Chinese Testing, Inspection, and Certification Market Forecast to 2028: Inspection Service Segment is Expected to Expand at the Highest CAGR of 8.1%

Dublin, Dec. 29, 2021 (GLOBE NEWSWIRE) -- The "China Testing, Inspection, and Certification Market Size, Share & Trends Analysis Report By Service Type (Testing, Inspection, Certification), By Sourcing Type (In-house, Outsourced), By Application, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

China's testing, inspection, and certification market size is anticipated to reach USD 64.9 billion by 2028. The market is anticipated to expand at a CAGR of 7.1% from 2021 to 2028.

The high standards of living of Chinese citizens and increased focus of customers on quality and safety of food products and consumer goods such as toys, personal care & beauty products, and electrical and electronic appliances are driving the growth of the China testing, inspection, and certification (TIC) market.

Furthermore, an 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 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 market in several Chinese provinces. The government has encouraged foreign investments by lifting the barriers for international TIC providers to enter and operate in the Mainland marketplace.

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 and 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 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 Chinese TIC market is witnessing considerable growth owing to an increasing number of investments from international incumbents.

• The inspection service segment is expected to expand at the highest CAGR of 8.1% over the forecast period.

• 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 Topics Covered:

Market Variables, Trends & Scope

• Market Segmentation & Scope

• Penetration & Growth Prospect Mapping

• Market Dynamics

• Market driver analysis

• Growing opportunities for international players in domestic TIC outsourcing market

• Strict implementation of testing, inspection & certification regulations

• Surging capital investments in infrastructure, transport, energy production sectors

• Market restraint analysis

• Difference in Chinese and International Standards

• Challenging local business practices for MNC's

• Industry Analysis - Porter's

• Supplier Power

• Buyer Power

• Substitution Threat

• Threat from new entrant

• Competitive rivalry

• PEST Analysis

• Political and Legal Landscape

• Environmental Landscape

• Social Landscape

• Technology Landscape

• China TICs Market - Value Chain Analysis

• Competitor Analysis & Vendor Landscape - China

• List of Key Participants, 2020 (International and Local)

• International Players

• Local and National Players

• Other NoTable Players

• Key Regulations for China TIC market

• China Compulsory Certification mark (CCC)

• Sector-wise List of Regulation for China TIC Market

• ISO Standards in China

• International Accreditation Bodies in China

• Chinese ISO Certification Bodies with International Accreditation

China TIC: Service Outlook

China TIC: Sourcing Type Outlook

China TIC: Application Outlook

Companies Mentioned

• 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.

• Beijing Veritell

• China Inspection Co., Ltd.

• Centre Testing International

• China Certification & Inspection Group (CCIC)

• Asia Quality Control

• V-Trust

• TUV SUD

• TUV Nord

• American Bureau of Shipping (ABS)

• Hartford Steam Boiler (HSB)

• Larsen & Toubro

• Asia Inspection

• China Building Material Test & Certification Group Co. Ltd

• China Special Equipment Inspection and Research Institute (CSEI)

• China Classification Society (CCS)

For more information about this report visit https://www.researchandmarkets.com/r/5yzd2t

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