DUBLIN–(BUSINESS WIRE)–The “China Testing, Inspection, and Certification Market Size, Share & Trends Analysis Report By Service Type (Testing, Inspection, Certification), By Sourcing Type (In-house, Outsourced), By Application, and Segment Forecasts, 2021-2028” report has been added to ResearchAndMarkets.com’s offering.
China’s testing, inspection, and certification market size is anticipated to reach USD 64.9 billion by 2028. The market is anticipated to expand at a CAGR of 7.1% from 2021 to 2028.
The 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 & beauty products, and electrical and electronic appliances are driving the growth of the China testing, inspection, and certification (TIC) market.
Furthermore, 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.
Furthermore, the TIC 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 Chinese provinces. The government has encouraged foreign investments 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 cost benefits.
This growing trend of outsourcing TIC services is anticipated to further drive the growth of 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 TIC service providers.
China Testing, Inspection, And Certification Market Report Highlights
Key Topics Covered:
Market Variables, Trends & Scope
China TIC: Service Outlook
China TIC: Sourcing Type Outlook
China TIC: Application Outlook
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/lc8sqa
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