China Testing, Inspection, And Certification Market Growth & Trends
The China testing, inspection, and certification market size is anticipated to reach USD 69.75 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.9% from 2022 to 2030. The high standard of living of Chinese citizens and increased focus of customers on the quality and safety of food products and consumer goods such as toys, personal care & beauty products, and electrical & electronic appliances are driving the growth of the China testing, inspection, and certification (TIC) market. Further, an 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.
The market is expected to witness rapid growth in China owing to the government investments in the transportation and energy sectors as well as the construction industry. The Chinese 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 TIC market in several Chinese provinces. The government has encouraged foreign investments in the testing, inspection, and certification market by lifting the barriers for international TIC 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 TIC in China due to the cost benefits. This growing trend of outsourcing TIC services is anticipated to further drive the growth of the Chinese TIC 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 TIC service providers.
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China Testing, Inspection, And Certification Market Report
China Testing, Inspection, And Certification Market Report Highlights
- The market is witnessing considerable growth owing to an increasing number of investments from international incumbents
- The inspection service segment is expected to expand at the fastest CAGR of 6.9% 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
