Rest of Europe).
|By Coverage Type|
|By Device Type|
|By End Users|
|Rest of Europe|
Key Market Trends
Europe's Digitization and Technological Advancement is Increasing
Technology has been causing industry-wide changes, allowing businesses in various industries to develop enormously in Europe. Almost every industry has gone digital, with just a few industries left to nce the present pandemic has confined people to their homes; there has been a greater demand than ever for virtually every business to be digitalized. The need to digitalize sectors will increase demand for various gadgets, and with that demand will come the requirement to insure them, fueling market expansion. As a result, the rising need to digitize every business will drive up demand for gadgets while also propelling the Europe electronic device insurance market ahead.
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Urbanization Booming the Sector
Urbanization hurts one's health. Migration was unrestricted throughout the Industrial Revolution, and cities were filthy, congested places where illnesses were common. In heavily populated metropolitan settings, diseases spread considerably faster. City dwellers' health indicators were substantially poorer than those of rural dwellers at the time. Spectacular improvements in medicine and public health service using the latest technology and gadgets have helped industrialized countries conquer many infectious illnesses in cities, and death rates for city dwellers are substantially lower than for rural dwellers. Infectious illness, however, continues to be a threat. People are also becoming more conscious about their health and safety and rely on technology to monitor their health. As a result, all of these factors contribute to Europe's expansion. The market for electronic gadgets insurance
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The report covers major players operating in the Europe Electronic Gadgets Insurance Market, their product portfolio, key financials, and developments. The market is transforming with many technological advancements through product innovation and process automation. The key market players are focusing on improving their production capacity, which will help them to increase exports.
- In April 2022, Aviva, one of the UK's leading insurers, partnered with Tractable to use artificial intelligence to enhance the accuracy and efficiency of UK insurance claims (AI).
- In March 2021, TRYGLE Co. Ltd. ("TRYGLE"), a prominent software development firm, was acquired by Assurant, Inc., a leading global supplier of lifestyle and housing solutions that support, safeguard, and link important consumer purchases. Assurant's potential to offer more service options and technological solutions to assist clients in staying connected and optimize their usage of mobile devices, electronics, and home appliances in everyday life will be accelerated due to the acquisition.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Trends
4.5 Insights on impact of technology and innovation
4.6 Industry Attractiveness - Porters' Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 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 Protection
5.2 By Device Type
5.2.4 Mobile Devices
5.3 By End Users
5.4 By Geography
5.4.4 Rest of Europe
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 Allianz Insurance
6.2.4 Asurion, LLC
6.2.5 Assurant, Inc.
6.2.6 Better Buy Insurance
6.2.7 Acumen Insurance Services Ltd
6.2.8 Pier Insurance Managed Services Limited
6.2.9 EE Insurance
6.2.10 ROCK Insurance Services Limited*
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The Europe Electronic Gadgets Insurance Market market is studied from 2018 - 2027.
What is the growth rate of Europe Electronic Gadgets Insurance Market ?
The Europe Electronic Gadgets Insurance Market is growing at a CAGR of >6% over the next 5 years.
Who are the key players in Europe Electronic Gadgets Insurance Market ?
Allianz Insurance, AXA, Aviva, Asurion, LLC, Assurant, Inc. are the major companies operating in Europe Electronic Gadgets Insurance Market .