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 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
Threat from new entrant
Political and Legal Landscape
China TICs Market - Value Chain Analysis
Competitor Analysis & Vendor Landscape - China
List of Key Participants, 2020 (International and Local)
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
Bureau Veritas SA
DNV GL Group AS
Intertek Group PLC
Lloyd's Register Group Limited
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 & Inspection Group (CCIC)
Asia Quality Control
American Bureau of Shipping (ABS)
Hartford Steam Boiler (HSB)
Larsen & Toubro
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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