In today’s world, the role of the technology is progressing successfully along with the rising consumer awareness are influencing the manufacturing of product and equipment used in the industries. Product safety has evolved as a critical parameter in the supply chain of the industries, owing to the transparency demanded by the consumers. Therefore, the involvement of government, regulatory bodies, industry safety rules are coming together to ensure the safety of the intermediate and end-user products as well as the protection of consumers and workplace from potential risks associated with the manufacturing process. The Testing, Inspection, and Certification (TIC) market elucidates each focal point in this process, ensuring compliance of services involving infrastructure, product safety, and population protection.
On the other hand, China’s testing, inspection, and certification market are growing rapidly with the rising imports and exports. China is one of the top 3 countries in the world merchandise trade, commercial services, and IP-related services. Despite the trade tensions, the country has experienced a huge growth rate in imports with a growth rate of 15.8% in 2018. Furthermore, there is a significant scope of a surge in these digits once the trade tensions are relaxed. Thus, the rising trade of the country is boosting the growth of China’s testing, inspection and certification market.
China testing, inspection, and certification market size was valued at $26.43 billion in 2018.
Geopolitical Consequences Coupled with the Road and Belt Initiative in China are Surging the China TIC Market
The convoluted geopolitical landscape is highly influencing the TIC market share in China. Recent U.S elections invoked protectionism and the rise of anti-regulatory sentiment in the U.S. This, in turn, is impacting the government policies of China which are further strengthening the international supply chains in China. In addition, the local players of China are gaining momentum with these political consequences. As a result, the manufacturing and supplier arrangements are affected by the policies and quality control standards.
China Testing, Inspection, and Certification Market Experiencing a Sharp Uptick in the Consumer Electronics Sector
Consumer electronics is a dominant sector in the China testing, inspection and certification market and the demand is proliferating with a CAGR of 7.9% during the aforementioned period. The downtick of electronics equipment prices and initiatives such as “Made in China” are augmenting the growth of the consumer electronics market in China. With its proliferated advantages in this industry, China is reigning the consumer electronics market. U.S import tariffs, on the other hand, are boosting the demand for domestic electronics players in the country. Along with that, the automation and supply chain of electronics manufacturers are focused on driving the metrics that matter. Therefore, in order to intensify the business outcomes, the consumer electronics industry is advancing with upgraded methodologies to improve traceability visibility of the goods. Thus, the rising demand to enhance the quality and traceability of the goods is amplifying the China testing, inspection and certification market demand.
Key Players in China Testing, Inspection and Certification Market
Core companies occupying a significant part in the China testing, inspection and certification market share are Bureau Veritas SA, DEKRA SE, DNV GL Group AS, InTouch Services Ltd., Intertek Group PLC, Lloyd’s Register Group Limited, Underwriters Laboratories Inc., Asia Quality Focus, HQTS Group Ltd., SGS S.A, TUV Rheinland AG Group, China Inspection Co., Ltd., Centre Testing International, China Certification & Inspection Group, Asia Quality Control, V-Trust, TUV SUD, TUV Nord.
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Mr. Venkat Reddy
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