Consumer Product Safety Testing Market Expected to Reach $60.50 Billion by 2031—Allied Market Research

Consumer product safety testing are the services ranging from audit and inspection to testing, verification, quality assurance, and certification of products and equipment. Some of the key testing services include quality and safety controls through conformity assessments. This help increases efficiency of products & services and minimizes the risk. Consumer product safety testing services are applicable in oil & gas, automotive, consumer electronics, and other sectors.

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

According to the consumer product safety testing market analysis, the in-house segment was the highest contributor in 2021, owingto surge in adoption of consumer product safety testing solution across emerging economies. Consumer electronics and food and beverages segments collectively accounted for around 37.0% market share in 2021. Surge in adoption of next generation safety and security solution is significantly boost growth of consumer product safety testing industry across consumer electronics and foods & beverages sectors; thereby, enhancing the consumer product safety testing market growth.

The outbreak of COVID-19 has significantly impacted the consumer product safety testing market size, owing to significant impact on prime market players. Conversely, rise in demand for next generation consumer product safety testing solution is anticipated to drive the market post pandemic. However, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments restrain growth of the consumer product safety testing market. On the contrary, emerging economies significantly witness the need for consumer electronics and foods & beverages solutions, which is expected to boost the market growth.

Country wise, U.S. holds a significant share in the consumer product safety testing market, owing to presence of prime players. Adoption of next-generation state of the art radio communication solution and devices across prime sectors has strengthened growth of the consumer product safety testing market in the region.

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 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. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition to expand their foothold in the consumer product safety testing market.