Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "China Testing, Inspection, And Certification Market Size, Share & Trends Analysis Report By Service (Testing, Inspection, Certification), By Sourcing Type (In-house, Outsourced), By Application, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The China testing, inspection, and certification market size is anticipated to reach USD 69.09 billion by 2030, growing at a CAGR of 6.1% from 2023 to 2030.
The high standards of living of Chinese citizens and the increased focus of customers on the quality and safety of food products and consumer goods such as toys, personal care & beauty products, and electrical & electronic appliances are driving the growth of the China testing, inspection, and certification (TIC) market. Further, an increase in outsourcing of TIC services by prominent companies operating in the manufacturing, automotive, and consumer goods application areas is projected to boost the industry's growth.
Furthermore, the TIC market is expected to grow at a faster pace in China owing to government investments in the transportation and energy sectors as well as the construction industry. The Chinese government has introduced favorable policies for international players to establish their foothold in the country to achieve progressive liberalization. The domestic players capture a majority share of the TIC market in several Chinese provinces. The government has encouraged foreign investments in the TIC market by lifting the barriers for international TIC providers to enter and operate in the Mainland marketplace.
For instance, in January 2023, TUV Rheinland, a testing inspection and certification service provider, opened a laboratory center in China. Opening a new laboratory center in Taicang, China, is a significant step for TUV Rheinland as it further expands its presence in the Asia Pacific region. The new laboratory center is expected to cater to the increasing demand for testing and certification services from various regional industries, including automotive, chemical, and consumer goods.
Previously, most companies in China conducted their testing, inspection, and certification operations in-house. However, with the growing acceptance of the China Compulsory Certification (CCC), a greater emphasis is placed on the need for strict regulatory standards and certifications. This has led to an increase in outsourcing activities of TIC in China due to cost benefits. This growing trend of outsourcing TIC services is anticipated to further drive the growth of the Chinese TIC market over the forecast period due to the increased accessibility of the domestic market for international players and the provision of cost-effective solutions by the TIC service providers.
China Testing, Inspection, And Certification Market Report Highlights
- The China TIC market is witnessing considerable growth owing to an increasing number of investments from international incumbents
- The inspection service segment is expected to grow at the highest CAGR of 7.1% over the forecast period
- The in-house sourcing segment has driven the TIC market in China, with maximum revenue market share. Most Chinese manufacturers preferred the in-house inspection in the past as it saved the company the cost of a third-party review
- TIC forms an integral part of the infrastructure and transportation sectors in China and hence, the growth of the two sectors is expected to drive the demand for testing inspection, and certification activities
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $42.29 Billion |
| Forecasted Market Value (USD) by 2030 | $69.09 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | China |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation & Scope
3.2 Penetration & Growth Prospect Mapping
3.3 Market Dynamics
3.3.1 Market driver analysis
3.3.1.1 Growing opportunities for international players in the domestic TIC outsourcing market
3.3.1.2 Strict implementation of testing, inspection & certification regulations
3.3.1.3 Surging capital investments in infrastructure, transport, and energy production sectors
3.3.2 Market restraint analysis
3.3.2.1 Difference in Chinese and International Standards
Chapter 4 China TIC: Service Outlook
4.1 Testing
4.2 Inspection
4.3 Certification
Chapter 5 China TIC: Sourcing Type Outlook
5.1 In-house
5.2 Outsourced
Chapter 6 China TIC: Application Outlook
6.1 Consumer Goods & Retail
6.2 Agriculture & Food
6.3 Chemicals
6.4 Infrastructure
6.5 Energy & Power
6.6 Manufacturing
6.7 Healthcare
6.8 Outsourced
6.9 Mining
6.10 Oil & Gas, and Petroleum
6.11 Public Sector
6.12 Transportation
6.13 Supply Chain & Logistics
6.14 Others
Chapter 7 Competitive Landscape
Companies Mentioned
- American Bureau of Shipping.
- Asia Quality Focus
- DEKRA SE
- Asian Inspection Services Private Ltd
- AsureQuality
- Bureau Veritas
- China Inspection Service Co., Ltd.
- China Inspection and Certification (Group) Co., Ltd
- China Special Equip
For more information about this report visit https://www.researchandmarkets.com/r/hjmel5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
