China Test, Inspection and Certification Market 2021-2028: Increase in outsourcing by well-known companies to fuel growth – ResearchAndMarkets.com

DUBLIN– (BUSINESS WIRE)-The “China Testing, Inspection and Certification Market Size, Share, and Trend Analysis Report By Service Type (Testing, Inspection, Certification), By Procurement Type (internal, outsourced), By Application, and Segment Forecasts, 2021-2028” Report was added to ResearchAndMarkets.com to offer.

China’s testing, inspection and certification market is projected to reach $ 64.9 billion by 2028. The market is forecast to grow at an annual growth rate of 7.1% from 2021 to 2028.

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

In addition, an increase in the outsourcing of testing, inspection and certification services by well-known companies in manufacturing, automotive and consumer products is expected to fuel market growth in China.

In addition, the TIC market in China is expected to grow faster due to government investments in the transportation and energy sectors, as well as in the construction industry.

The Chinese government has put in place a favorable policy for international actors to gain a foothold in the country in order to achieve gradual liberalization. In several Chinese provinces, the domestic players conquer the majority of the market. The government has encouraged foreign investment by removing the barriers for international TIC providers to enter and operate in the mainland market.

Previously, most of the companies in China carried out their testing, inspection and certification processes in-house. With the increasing acceptance of the China Compulsory Certification (CCC), however, the need for strict regulatory standards and certifications is more emphasized, which has led to an increase in the outsourcing activities of TIC in China due to cost advantages.

It is expected that this growing trend towards outsourcing TIC services will continue to drive the growth of the market in the forecast period due to the improved accessibility of the domestic market for international players and the provision of cost-effective solutions by the TIC service providers.

China Test, Inspection and Certification Market Report Highlights

• The Chinese TIC market is growing rapidly due to increasing investments by international incumbents.

• The inspection services segment is expected to grow with the highest CAGR of 8.1% over the forecast period.

• TIC is an integral part of the infrastructure and transportation sector in China and therefore the growth of the two sectors is expected to drive demand for test inspection and certification activities.

Key topics covered:

Market variables, trends & scope

• Market segmentation and scope

• Penetration and growth perspective mapping

• Market dynamics

• Market driver analysis

• Growing opportunities for international players in the domestic TIC outsourcing market

• Strict implementation of test, inspection and certification regulations

• Increasing capital investments in the infrastructure, transport, power generation sectors

• Analysis of market reluctance

• Difference in Chinese and international standards

• Challenging Local Business Practices for MNCs

• Industry analysis – Porter’s

• Supplier performance

• Buyer power

• Substitution threat

• Newcomer threat

• Competition

• PEST analysis

• Political and legal landscape

• Environmental landscape

• Social landscape

• Technology landscape

• China TIC Market – Value Chain Analysis

• Competitive Analysis & Vendor Landscape – China

• List of main participants, 2020 (international and local)

• International players

• Local and national players

• Other NoTable players

• Important regulations for the Chinese TIC market

• Chinese Compulsory Certification Mark (CCC)

• Sector-related list of regulations for the Chinese TIC market

• ISO standards in China

• International accreditation bodies in China

• Chinese ISO certification bodies with international accreditation

China TIC: service outlook

China TIC: Outlook on the type of procurement

China TIC: Application Outlook

Mentioned companies

• AsureQuality Limited

• Bureau Veritas SA

• DEKRA SE

• DNV GL Group AS

• Intertek Group PLC

• Lloyd’s Register Group Limited

• SGS SA

• TÃœV Rheinland AG Group

• Underwriters Laboratories Inc.

• Quality focus on Asia

• HQTS Group Ltd

• InTouch Services Ltd.

• Beijing Veritell

• China Inspection Co., Ltd

• International Testing Center

• China Certification & Inspection Group (CCIC)

• Asia quality control

• V-Trust

• MOT South

• TÃœV Nord

• American Shipping Office (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)

• Chinese Classification Society (CCS)

For more information on this report, see https://www.researchandmarkets.com/r/lc8sqa