Pre-Shipment Inspection Market Report 2024: Assessing Global Trends

The pre-shipment inspection market size has grown strongly in recent years. It will grow from $13.41 billion in 2023 to $14.18 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to globalization of trade, consumer safety concerns, compliance with import regulations, risk mitigation for importers, stringent quality standards, prevention of fraud and counterfeiting.

The pre-shipment inspection market size is expected to see strong growth in the next few years. It will grow to $17.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to global quality assurance programs, focus on product traceability, increased automation in inspection processes, focus on social responsibility, rapid changes in consumer preferences,. Major trends in the forecast period include advancements in inspection technologies, enhanced collaboration in supply chains, integration of blockchain in supply chains, market consolidation and mergers, insurance and risk management.

Market Overview -
Pre-shipment inspection refers to the process by which trade operators (buyers, suppliers, agencies) examine recently manufactured goods before sending them for export/import. Pre-shipment inspection is used to check functionality, performance, durability, and general appearance, and measurements routinely before shipping.

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Consumer Spending Surge Propels Growth In Pre-Shipment Inspection Market
The increase in consumer spending is expected to drive the growth of the pre-shipment inspection market going forward. Consumer spending refers to the total amount of money spent in an economy by people and households on final goods and services for their use and enjoyment. Pre-shipment inspection checks the quantity and quality of goods before they are delivered for export or import. For instance, in October 2022, according to a report published by the Bureau of Economic Analysis, a US-based governmental organization that releases official macroeconomic and sectoral statistics, commonly referred to as consumer spending, climbed 0.8% to $147.9 billion in October 2022. Therefore, increasing consumer spending is driving the growth of the pre-shipment inspection market.

Competitive Landscape -
Major companies operating in the pre-shipment inspection market report are Agriculture Industry Marine Control Inspection Group, ALS Limited, Applus Servicios Tecnológicos SLU, Asia Quality Focus Limited, TÜV Nord Group, Bureau Veritas SA, Cayley Aerospace Inc., CIS Commodity Inspection Services BV, Cotecna Inspection SA, Eurofins Scientific SE, Intertek Group plc., Dekra SE, DQS Holding GmbH, QIMA Limited, TETRA Inspection Inc., Alex Stewart International Corporation Limited, AHK Group Ltd., Camin Cargo Control Inc., Swiss Approval International GmbH, Peterson and Control Union Group, AIM Control Inspection Group of Companies, Wakefield Inspection Services Ltd., Marine Inspection LLC, Qtech Control Limited, WK Webster Ltd., Brookes Bell LLP, TÜV SÜD AG, Alfa Chemistry Materials, Chempri GmbH

Innovation On The Horizon Technological Advancements Transforming The Pre-Shipment Inspection Market
Technological advancement is a major trend gaining popularity in the pre-shipment inspection market. Major industry players are creating cutting-edge technology to maintain their position in the pre-shipment inspection market. For instance, in February 2021, Konecranes, an India-based manufacturer of cranes, launched a new app to help crane users record their findings while performing pre-shift and pre-lift inspections. The app will use daily inspection data, maintenance history, and component condition data from TRUCONNECT remote monitoring.

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Key Segments -

The pre-shipment inspection market covered in this report is segmented -
1) By Type: In-House, Outsourced
2) By Product: Export Goods, Import Goods
3) By Application: Consumer Goods and Retail, Industrial and Manufacturing, Agriculture and Food, Medical Devices and Life Sciences, Other applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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