China's Testing, Inspection and Certification Market is Forecast to Reach USD 61.8 Billion by 2027 with Growing Acceptance of the China Compulsory Certification (CCC)
DUBLIN, May 15, 2020 /PRNewswire/ -- The "China Testing, Inspection, and Certification Market Size, Share & Trends Analysis Report by Service (Testing, Inspection, Certification), by Sourcing Type (In-house, Outsourced), by Application, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
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The China testing, inspection & certification market size is anticipated to reach USD 61.8 billion by 2027. 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 China's TIC market. In addition, 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 of the market in China.
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 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 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.
Further key findings from the report:
-- 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
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation & Scope
3.2 Penetration & Growth Prospect Mapping
3.3 Market Dynamics
3.4 Industry Analysis - Porter's
3.5 PEST Analysis
3.6 China TICs Market - Value Chain Analysis
3.7 Competitor Analysis & Vendor Landscape - China
3.8 Key Regulations for China TIC market
Chapter 4 China TIC: Service Outlook
4.1 China TIC Market Share by Service, 2019 & 2027
Chapter 5 China TIC: Sourcing Type Outlook
5.1 China TIC Market Share by Sourcing Type, 2019 & 2027
Chapter 6 China TIC: Application Outlook
6.1 China TIC Market Share by Application, 2019 & 2027
Chapter 7 Competitive Landscape
-- 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.
-- Beijing Veritell
-- China Inspection Co., Ltd.
-- Centre Testing International
-- China Certification & Inspection Group (CCIC)
-- Asia Quality Control
-- V-Trust
-- TUV SUD
-- TUV Nord
-- American Bureau of Shipping (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)
-- China Classification Society (CCS)
For more information about this report visit https://www.researchandmarkets.com/r/huqviw
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