Pre-Shipment Inspection Market Worth 14.83 Billion USD by 2023
PUNE, India, February 6, 2018 /PRNewswire/ --
According to the new research report "Pre-Shipment Inspection Market by Sourcing Type (In-House and Outsourced), EXIM (Export Goods, Import Goods), Application (Consumer Goods & Retail, Agriculture & Food, Chemicals), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to reach USD 14.83 Billion by 2023 from USD 11.60 Billion in 2018, growing at a CAGR of 5.04% between 2018 and 2023. The growth of this market is mainly driven by the growing consumer spending and ongoing rapid urbanization in emerging markets, increasing incidents of product recalls across the world, and surging counterfeiting and piracy activities.
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Export goods held a larger share of the pre-shipment inspection market in 2017
There has been an increase in the number of product recalls due to faulty components and parts. Such incidents are on the rise than ever before due to use of sub-standard parts and materials. Moreover, the electronics, capital goods, and luxury goods industries have to adhere to stringent quality standards, thereby increasing the need for pre-shipment inspection for export goods.
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Pre-shipment inspection market for outsourced services is expected to grow at the highest CAGR during the forecast period
Many large firms are increasingly outsourcing pre-shipment inspection services because the increased regulations make it costly to conduct test in-house, thereby helping the firms to reduce the overall cost of inspection. The demand for outsourcing pre-shipment inspection services to third-party vendors is increasing for applications such as consumer goods and manufacturing owing to the capital-intensive nature of in-house pre-shipment inspection activities.
Consumer goods and retail application held the largest share of the pre-shipment inspection market in 2017
In the current highly regulated marketplace, manufacturing and retailing is no longer limited to producing and selling goods but also ensuring that the product follows thoroughly standardized processes and comply with international standards. Customers in the consumer goods and retail markets are more demanding and less predictable than ever before. Therefore, superior consumer understanding and thought leadership play a crucial role in engaging the customers.
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Asia Pacific (APAC) accounted for the largest share of the pre-shipment inspection market in 2017
In the APAC region, China is a prominent exporter to several countries around the world; this factor has led to a rise in TIC services in the country to ensure compliance with international standards. The rising dominance of emerging Asian countries such as China and India in international trade would require them to produce goods complying with internationally accepted standards.
SGS (Switzerland), Bureau Veritas (France), Intertek (UK), DEKRA (Germany), and Cotecna (Switzerland) are the major players included in the report with their market share analysis. The report also covers various innovators involved in this market. Cayley Aerospace (US), Guangdong Inspection (China), Asia Quality Focus (Hong Kong), Solarbuyer (US), AIM Control Group (Vietnam) are a few innovators in the market.
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