A Look into China Testing, Inspection, And Certification Industry……Deep AnalysisPosted by Mrudula Anil Karmarkar on January 21st, 2022 The China testing, inspection & certification market size is anticipated to reach USD 61.8 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.8% from 2020 to 2027. The key industry participants include AsureQuality Limited; Bureau Veritas SA; DEKRA SE; DNV GL Group AS; Intertek Group PLC; Lloyd’s Register Group Limited; SGS S.A; TUV Rheinland AG Group; Underwriters Laboratories Inc.; Asia Quality Focus; HQTS Group Ltd.; InTouch Services Ltd.; China Inspection Co., Ltd.; Centre Testing International; China Certification and Inspection Group; Asia Quality Control; V-Trust; TUV SUD; TUV Nord; American Bureau of Shipping; Hartford Steam Boiler; Larsen and Toubro; Asia Inspection; China Building Material Test and Certification Group Co. Ltd.; China Special Equipment Inspection and Research Institute; and China Classification Society. The high standards of living in China and increased focus of customers on quality and safety of food products and consumer goods such as toys, personal care and beauty products, and electrical and electronic appliances are driving the growth of the China TIC market. Further, increase in outsourcing of testing, inspection, and certification services by prominent companies operating in the manufacturing, automotive, and consumer goods application areas is projected to boost the growth of the market in China. Furthermore, the 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 China 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 market in several provinces of China. The government has encouraged foreign investments in the market by lifting the barriers for international testing, inspection, and certification providers to enter and operate in the Mainland marketplace. Browse Press Release of this report: Further key findings from the report suggest:
The China Testing, Inspection & Certification market size was valued at USD 33.1 billion in 2020 and is anticipated to witness a CAGR of 7.8% from 2020 to 2027. Increasing foreign investments are expected to drive the growth of the TIC market in China. In an attempt to achieve progressive liberalization, the China government has laid down favorable policies for international players to establish their presence in the country. Moreover, increasing adoption and development of alternative fuel vehicles such as electric vehicles and hybrid vehicles are anticipated to increase the testing and inspection activities for such vehicles, thus, driving the growth of the market in China over the forecast period. The market for testing, inspection, and certification is expected to grow at a faster pace in China. This is attributed to increasing number of government investments that are focused on the growth of the transportation and energy sectors, as well as the construction industry. The rising standard of living of citizens in China led to the rising demand for consumer goods, consequently catalyzing the growth of the market. Furthermore, the growth in outsourcing of testing, inspection, and certification services by prominent companies operating in the manufacturing, automotive, and consumer goods arenas is projected to propel market growth. China Testing, Inspection, and Certification Application Outlook (Revenue, USD Billion, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Like it? Share it! More by this author |