Data Bridge Market Research Adds “Global Pre-Shipment Inspection Market – Industry Trends and Forecast to 2026” new report to its research database. The report spread No of pages: 350 No of Figures: 60 No of Tables: 220 in it.
Global Pre-shipment Inspection Market is projected to register a healthy CAGR of 6.3% in the forecast period of 2019 to 2026.
Global Pre-Shipment Inspection Market latest research report offers a complete analysis of the Pre-Shipment Inspection industry influencing driving factors, impacting trends and demand , competitive landscape and factors restraining the growth of the market. Furthermore, our analysts aim at precisely forecasting the growth rate of the Pre-Shipment Inspection market using various market sizing methodologies such as bottom-up and top-down approaches to help our clients and other enterprises gain a better understanding of the current Pre-Shipment Inspection market scenario.
Major Players: Global Pre-Shipment Inspection Market
Some of the prominent participants operating in this market are AIM Control Group, ALS Limited, Applus+, Asia Quality Focus, AsiaInspection, Bureau Veritas, Cayley Aerospace, CIS Commodity Inspection Services, Cotecna Inspection SA, Eurofins Scientific, Guangdong Inspection, Intertek Group plc, TÜV Nord Group, TÜV Rheinland, TUV SUD, DNV GL AS, and Apave.
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- On the basis of sourcing type, the market is segmented into in-house and outsourced.
- On the basis of EXIM, the market is segmented into export goods and import goods
- On basis of application, the market is segmented into consumer goods and retail, agriculture and food, chemicals, construction and infrastructure, industrial and manufacturing, medical devices and life sciences, mining, oil & gas and petroleum, transportation and supply chain and logistics. The transportation segment is sub-segmented into automotive, aerospace, marine and rail.
- On the basis of nutritive component the global dairy alternatives market is segmented into protein, starch, vitamins, others
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The Pre-Shipment Inspection (PSI) is the process or method for checking the quality of goods before they are shipped. It has been observed that urban areas have involved more in online shopping or in import as compared to rural areas.
One of the most common problems faced by online buyers is the quality issue, lack of security, damaged products and so on. Products having a cost of more than USD 641.6 billion per year return globally.
HIGH COST SERVICES:
Pre-Shipment Inspection (PSI) process is all about, ensuring the products are perfect or not. An experienced buyer knows the advantages of pre-shipment inspection, but there are many buyers who are not aware of the benefits of pre-shipment inspection. Thus, these buyers have to pay a higher cost than they need to be. The pre-shipment cost has been increasing due to many reasons.
Another reason is long travel time for inspection, if exporter hires non-local staff for inspections then the cost will also increase majorly due to the tickets of bus, train, taxi and flights fare, meal cost as well as the cost of accommodation. Thus, the high cost of pre-shipment inspection process is hampering the global pre-shipment inspection market.
INCREASED DEMAND FOR OUTSOURCING INSPECTION SERVICES:
Outsourcing is a type of business where a company hires another company to perform a particular task, provide services and handle operations. In other words, outsourcing of pre-shipment inspection includes supplier identification & selection, supplier development, supplier performance, corporate social responsibility & sustainability, product specifications, sample collection, product testing, on-site inspections, order control and corrective action (continuous improvement). As pre-shipment inspection companies provide a wide range of services due to this many manufacturers and exporters are moving for outsourcing of pre-shipment inspection.
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Drivers: Global Pre-Shipment Inspection Market
INCREASING CONCERNS OVER PIRACY ACTIVITIES:
Piracy activity is defined as an act of robbery/criminal viciousness/predefined attack on boat or ship by another ship in a coastal area. Piracy activity also includes duplicity of products which are going to shift. In others words, many people started replacing high-quality products with low-quality products before shipment. This situation has been increasing day by day, which reduces the faith of customers.
According to the International Maritime Organization (IMO), approximately 89.0% of the world’s trade is carried by sea. For instance, in 2017, Southeast Asia had suffered from 76 piracy attacks, while Africa suffered from 57 piracy attacks, America suffered from 24 piracy attacks, the Indian subcontinent suffered from 15 piracy attacks, East Asia suffered from 4 piracy attacks and other regions have also suffered from 4 piracy attacks.
HIGH OCCURRENCE OF PRODUCT RECALL:
A product recall is a kind of request from a manufacturer or producer to return a product as the product has safety issues or any defects. According to the federal government about 1,000 products recalls each year. For instance, Lumber Liquidators Inc, recalls 5-gallon buckets due to safety issue in 2018, IKEA
(Ingvar Kamprad Elmtaryd Agunnaryd) recalls dining tablets due to laceration hazard in 2018,
Öhlins Racing recalls bicycle fork due to fall and injury hazards in 2018, Seabreeze International recalls bathroom heaters due to fire hazards and so on.
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