China Testing, Inspection & Certification Market Expected To Witness Growth Of $61.8 Billion By 2027 “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.�
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. 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.
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