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The China gadget insurance market size was valued at US$ 6.40 billion in 2023 and is expected to reach US$ 20.49 billion by 2031; it is estimated to record a CAGR of 15.6% from 2023 to 2031. The shift toward digital insurance platforms and the integration with e-commerce and tech-retailer companies are likely to bring new trends to the market.
China Gadget Insurance Market Analysis
As more consumers invest in consumer electronics, the demand for insurance coverage to mitigate potential losses has surged. As per the article by Capitol AI, China has the highest number of smartphone users globally, with over one billion people owning a smartphone as of 2022. This represents a mobile penetration rate of nearly 72%, making China one of the leading countries in terms of smartphone adoption. This surge in mobile phone adoption has led to increased demand for gadget insurance in the country. Moreover, the rapid development of technologies, including artificial intelligence, cloud computing, and big data analytics, has accelerated the innovation and development of China's gadget insurance industry. Technological applications mainly focus on digital distribution, precise pricing, intelligent underwriting, and claims settlement. The disruption of traditional products and distribution channels is poised to expedite the transformation of China's gadget insurance industry. New entrants, often constrained by limited working capital, face significant challenges in achieving the same level of technological innovation within a short timeframe.
China Gadget Insurance Market Overview
Gadget insurance is a specialized insurance used to protect electronic devices such as smartphones, laptops, PCS, and tablets from various risks. This type of insurance is particularly relevant for both individuals and businesses that rely heavily on these gadgets for daily operations and communication. Gadget insurance typically covers various key areas, including accidental damage, theft and loss, and mechanical breakdown. Due to the reliance on technology for communication, data management, and operational efficiency, any disruption can result in substantial financial losses.
Businesses and individuals who obtain gadget insurance can reduce the risks associated with device damage or loss, maintaining continuity and limiting possible interruptions. Gadget insurance can be designed to cover many devices under a single policy, making it an affordable option for enterprises with a large number of gadgets. Discounts for ensuring several devices, such as mobiles and laptops, can increase the financial feasibility of these policies.
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China Gadget Insurance Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
China Gadget Insurance Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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China Gadget Insurance Market Driver and Opportunities
Rise in Sales of Mobile Phones and Wearables
Shenzhen is the largest research and development and production base in China for smart wearable devices in China, producing ~80% of the world's wearable products, with a complete industrial chain, including sensors, flexible components, terminal devices, and interactive solutions. Thus, the gadget insurance market in China is experiencing robust growth, significantly fueled by the rising sales of mobile phones and wearable technology. China has witnessed a dramatic increase in the penetration of mobile phones, with millions of units sold annually. According to the Shanghai Municipal People's Government, China's smartphone sales would increase by 3.6% in 2024, marking the market's first annual gain since 2021 and an early sign of economic recovery. This surge is primarily driven by the rapid adoption of smartphones, which are now considered essential tools for communication, commerce, and entertainment. Per the 50th China Statistical Report on Internet Development released by China Internet Network Information Center (CNNIC), the number of Internet users in China was 1.05 billion in June 2022, with 99.6% of them being cell phone users. The report also stated that 74.4% of the country's population has access to the internet now, with diversified tools of mobile phones, desktop computers, laptops, TVs, and tablets. Thus, with the increasing sales of mobile phones and wearables, the demand for gadget insurance is growing in China.
Growing Initiatives by Gadget Insurance Market Players
The China gadget insurance market is characterized by an increasing number of initiatives aimed at enhancing consumer engagement and expanding coverage options. These initiatives are addressing the evolving needs of tech-savvy consumers and presenting significant growth opportunities within the market. Gadget insurance providers are increasingly developing innovative coverage options tailored to the diverse needs of consumers. Policies that cover a wide range of devices, including smartphones, tablets, laptops, and wearables, enhance the appeal of insurance products. For instance, in July 2023, Apple Inc. revealed AppleCare+, an enhanced warranty scheme that covers accidental harm and offers round-the-clock technical support. AppleCare+ is available for purchase up to 60 days after the purchase of an iPhone across most countries and areas. Similarly, in February 2022, FingerMotion, Inc., a firm specializing in mobile data and services, announced the formation of a strategic partnership with China Mobile and Shanghai TengLian JiuJiu Information Communication Technology Co., Ltd. This partnership aims to develop a device protection insurance service for smartphones and the latest 5G models. This collaboration marks a significant achievement in the device protection sector, as it caters to 80% of the users in the market in China, with TengLian being the inaugural company to offer such innovative services. Hence, initiatives by gadget insurance market players in China are expected to contribute to a more robust and dynamic market.
China Gadget Insurance Market Report Segmentation Analysis
The key segments that contributed to the derivation of China gadget insurance market analysis are type, device type and sales channel.
- By type, the market is divided into physical damage, theft & loss prevention, and others. The physical damage segment held the largest market share in 2023.
- Based on device type, the market is divided into laptops and PCs, smartphones, tablets, wearable devices, home entertainment devices, cameras, and others. The smartphones segment held the largest market share in 2023.
- By sales channel, the market is divided into retail and online. The online segment held a larger China gadget insurance market share in 2023.
China Gadget Insurance Market Share Analysis
Over the past decade, the China insurance market has significantly contributed to the expansion of the global insurance sector, capturing a substantial share of overall growth. Two prominent Chinese insurers, Ping An Insurance and China Life Insurance, rank among the top five largest insurance companies globally based on market capitalization. AIA, headquartered in the Hong Kong Special Administrative Region (SAR) of China, held the title of the largest life insurance company worldwide by market capitalization as of October 2022.
China Gadget Insurance Market Report Scope
China Gadget Insurance Market News and Recent Developments
The China Gadget insurance market has been evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the China gadget insurance market are listed below:
- Digital Care sp. z o.o ("Digital Care"), a Poland-based device protection and services company, has been renamed to bolttech Poland sp. z o.o and rebranded to bolttech. This follows the completion of bolttech's acquisition of Digital Care in October 2023, when Digital Care became a part of the growing international InsurTech group. (Source: Digital Care sp. z o.o, Press Release, June 2024)
- Allianz Partners, a world leader in B2B2C insurance and assistance services, and bolt tech, an international insurance, announced a partnership to provide embedded device and appliance protection insurance across Asia Pacific and the US. The strategic cooperation agreement aims to bring together each company's complementary strengths to offer best-in-class solutions, enabling business partners to add insurance and protection products to customer journeys at the point of need. (Source: Allianz Partners, Press Release, October 2023)
China Gadget Insurance Market Report Coverage & Deliverables
The China gadget insurance market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "China Gadget Insurance Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the below areas:
- China gadget insurance market size and forecast at country levels for all the key market segments covered under the scope
- China gadget insurance market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- China gadget insurance market analysis covering key market trends, country framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the China gadget insurance market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The physical damage coverage type segment led the China gadget insurance market with a significant share in 2023.
The China gadget insurance market is expected to reach US$ 20.49 billion by 2031.
The key players holding majority shares in the China gadget insurance market include Assurant, AT&T, Apple, Chubb, Huawei, and VivaCover.
The shift toward digital insurance platforms and integration with e-commerce and tech-retailer companies is expected to drive the growth of the China gadget insurance market in the coming years.
The rise in sales of mobile phones and wearables, increased awareness of gadget insurance, insurtech development in China, and customized policies for specific gadgets are driving factors in the China gadget insurance market.
The China gadget insurance market was estimated to be valued at US$ 6.40 billion in 2023 and is projected to reach US$ 20.49 billion by 2031; it is anticipated to grow at a CAGR of 15.6% over the forecast period.
The List of Companies - China Gadget Insurance Market
- AT&T
- Apple Inc.
- ASSURANT, INC.
- AmTrust Financial
- American International Group Inc
- Chubb
- Allianz SE
- AXA SE
- Bolttech
- Samsung Electronics Co. Ltd
- HUAWEI Technologies
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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