Germany Electronic Gadgets Insurance Market Size (2024 - 2029)

The market size of electronic gadget insurance in Germany is poised for continued expansion, driven by the increasing consumer demand for electronic devices such as smartphones, laptops, and cameras. This growth trajectory has been further accelerated by the pandemic, which heightened the need for gadgets and, consequently, their insurance. The insurance market for these devices offers protection against various risks, including accidental damage, theft, and fire, making it an attractive option for consumers in a country with a high penetration of electronic gadgets.

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Market Size of Germany Electronic Gadgets Insurance Industry

germany electronic gadgets insurance market
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

Germany Electronic Gadgets Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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.

Germany Electronic Gadgets Insurance Industry Segmentation

A complete background analysis of the Germany Electronic Gadgets Insurance market, which includes an assessment of the National accounts, economy, and emerging market trends by segments, significant changes in the market dynamics, and the market overview is covered in the report. The market is segmented by Coverage Type (Physical Damage, Electronic Damage, Data Protection, Virus Protection, Theft Protection), Device Type (Laptops, Mobile Devices, Cameras, Computers, Tablets), and by End User (Corporate, Individual).

By Coverage Type
Physical Damage
Electronic Damage
Data Protection
Virus Protection
Theft Protection
By Device Type
Laptops
Mobile Devices
Cameras
Computers
Tablets
By End User
Corporate
Individual
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Germany Electronic Gadgets Insurance Market Size Summary

Germany's electronic gadget insurance market is poised for continued expansion, driven by the increasing consumer demand for electronic devices. The country's robust electronics industry, a significant contributor to the national economy, supports this growth trajectory. The surge in gadget ownership, particularly smartphones, is notable, with a substantial portion of the population engaged in digital activities. The COVID-19 pandemic further accelerated this trend, as lockdowns and remote work heightened the reliance on electronic devices, thereby boosting the need for insurance coverage against potential damages and losses. This market dynamic is expected to persist, fueled by ongoing digitization across various sectors, which in turn propels the demand for both gadgets and their corresponding insurance policies.

The competitive landscape of Germany's electronic gadget insurance market is characterized by the presence of major international players, such as AIG, Assurant, Inc., and Gadget Insurance, among others. These companies dominate the market, leveraging strategic business practices and innovative product offerings to maintain their positions. Mobile devices, particularly smartphones, hold the largest market share, reflecting their central role in the consumer electronics ecosystem. As the market continues to evolve, these key players are likely to enhance their strategies to capture a larger share of the growing demand for gadget insurance, ensuring they remain at the forefront of this expanding industry.

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Germany Electronic Gadgets Insurance Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Insights on impact of technology and innovation in Electronics Gadget Insurance Market

    5. 1.5 Insights on Performance of Electronics Gadget Insurers in Germany

    6. 1.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.6.1 Threat of New Entrants

      2. 1.6.2 Bargaining Power of Buyers

      3. 1.6.3 Bargaining Power of Suppliers

      4. 1.6.4 Threat of Substitutes

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Coverage Type

      1. 2.1.1 Physical Damage

      2. 2.1.2 Electronic Damage

      3. 2.1.3 Data Protection

      4. 2.1.4 Virus Protection

      5. 2.1.5 Theft Protection

    2. 2.2 By Device Type

      1. 2.2.1 Laptops

      2. 2.2.2 Mobile Devices

      3. 2.2.3 Cameras

      4. 2.2.4 Computers

      5. 2.2.5 Tablets

    3. 2.3 By End User

      1. 2.3.1 Corporate

      2. 2.3.2 Individual

Germany Electronic Gadgets Insurance Market Size FAQs

The Germany Electronic Gadgets Insurance Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)

AIG, Assurant, Inc., Gadget Insurance, Insurance2go and Allianz Insurance are the major companies operating in the Germany Electronic Gadgets Insurance Market.

Germany Electronic Gadgets Insurance Report Snapshots

Germany Electronic Gadgets Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)