China Testing, Inspection, and Certification Market Status, Key Vendors Analysis and Regional Outlook 2022-2030

Posted on 2023-03-01 by researchinsights in Technology // 0 Comments

San Francisco, California , USA, Mar 02, 2023 — /EPR Network/ —

China Testing, Inspection, and Certification Industry Overview

The China testing, inspection, and certification market size was valued at USD 40.24 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030.

Increasing foreign investments are expected to drive the growth. In an attempt to achieve progressive liberalization, the Chinese government has laid down favorable policies for international players to establish their presence in the country. Increasing adoption and development of alternative fuel vehicles such as hybrid and electric vehicles are anticipated to increase the testing and inspection activities for such vehicles, thus, driving the growth of the market.

The China testing, inspection, and certification (TIC) market is expected to register rapid growth, attributed to the increasing number of government investments focused on the growth of the transportation and energy sectors, as well as the construction industry. For instance, according to Minister of Transport Li Xiaopeng, China will invest around USD 372 billion in the transportation industry by 2021. The rising standard of living of citizens led to the rising demand for consumer goods, consequently catalyzing the growth. Increasing outsourcing of testing, inspection, and certification services by prominent manufacturing, automotive, and consumer goods companies is projected to propel market growth.

Gather more insights about the market drivers, restraints and growth of the China Testing, Inspection, and Certification Market

The Chinese government has eased the entry of foreign players by uplifting the barriers for international companies offering TIC solutions dominated by domestic players. Moreover, the market is expected to witness substantial growth owing to the rising international investments. The growing popularity of testing and certification services for accelerating and developing smart technologies such as smart cities, smart vehicles, and so on is anticipated to support the growth of the market. The increasing government alliances, implementation of new standards and regulations, and the increasing need for third-party inspection services are some of the key drivers propelling the market growth.

A wide number of companies in the market are strategizing to acquire various companies to expand their footprints in the market. For instance, in April 2018, Intertek Group PLC agreed to acquire Proasem, a Colombia-based service provider of testing, inspection, and metrology services. This acquisition would benefit Intertek Group PLC in increasing its sales/expanding in Colombia and Latin America with the help of Proasem’s expertise and established customer base. In March 2018, the Lloyd’s Register Group Limited acquired Nettitude, a cybersecurity solution provider in the U.K. This acquisition has enabled Lloyd’s Register Group Limited to strengthen its cybersecurity services and certification.

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China Testing, Inspection, and Certification Market Segmentation

Grand View Research has segmented the China testing, inspection, and certification market based on service, sourcing type, and application:

China TIC Service Outlook (Revenue, USD Billion, 2017 – 2030)

Testing
Inspection
Certification

China TIC Sourcing Type Outlook (Revenue, USD Billion, 2017 – 2030)

In-house
Outsourced

China TIC Application Outlook (Revenue, USD Billion, 2017 – 2030)

Consumer Goods & Retail
Agriculture & Food

Chemicals
Infrastructure
Energy & Power
Manufacturing
Healthcare
Mining
Oil & Gas and Petroleum
Public Sector
Transportation

Supply Chain & Logistics
Others

Key Companies profiled:

Some prominent players in the China Testing, Inspection, and Certification market 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

Order a free sample PDF of the China Testing, Inspection, and Certification Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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