The China testing, inspection and certification (TIC) market size is projected to reach USD 61.8 billion by 2027. 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. 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.
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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.
Earlier, most of the companies in China preferred in-house TIC services. However, growing cost of in-house inspections due to strict regulations and standards regulated by China government has led to increase in the adoption of outsourced TIC services. In addition, growing trend of outsourcing TIC services is projected to drive market growth. The growing accessibility of the domestic market for foreign incumbents as well as provision for cost-effective TIC services providers expected to have a positive impact on market growth.
Further key findings from the report suggest:
• The China TIC market is expected to have significant growth due to growing number of investments for international players in this industry.
• The inspection service segment is projected to grow with the fastest CAGR of over 8.5% during the forecast period.
• In transportation and infrastructure, TIC services play an important role, thereby; growth of these two sectors in China will drive the market growth in the next few years.
China Testing, Inspection & Certification Market: Key Players
In Touch Services Ltd.; DEKRA SE; DNV GL Group AS; AsureQuality Limited; Intertek Group PLC; Lloyd’s Register Group Limited; SGS S.A; TUV Rheinland AG Group; Underwriters Laboratories Inc.; Asia Quality Focus; HQTS Group Ltd China Inspection Co., Ltd.; Centre Testing International; China Certification & Inspection Group; American Bureau of Shipping; Hartford Steam Boiler; Larsen & Toubro; Bureau Veritas SA; .; Asia Inspection; China Building Material Test & Certification Group Co. Ltd.; China Special Equipment Inspection and Research Institute; Asia Quality Control; V-Trust; TUV SUD; China Classification Society and TUV Nord
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