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China Testing, Inspection, & Certification Market Worth $55.1 Billion by 2025
September 27, 2018 | Grand View Research, Inc.Estimated reading time: 2 minutes
The China testing, inspection, and certification (TIC) market size is anticipated to reach $55.1 billion by 2025, according to a new report by Grand View Research, registering a 9.1% CAGR during the forecast period.
High standards of living of Chinese citizens 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 market.
The China TIC market is expected to register strong growth owing to government investments in the transportation, energy, and construction sectors. The Chinese government has introduced favorable policies for international players to establish their foothold in the country and to achieve progressive liberalization.
Previously, most companies in China conducted their testing, inspection, and certification operations in-house. However, with growing acceptance of the China Compulsory Certification (CCC), greater emphasis is placed on need for strict regulatory standards and certifications and this has led to increase in outsourcing TIC activities in China due to cost benefits. This growing trend of outsourcing is anticipated to further drive the market over the forecast period. Increased accessibility of the domestic market for international players and provision of cost-effective solutions by TIC service providers will also benefit the market.
Leading industry participants include AsureQuality Limited, Bureau Veritas SA, DEKRA SE, DNV GL Group AS, Intertek Group PLC, Lloyd’s Register Group Limited, and SGS S.A. Other notable players in the market include TUV Rheinland AG Group; Underwriters Laboratories Inc.; Asia Quality Focus; HQTS Group Ltd.; InTouch Services Ltd.; China Inspection Co., Ltd.; Centre Testing International; China Certification & Inspection Group; Asia Quality Control; V-Trust; TUV SUD; TUV Nord; American Bureau of Shipping; Hartford Steam Boiler; Larsen & Toubro; Asia Inspection; China Building Material Test & Certification Group Co. Ltd.; China Special Equipment Inspection and Research Institute; and China Classification Society.
Further key findings from the report suggest:
- The China TIC market is witnessing considerable growth owing to increasing number of investments from international incumbents
- By service, the inspection segment is expected to register the highest CAGR of 10.3% over the forecast period
- TIC forms an integral part of the infrastructure and transportation sectors in China and hence, the growth of these two sectors is expected to drive demand for testing inspection, and certification activities
- Key industry participants include AsureQuality Limited, Bureau Veritas SA, DEKRA SE, DNV GL Group AS, Intertek Group PLC, Lloyd’s Register Group Limited, and SGS S.A.
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