The China testing, inspection & certification market size is anticipated to reach USD 61.8 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.8% from 2020 to 2027.
The high standards of living in China and increased focus of customers on quality and safety of food products and consumer goods such as toys, personal care and beauty products, and electrical and electronic appliances are driving the growth of the China TIC market. Further, 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 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 China 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 provinces of China. The government has encouraged foreign investments in the market by lifting the barriers for international testing, inspection, and certification 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 testing, inspection, and certification in China due to cost benefits. This growing trend of outsourcing testing, inspection, and certification services is anticipated to further drive 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 testing, inspection, and certification service providers.
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Further key findings from the report suggest:
- The China TIC market is witnessing considerable growth owing to an increasing number of investments from international incumbents
- The inspection service segment is expected to exhibit the highest CAGR of 8.8% 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
- The key industry participants 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; HQTS Group Ltd.; InTouch Services Ltd.; China Inspection Co., Ltd.; Centre Testing International; China Certification & Inspection Group; Asia Quality Control; V-Trust; TUV SUD; TUV Nord; American Bureau of Shipping; Hartford Steam Boiler; Larsen & Toubro; Asia Inspection; China Building Material Test & Certification Group Co. Ltd.; China Special Equipment Inspection and Research Institute; and China Classification Society.
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Key Topic Covered
Chapter 1 Methodology and Scope
1.1 Information Procurement and fResearch Scope
1.2 Information Analysis
1.3 Market formulation & data visualization
1.4 Market Scope and Assumptions
1.4.1 Secondary sources
1.4.2 Primary Sources
Chapter 2 Executive Summary
2.1 Market Outlook
Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation & Scope
3.2 Penetration & Growth Prospect Mapping
3.3 Market Dynamics
3.3.1 Market driver analysis
184.108.40.206 Growing opportunities for international players in domestic TIC outsourcing market
220.127.116.11 Strict implementation of testing, inspection & certification regulations
18.104.22.168 Surging capital investments in infrastructure, transport, energy production sectors
3.3.2 Market restraint analysis
22.214.171.124 Difference in Chinese and International Standards
126.96.36.199 Challenging local business practices for MNC’s
3.4 Industry Analysis – Porter’s
3.4.1 Supplier Power
3.4.2 Buyer Power
3.4.3 Substitution Threat
3.4.4 Threat from new entrant
3.4.5 Competitive rivalry
3.5 PEST Analysis
3.5.1 Political and Legal Landscape
3.5.2 Environmental Landscape
3.5.3 Social Landscape
3.5.4 Technology Landscape
3.6 China TICs Market – Value Chain Analysis
3.7 Competitor Analysis & Vendor Landscape – China
3.7.1 List of Key Participants, 2019 (International and Local)
188.8.131.52 International Players
184.108.40.206 Local and National Players
220.127.116.11 Other Notable Players
3.8 Key Regulations for China TIC market
3.8.1 China Compulsory Certification mark (CCC)
3.8.2 Sector-wise List of Regulation for China TIC Market
3.8.3 ISO Standards in China
3.8.4 International Accreditation Bodies in China
3.8.5 Chinese ISO Certification Bodies with International Accreditation
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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