Market Size of Germany Electronic Gadgets Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 10.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Germany Electronic Gadgets Insurance Market Analysis
Germany's electronic gadget insurance market has been experiencing significant growth over the past years, and a similar trend is forecasted to continue in the coming years. The demand for insurance for electronic devices would be driven by the rising demand for electronics among consumers. Germany's electronic industry is standing at $140.9 billion, according to the German Electrical and Electronic Manufacturers' Association (ZVEI) 2021. According to media reports, around 81% of the citizens own a smartphone; hence with the rising population in the country, the demand for electronic gadgets such as smartphones, laptops, cameras, etc., would witness significant growth.
During the outbreak of COVID-19, the majority of the growth was contributed to the increased demand for gadgets during the pandemic. Owing to the stringent lockdowns imposed, people started indulging in more leisure activities that provoked the sales of electronic gadgets in the country, complementary to which the demand for gadget insurance also witnessed an upsurge.
Electronic gadgets insurance is a plan where one gets protection against accidental damages, water/fluid damage, theft, burglary, and fire damage. In case a gadget gets stolen, damaged, etc. insurance company would compensate for the loss. , In case of total loss or theft, depreciation value will be deducted from the total value of the handset, and the remaining amount will be transferred to the customer's account.
