“Global Consumer Product Safety Testing Market to reach a market value of USD 53.1 Billion by 2031 growing at a CAGR of 6.1%”
The Global Consumer Product Safety Testing Market size is expected to reach $53.1 billion by 2031, rising at a market growth of 6.1% CAGR during the forecast period.
Automotive manufacturers must uphold high standards of quality and reliability. Product safety testing helps identify design flaws, manufacturing defects, or performance issues early in development, ensuring that vehicles and components meet reliability and safety expectations. The automotive segment acquired $2,689.6 million revenue in the market in 2023. Ensuring the safety of drivers and passengers is paramount in the automotive industry. Safety testing aids in identifying potential hazards, assessing crashworthiness, and evaluating the performance of safety systems like seat belts and airbags to reduce the likelihood of injuries during accidents.
As consumers become more informed about the potential risks associated with unsafe products, they demand higher safety standards. This heightened awareness leads consumers to prefer products thoroughly tested for safety, compelling manufacturers to invest in comprehensive safety testing to meet market expectations. Increased awareness of health issues, such as allergies, chemical sensitivities, and other health risks associated with consumer products, has made safety testing more critical. Thus, increased awareness about product safety is driving the market's growth.
Moreover, the consumer electronics industry encompasses many products, such as smartphones, tablets, laptops, wearable devices, home appliances, and gaming consoles. Every consumer electronics category necessitates tailored safety testing to meet regulatory standards and ensure the products' safety, reliability, and performance. According to the National Investment Promotion & Facilitation Agency, India’s domestic electronics production has increased at a rate of 13% from $49 Bn in FY17 to $101 Bn in FY23. New technologies such as AI, AR/VR, 5G connectivity, and IoT introduce complexities that require specialized safety testing protocols. Thus, expansion of the consumer electronics Industry is driving the market's growth.
However, Comprehensive safety testing involves significant expenses related to equipment, facilities, skilled personnel, and compliance with stringent regulatory standards. These costs can be particularly burdensome for small and medium-sized enterprises (SMEs) with limited financial resources. As a result, some manufacturers may opt for minimal testing or delay testing processes, potentially compromising product safety. Limited budgets and resources can restrict their ability to conduct thorough testing, potentially hindering market entry or growth. Hence, the high cost of product safety testing is impeding the market's growth.
By industry vertical, the consumer product safety testing market is divided into communications, semiconductor, aerospace & defense, consumer electronics, automotive, healthcare, industrial, food & beverages, and others. In 2023, the healthcare segment held 8% revenue share in the market. Prioritizing patient safety is crucial in healthcare. Products ranging from medical equipment to pharmaceuticals must undergo rigorous testing to identify potential hazards, ensure proper functioning, and mitigate risks associated with their use.
On the basis of sourcing, the market is segmented into in-house and outsource. The in-house segment recorded 54% revenue share in the market in 2023. One of the primary reasons companies opt for in-house testing is to maintain control over the entire testing process. By conducting testing internally, companies have direct oversight of procedures, protocols, and timelines. This control allows them to tailor testing methodologies to specific product requirements, ensuring thorough and customized assessments.
Based on offering, the market is divided into electrical safety, connectivity, electronics testing, energy efficiency testing, electromagnetic compatibility, and others. The energy efficiency testing segment attained 15% revenue share in the market in 2023. Governments worldwide increasingly implement stringent energy efficiency regulations to promote sustainability and reduce energy consumption. Products such as appliances, lighting,
Free Valuable Insights: Global Consumer Product Safety Testing Market size to reach USD 53.1 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 36% revenue share in the market in 2023. North America, particularly the United States and Canada, maintains rigorous regulatory frameworks for product safety. Entities such as the Consumer Product Safety Commission (CPSC) in the U.S. and Health Canada establish rigorous standards that products must adhere to before being eligible for sale or distribution.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 33.6 Billion |
| Market size forecast in 2031 | USD 53.1 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 6.1% from 2024 to 2031 |
| Number of Pages | 296 |
| Number of Tables | 430 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Sourcing, Offering, Industry Vertical, Region |
| Country scope |
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| Companies Included | Bureau Veritas S.A., DEKRA SE, DNV AS, Intertek Group PLC, ALS Limited, Eurofins Scientific SE, ABS Group, Element Materials Technology (Temasek Holdings), Applied Technical Services, LLC, NSL Analytical Services, Inc. |
By Sourcing
By Offering
By Industry Vertical
By Geography
This Market size is expected to reach $53.1 billion by 2031.
Increased Awareness About Product Safety are driving the Market in coming years, however, High Cost of Product Safety Testing restraints the growth of the Market.
Bureau Veritas S.A., DEKRA SE, DNV AS, Intertek Group PLC, ALS Limited, Eurofins Scientific SE, ABS Group, Element Materials Technology (Temasek Holdings), Applied Technical Services, LLC, NSL Analytical Services, Inc.
The expected CAGR of this Market is 6.1% from 2023 to 2031.
The Electronics Testing segment is leading the Market by Offering in 2023; thereby, achieving a market value of $12.1 billion by 2031.
The North America region dominated the Market by Region in 2023; thereby, achieving a market value of $18.2 billion by 2031.
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