China Testing, Inspection, And Certification Market key drivers propelling the growth By 2030

 China Testing, Inspection, And Certification Industry Overview

The China testing, inspection, and certification market size was valued at USD 40.24 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030.

Increasing foreign investments are expected to drive the growth. In an attempt to achieve progressive liberalization, the Chinese government has laid down favorable policies for international players to establish their presence in the country. Increasing adoption and development of alternative fuel vehicles such as hybrid and electric vehicles are anticipated to increase the testing and inspection activities for such vehicles, thus, driving the growth of the market.

 

Gather more insights about the market drivers, restrains and growth of the China Testing, Inspection, And Certification Market

 

The China testing, inspection, and certification (TIC) market is expected to register rapid growth, attributed to the increasing number of government investments focused on the growth of the transportation and energy sectors, as well as the construction industry. For instance, according to Minister of Transport Li Xiaopeng, China will invest around USD 372 billion in the transportation industry by 2021. The rising standard of living of citizens led to the rising demand for consumer goods, consequently catalyzing the growth. Increasing outsourcing of testing, inspection, and certification services by prominent manufacturing, automotive, and consumer goods companies is projected to propel market growth. 

The Chinese government has eased the entry of foreign players by uplifting the barriers for international companies offering TIC solutions dominated by domestic players. Moreover, the market is expected to witness substantial growth owing to the rising international investments. The growing popularity of testing and certification services for accelerating and developing smart technologies such as smart cities, smart vehicles, and so on is anticipated to support the growth of the market. The increasing government alliances, implementation of new standards and regulations, and the increasing need for third-party inspection services are some of the key drivers propelling the market growth.

A wide number of companies in the market are strategizing to acquire various companies to expand their footprints in the market. For instance, in April 2018, Intertek Group PLC agreed to acquire Proasem, a Colombia-based service provider of testing, inspection, and metrology services. This acquisition would benefit Intertek Group PLC in increasing its sales/expanding in Colombia and Latin America with the help of Proasem’s expertise and established customer base. In March 2018, the Lloyd's Register Group Limited acquired Nettitude, a cybersecurity solution provider in the U.K. This acquisition has enabled Lloyd's Register Group Limited to strengthen its cybersecurity services and certification.

 

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China Testing, Inspection, And Certification Market Segmentation

Grand View Research has segmented the China testing, inspection, and certification market based on service, sourcing type, and application:

• China TIC Service Outlook (Revenue, USD Billion, 2017 - 2030)
  • Testing
  • Inspection
  • Certification

 

• China TIC Sourcing Type Outlook (Revenue, USD Billion, 2017 - 2030
  • In-house
  • Outsourced

 

• China TIC Application Outlook (Revenue, USD Billion, 2017 - 2030)
  • Consumer Goods & Retail
  • Agriculture & Food
  • Chemicals
  • Infrastructure
  • Energy & Power
  • Manufacturing
  • Healthcare
  • Mining
  • Oil & Gas And Petroleum
  • Public Sector
  • Transportation
  • Supply Chain & Logistics
  • Others

 

Market Share Insights

• August 2019: TUV SUD AG announced the launch of a hardlines testing laboratory for expanding the prevailing facility of exporting companies and manufacturers which are tested in the laboratory for their safety and quality.
• March 2018: Bureau Veritas SA completed the acquisition of EMG Corporation (U.S.), a company that provides solutions, for construction assessment, and project management solutions. The former company aimed at expanding and developing infrastructure services in the U.S. through the acquisition.

Key Companies profiled:

Some prominent players in the China Testing, Inspection, And Certification market 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. and many others

 

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