China Testing, Inspection and Certification Market Segmentation and Analysis by Recent Trends and Development 2027

Posted on 2021-04-14 by researchinsights in Technology // 0 Comments

Felton, Calif., USA, Apr. 14, 2021 — /EPR Network/ —

The China Testing, Inspection and Certification Market size is projected to reach USD 61.8 billion by 2027, according to Million Insights. Due to the changing lifestyle of Chinese people and the growing awareness regarding quality and safety of products including electronic appliances, cosmetics, food products, and personal care products among consumers are major factors expected to drive the market growth. Moreover, growing outsourcing of TIC services by several companies operating in various end-use industries such as consumer goods, automotive, manufacturing, and transportation is expected to further augment the market growth in China.

The market is expected to witness substantial growth over the forecast period due to increasing investment in the construction and transportation industries by China government. Favorable government policies for international players to establish their footprints in China to achieve better liberalization are another factor anticipated to drive the market growth. The government of China has stimulated foreign investments in the market by uplifting barriers for foreign TIC providers to operate in the marketplace.

Request a Sample Copy of China Testing, Inspection and Certification Market Report @ https://www.millioninsights.com/industry-reports/china-testing-inspection-certification-tic-market/request-sample

Earlier, most of the companies in China preferred in-house TIC services. However, growing cost of in-house inspections due to strict regulations and standards regulated by China government has led to increase in the adoption of outsourced TIC services. In addition, growing trend of outsourcing TIC services is projected to drive market growth. The growing accessibility of the domestic market for foreign incumbents as well as provision for cost-effective TIC services providers expected to have a positive impact on market growth.

On the basis of service, the China TIC market is segmented into inspection, testing, and certification. Testing help to determine the multiple characteristics of products to follow conformity assessment. This segment is projected to account for the largest market share during the forecast period. This is due to the increasing demand across various end-use verticals such as transportation, manufacturing, construction and automotive in order to analyse the quality of material, components and chemicals.

The inspection services segment is projected to grow with the fastest CAGR of over 8.5% from 2020 to 2027. This growth is attributed to the growing number of infrastructure and construction development projects in China. Vendors operating in this industry are concentrating on expanding their business through an increasing number of inspection stations. Therefore, market players are adopting some strategies like mergers and acquisitions. For example, in 2018, DEKRA SE announced the acquisition of U.S. based vehicle testing service provider Jiffy Smog’s emission inspection business. This acquisition aims to increase DEKRA SE’s business in the U.S. by providing 24 emission inspection stations.

Access China Testing, Inspection and Certification Market Report with TOC @ https://www.millioninsights.com/industry-reports/china-testing-inspection-certification-tic-market

Further key findings from the report suggest:

The China TIC market is expected to have significant growth due to growing number of investments for international players in this industry.
The inspection service segment is projected to grow with the fastest CAGR of over 8.5% during the forecast period.
In transportation and infrastructure, TIC services play an important role, thereby; growth of these two sectors in China will drive the market growth in the next few years.
In Touch Services Ltd.; DEKRA SE; DNV GL Group AS; AsureQuality Limited; Intertek Group PLC; Lloyd’s Register Group Limited; SGS S.A; TUV Rheinland AG Group; Underwriters Laboratories Inc.; Asia Quality Focus; HQTS Group Ltd China Inspection Co., Ltd.; Centre Testing International; China Certification & Inspection Group; American Bureau of Shipping; Hartford Steam Boiler; Larsen & Toubro; Bureau Veritas SA; .; Asia Inspection; China Building Material Test & Certification Group Co. Ltd.; China Special Equipment Inspection and Research Institute; Asia Quality Control; V-Trust; TUV SUD; China Classification Society and TUV Nord are the key players operating in the market.

Visit Our Blog: https://marketreportsassistance.wordpress.com

Get in touch

At Million Insights, we work with the aim to reach the highest levels of customer satisfaction. Our representatives strive to understand diverse client requirements and cater to the same with the most innovative and functional solutions.

Matched content

Editor’s pick