The China Testing, Inspection And Certification Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The China testing, inspection and certification (TIC) 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.
Key Players:
- 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.
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Growth Drivers:
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.
Application Outlook:
- Agriculture & Food
- Chemicals
- Manufacturing
- Consumer Goods &Retail
- Infrastructure
- Mining
- Healthcare
- Oil And Gas & Petroleum
- Supply chain
- Logistics
- Public Sector
- Energy & Power
- Transportation
The growth of the automotive industry owing to the rising demand for hybrid vehicles, electric vehicles, and autonomous vehicles is expected to drive the market growth in cities such as Shanghai and Guangzhou. In addition, the exponential growth of the e-commerce industry is expected to impel the growth of consumer goods &retail segments. This will generate the need for inspection and verification of products before delivering to the customers.
Impact of COVID-19
Due to the sudden outbreak of COVID-19 and lockdowns in China, there are various products which have been produced but not yet shipped are left in factories. Thus, prolonged storage of food products, personal care products and others has generated the need of TIC services.
Several market players operating in this country have taken some initiatives to tackle covid-19 outbreak. For example, a leading provider of supply chain and quality control, QIMA announced that, it will offer free services for inspection of medical protective gear, disposable face mask in China.
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