The global consumer product safety testing market was valued at $33.05 billion in 2021, and is projected to reach $60.50 billion by 2031, growing at a CAGR of 6.32% from 2022 to 2031.
Consumer product safety testing services include auditing, inspection, testing, verification, quality assurance, and certification of products and equipment. These help in increasing efficiency of production to reduce error by minimizing risk. Consumer product safety testing services are applicable in automotive, consumer electronics, healthcare, food & beverages, semiconductors, and other industries. Increase infocus of manufacturing companies to improve customer retention by offering quality products and surge indemand for interoperability testing for connected devices and IoT drive growth of the consumer product safety testing market. However, high cost of such services, owing to diverse standards and regulations across different regions is expected to pose major threats for the market. Furthermore, digital transformation of customer services and rapid adoption of breakthrough technologies are expected to offer lucrative opportunities for growth of the consumer product safety testing industry.
The consumer product safety testing market is segmented into Offering, Sourcing and Industry Vertical.
By offering, the market is divided into electromagnetic compatibility, electrical safety, connectivity, electronics testing, energy efficiency testing, and others. The electronics testing segment was the highest revenue contributor to the market.
By sourcing type, the market is bifurcated into in-house and outsource. The in-house segment was the highest revenue contributor to the market.
By industry vertical, the market is divided into communications, semiconductors, aerospace and defense, consumer electronics, automotive healthcare, industrial, foods &beverages, and others. The consumer electronics segment was the highest revenue contributor to the market in 2021, and is expected to follow the same trend till 2031.
Region wise, the consumer product safety testing market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, Russia, Poland, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, the Philippines, Australia, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global consumer product safety testing industry. Major organizations and government institutions in the country are intensely putting resources into the technology.
Factors positively affecting the consumer product safety testing market growth include increase in focus of manufacturing companies to improve customer retention by offering quality products and rise indemand for interoperability testing for connected devices and IoT. However, high cost of product safety testing services, owing to diverse standards and regulations across different regions hamper growth of the consumer product safety testing market size. Furthermore, digital transformation of customer services and rapid adoption of breakthrough technologies are expected to offer lucrative opportunities for driving the consumer product safety testing market share in the coming years.
The key players profiled in this report include ABS Group OfCompanies, Inc, ALS Limited, BSI, Bureau Veritas S.A, Dekra, DNV, Element Materials Technology (Element), Intertek Group Plc, ISO, TUV SUD AG, Eurofins Electrical & Electronics (E&E), National Technical Systems, Inc, HQTS Group Ltd, AMA Laboratories Inc., Applied Technical Services, LLC, NSL Analytical Services, Inc., and QIMA. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations to enhance their market penetration.
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 industry opportunities.
- The market research is offered along with information related to key drivers, restraints, and consumer product safety testing market opportunity.
- 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 outlook 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, consumer product safety testing market forecast and market growth strategies.
Consumer Product Safety Testing Market Report Highlights
| Aspects | Details |
 By Offering |
|
 By Sourcing |
|
 By Industry Vertical |
|
 By Region |
|
 Key Market Players | ISO, nsl analytical services, inc., Element Materials Technology, DNV, DEKRA, TUV, Bureau Veritas SA, Intertek Group PLC, bsi group, ABS, qimarox, NTS, AMA Laboratories, Eurofins E&E, Applied Technical Services, LLC, HQTS Group Ltd., als limited |
Analyst Review
The consumer product safety testing market is competitive, owing to strong presence of existing vendors. Consumer product safety testing companies with access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by firms.
The consumer product safety testing market holds a substantial scope for growth on a global scale. Its contribution to the market is anticipated to increase significantly during the forecast period. Recent discoveries and innovations have created vast opportunities for numerous players to step in the consumer product safety testing market. Moreover consumer product safety testing services ensure quality assurance, verification of safety, security, and performance of a product, service, or process, higher level of cost control improvement, and faster improvement of various processes.
Increase infocus of manufacturing companies to improve customer retention by offering quality products and surgedemand for interoperability testing for connected devices and IoT drive the market growth. High cost of consumer product safety testing services, owing to diverse standards and regulations across different geographies is the biggest limitation for the market growth.
Surge in competition and reduced awareness among small scale manufactures are the key factors that hamper growth of the market. Increase in awareness for need of testing and rise in concern for safety and quality are the factors opportunistic for the market growth.
Key players profiled in the report includeABS Group Of Companies, Inc, ALS Limited, BSI, Bureau Veritas S.A, Dekra, DNV, Element Materials Technology (Element), Intertek Group Plc, ISO, TUV SUD AG, Eurofins Electrical & Electronics (E&E), National Technical Systems, Inc, HQTS Group Ltd, AMA Laboratories Inc., Applied Technical Services, LLC, NSL Analytical Services, Inc., and QIMA.
The consumer electronics segment is the leading application of Consumer Product Safety Testing Market in 2021 and is expected to follow the same trend during the forecasted period.
The largest regional market for Consumer Product Safety Testing Market is the North America region.
The estimated industry size of Consumer Product Safety Testing Market is $ 33.05 Billion in 2021.
The top companies to hold the market share in Consumer Product Safety Testing Market are ABS Group Of Companies, Inc, ALS Limited, BSI, Bureau Veritas S.A, Dekra, DNV, Element Materials Technology (Element) and others.
The Consumer Product Safety Testing Market is expected to expand at a CAGR of 6.32% from 2022 - 2031.
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