Consumer Product Safety Testing Global Market to Surpass $60.5 Billion by 2031 at a 6.32% CAGR

DUBLIN, Dec. 14, 2022 /PRNewswire/ -- The "Consumer Product Safety Testing Market By Offering, By Sourcing, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to  ResearchAndMarkets.com's offering.

The global consumer product safety testing market was valued at $33,052.7 million in 2021, and is projected to reach $60,503.1 million by 2031, registering a CAGR of 6.32% from 2022 to 2031.Consumer product safety testing is a service designed to offer inspection, auditing, verification, testing, and certification of consumer products.

Key factors that drive growth of the consumer product safety testing market include increase in focus of manufacturing companies to improve customer retention by offering quality products and surge in demand for interoperability testing for connected devices and IoT.

Key factors that hamper the growth of the market is high cost of product safety testing services, due to diverse standards and regulations across different regions. The opportunity lies in the digital transformation of customer services and rapid adoption of breakthrough technologies.

KEY BENEFITS FOR STAKEHOLDERS

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the consumer product safety testing market analysis from 2021 to 2031 to identify the prevailing consumer product safety testing market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the consumer product safety testing market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global consumer product safety testing market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Offering

• Electrical Safety
• Connectivity
• Electronics Testing
• Energy Efficiency Testing
• Others
• Electromagnetic Compatibility

By Sourcing

• In House
• Outsource

By Industry Vertical

• Communications
• Semiconductor
• Aerospace and Defense
• Consumer Electronics
• Automotive
• Healthcare
• Industrial
• Food and Beverages
• Others

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Russia
• Poland
• Rest of Europe
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Philippines
• Australia
• Indonesia
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Market Players

• ABS
• Bureau Veritas SA
• DEKRA
• DNV
• Element Materials Technology
• Intertek Group PLC
• ISO
• TUV
• ALS limited
• BSI group
• Eurofins E&E
• NTS
• HQTS Group Ltd.
• AMA Laboratories
• Applied Technical Services, LLC
• NSL Analytical Services, inc.
• Qimarox

Key Findings of the Study

• In 2021, the in-house segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 5.44% during the forecast period.
• The consumer electronics and foods & beverages segment together accounted for around 37.0% of the consumer product safety testing market trends in 2021.
• The foods & beverages segment are projected to growth at a CAGR of 5.57% during the forecast period.
• North America contributed for the major share in the consumer product safety testing market, accounting for more than 33.0% share in 2021.

Key Topics Covered:

CHAPTER 1: INTRODUCTION

CHAPTER 2: EXECUTIVE SUMMARY

CHAPTER 3: MARKET OVERVIEW

CHAPTER 4: CONSUMER PRODUCT SAFETY TESTING MARKET, BY OFFERING

CHAPTER 5: CONSUMER PRODUCT SAFETY TESTING MARKET, BY SOURCING

CHAPTER 6: CONSUMER PRODUCT SAFETY TESTING MARKET, BY INDUSTRY VERTICAL

CHAPTER 7: CONSUMER PRODUCT SAFETY TESTING MARKET, BY REGION

CHAPTER 8: COMPANY LANDSCAPE

CHAPTER 9: COMPANY PROFILES

For more information about this report visit https://www.researchandmarkets.com/r/nyy4bu

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SOURCE Research and Markets