The global consumer product safety testing market revenue was around US$ 35.1 billion in 2022 and is estimated to reach US$ 60.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.32% during the forecast period from 2023 to 2031.
Consumer product safety testing refers to the process of evaluating and testing consumer products to ensure they fulfill regulatory standards and do not pose any threats to customers. The testing is conducted via different methods, including physical testing, chemical analysis, risk assessment, and performance evaluation.
Market Driving Factors
Regulatory bodies play an important role in setting and enforcing product safety rules and standards. Compliance with these rules is mandatory for manufacturers, propelling the demand for consumer product safety testing market. In addition, regulatory bodies collaborate with testing laboratories and certification bodies to provide the safety and quality of customer products.
Customer awareness and demand for safe products are important drivers of the market. This is because consumers are increasingly conscious of the potential threats associated with products and seek assurance through certified and tested products. As a result, manufacturers are responding to this demand by financing product testing and certification to gain customer trust and improve brand reputation.
Technological advancements have altered the consumer product safety testing landscape. Cutting-edge analytical instruments, data analytics, and automation have revolutionized testing processes, enhancing accuracy and efficiency. As a result, these technologies enable more rapid turnaround times for testing and improve the capabilities of testing laboratories. Thus, this factor is estimated to drive the market.
Expansion of e-commerce is predicted to create possibilities in the market. This is mainly due to the e-commerce industry offering new avenues for consumer product safety testing. As a result, e-commerce platforms can partner with testing laboratories to provide the security and quality of products sold online.
High expense of product safety testing services because different regions have varied standards and laws. Therefore, this factor is estimated to hamper the market.
Regional Analysis
North America dominated the market in terms of the growth rate. This can be majorly attributed to the strict regulatory standards and strong consumer awareness. Furthermore, the existence of well-established testing laboratories and credential bodies contributes to boosting the market growth in this region.
Asia Pacific is estimated to dominate the market in terms of the growth rate. This is mainly owing to the rapid growth of economies, such as India and China, coupled with growing manufacturing sectors, propels the demand for product testing services. Furthermore, the region’s large population and increasing disposable incomes contribute to a surge in consumer awareness and demand for safe products.
Europe is predicted to dominate the market in terms of the largest shares. This is primarily owing to the comprehensive regulatory framework managing consumer product safety. Furthermore, strict regulations, surging consumer awareness, and the existence of major testing and certification bodies. The focus on product safety and quality fuels the market expansion in the region.
Segmentation Insights
Sourcing Insight
The in-house segment is predicted to dominate the market in terms of the rate. This is primarily owing to the increase in the adoption of consumer product safety testing solutions across emerging economies.
Industry Vertical Insight
Consumer electronic segments are estimated to dominate the market in terms of the largest shares. This is mainly due to the rise in adoption of next-generation security and safety solutions is significantly drives growth of the consumer product safety testing industry across consumer electronics sectors.
Prominent Companies
Segmentation Outline
The global consumer product safety testing market segmentation focuses on the Offering, Sourcing, Industry Vertical, and Region.
By Offering
By Sourcing
By Industry Vertical
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL CONSUMER PRODUCT SAFETY TESTING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: CONSUMER PRODUCT SAFETY TESTING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL CONSUMER PRODUCT SAFETY TESTING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL CONSUMER PRODUCT SAFETY TESTING MARKET, BY OFFERING
5.1 OVERVIEW
5.2 ELECTRICAL SAFETY
5.3 CONNECTIVITY
5.4 ELECTRONICS TESTING
5.5 ENERGY EFFICIENCY TESTING
5.6 ELECTROMAGNETIC COMPATIBILITY
5.7 OTHERS
6 GLOBAL CONSUMER PRODUCT SAFETY TESTING MARKET, BY SOURCING
6.1 OVERVIEW
6.2 IN HOUSE
6.3 OUTSOURCE
7 GLOBAL CONSUMER PRODUCT SAFETY TESTING MARKET, BY INDUSTRY VERTICAL
7.1 OVERVIEW
7.2 COMMUNICATIONS
7.3 SEMICONDUCTOR
7.4 AEROSPACE AND DEFENSE
7.5 CONSUMER ELECTRONICS
7.6 AUTOMOTIVE
7.7 HEALTHCARE
7.8 INDUSTRIAL
7.9 FOOD AND BEVERAGES
7.10 OTHERS
8 GLOBAL CONSUMER PRODUCT SAFETY TESTING MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL CONSUMER PRODUCT SAFETY TESTING MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 QIMAROX
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 DEKRA
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 EUROFINS E&E
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 ELEMENT MATERIALS TECHNOLOGY
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 APPLIED TECHNICAL SERVICES LLC
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 ABS
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 ISO
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 INTERTEK GROUP PLC
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 ALS LIMITED
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 TUV
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 AMA LABORATORIES
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 BUREAU VERITAS SA
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 NTS
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 HQTS GROUP LTD
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 BSI GROUP
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 DNV
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 NSL ANALYTICAL SERVICES INC.
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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