Portland, OR, Aug. 17, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global consumer product safety testing market generated $33.05 billion in 2021 and is estimated to hit $60.50 billion by 2031, registering a CAGR of 6.32% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $33.05 billion |
| Market Size in 2031 | $60.50 billion |
| CAGR | 6.32% |
| No. of Pages in Report | 419 |
| Segments covered | Offering, Sourcing, Industry Vertical and Region |
| Drivers | Increase in focus of manufacturing companies to improve customer retention by offering quality products |
| Surge in adoption of next generation safety and security solutions | |
| Rise in demand for interoperability testing for connected devices and IoT | |
| Opportunities | Digital transformation of customer services |
| Rapid adoption of breakthrough technologies | |
| Restraints | High cost of such services due to diverse standards and regulations across different regions |
Covid-19 Scenario-
- The Covid-19 outbreak impacted the global consumer product safety testing market severely.
- Due to implementation of lockdowns and imposition of stringent measures by governments across the globe, production and manufacturing activities came to a standstill. Moreover, lack of availability of workforce due to partial and complete lockdowns restrained the growth of the market.
- The market was also adversely affected due to the diminishing demand for power from commercial applications.
- However, increase in demand for next generation consumer product safety testing solution is expected to drive the consumer product safety testing market post pandemic.
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The report offers detailed segmentation of the global consumer product safety testing market based on offering, sourcing, industry vertical and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on offering, the electronics testing segment accounted for nearly one-fourth of the global market share in 2021. Nevertheless, the connectivity segment would cite the fastest CAGR of 9.7% throughout the forecast period. The report also discusses the segments such as electromagnetic compatibility, electrical safety, energy efficiency testing and others.
Based on sourcing, the in-house segment contributed to more than half of the total market revenue in 2021, and is expected to lead the trail by 2031. The outsource segment, on the other hand, would grow at the highest CAGR of 7.37% from 2022 to 2031.
Based on industry vertical, the consumer electronics segment contributed to more than one-fifth of the total market share in 2021. However, the aerospace and defense segment would grow at the fastest CAGR of 11.09% from 2022 to 2031. The report also offers an analysis of the segments such as communications, semiconductor, automotive, healthcare, industrial, food and beverages and others.
Based on region, the market across North America contributed to more than one-third of the global market in 2021. On the other hand, Asia-Pacific would grow at the fastest CAGR of 8.56% from 2022 to 2031. The other two provinces discussed in the report include Europe and LAMEA.
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The key market players analyzed in the global consumer product safety testing market report include ABS Group Of Companies, Inc., ALS Limited, BSI, Bureau Veritas S.A, Dekra, DNV, Element Materials Technology (Element), Intertek Group Plc, ISO, TUV SUD AG, Eurofins Electrical & Electronics (E&E), National Technical Systems, Inc, HQTS Group Ltd, AMA Laboratories Inc., Applied Technical Services, LLC, NSL Analytical Services, Inc., and QIMA.
The report analyzes these key players of the global consumer product safety testing market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the consumer product safety testing market analysis from 2021 to 2031 to identify the prevailing consumer product safety testing industry opportunities.
- The market research is offered along with information related to key drivers, restraints, and consumer product safety testing market opportunity.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the consumer product safety testing market outlook assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global consumer product safety testing market trends, key players, market segments, application areas, consumer product safety testing market forecast and market growth strategies.
Key Market Segments
Offering
- Electrical Safety
- Connectivity
- Electronics Testing
- Energy Efficiency Testing
- Others
- Electromagnetic Compatibility
Sourcing
- In House
- Outsource
Industry Vertical
- Communications
- Semiconductor
- Aerospace and Defense
- Consumer Electronics
- Automotive
- Healthcare
- Industrial
- Food and Beverages
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Poland
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Philippines
- Australia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
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