Industrial designers collaborate with businesses to create innovative and visually appealing products, from consumer electronics and furniture to automotive designs and medical devices. Their expertise enhances product appeal and competitiveness in the market. Companies focus on designing products that not only meet functional requirements but also excel in aesthetics, usability, and user experience.
Competitive Landscape of the Industrial Design Market
The industrial design market, encompassing the conceptualization and creation of products for mass production, is a dynamic and ever-evolving space. Characterized by fierce competition, it's crucial to understand the key players, their strategies, and the factors driving market share. This analysis aims to shed light on this multifaceted landscape.
Key Players:
Strategies Adopted:
Factors for Market Share Analysis:
New and Emerging Companies:
Current Company Investment Trends:
Latest Company Updates:
September 2023- The new logo for ARCAM will be unveiled in 2023 by the HARMAN Luxury Audio Group. It is intended to guide ARCAM's product development and industrial design into the future with three guiding principles: incredible sound, British heritage, and luxury within reach. With the introduction of the ARCAM Radia Series, a new line of high-end audio devices that includes the ARCAM A5/A15/A25 Integrated Amplifiers, the ARCAM CD5 CD Player, and the ARCAM ST5 High-Resolution Streamer, the branding will be made public to the New Zealand market.
Octomber 2023- 2023 saw the acquisition of TEAMS, a German industrial design company with four offices globally, by global management consulting firm Kearney. With the purchase of TEAMS, Kearney broadens its existing organisational and strategic capabilities for product excellence to cover the fields of design and engineering.
The Industrial Design market size was valued at USD 43.37 Billion in 2023. The Industrial Design industry is projected to grow from USD 45.63 Billion in 2024 to USD 68.45 Billion by 2032. exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2024 - 2032). Industrial design is the process of designing products or equipment that can be manufactured on a massive scale and be used by customers on daily basis. The huge spending levels of customers and rapid pace of industrialization can influence the industry growth over the forecast period.
The COVID-19 pandemic has disrupted product development with restrictions placed on manufacturing units, uncertain demand, and travel restrictions. Industrial design agencies have adopted work-from-home policies and collaboration software for keeping communication channels open to drive efficiency. Sustainability goals by FMCG companies and emphasis on recyclability remain on the agenda for major industries. This can be beneficial to industrial design companies and provide them with contracts and projects.
Evolution of medical technology as well as the dependence on interconnected devices for gleaning patient information and making informed decisions has led to industrial design agencies focusing on portable designs of devices to assist healthcare workers. Customized procedure trays, for instance, are tailored according to the need of surgeons.
Incorporation of IoT to Mitigate Production Process
The integration of IoT in production methods for expediting output can drive the global industrial design market. Reliance on the new technology in the coming years owing to its benefits and tools for incorporating advanced complicated design procedures can bode well for the market. Shift to a value-based business model by enterprises and rapid production methods adopted by manufacturing units can bode well for the global market. Manufacturers are undertaking new projects in India and China with proper execution strategies in place with compliance to COVID-19 restrictions. This is expected to drive the demand for product design and industrial design services as a whole.
Green Engineering
Green engineering and sustainable development is a viable opportunity for the industry to expand its scope over the forecast period. Sustainable schemes introduced by governments worldwide for lowering carbon emissions and encouraging the growth of environmentally viable sources for manufacture of products. The use of solar energy for meeting energy targets of industries is the right start for the global industrial design market. Industrial design can assist builders in adhering to latest environmental standards as well as gain incentives from green schemes.
Adherence to Quality Standards
Green energy codes are minimum code requirement to be adhered for infrastructure developers to maintain energy efficiency. But real estate developers are having a hard time owing to high costs of sustainable materials and increased costs of buildings. Non-compliance of laws which bring in heavy penalties to the offender can restrain the market growth.
Price Alignment
Alignment of prices with the end product is a challenge posed to the global industrial design market. The lack of product development team managers with deft experience for matching production quantity and quality can be challenging for designers.
By Type
Product Design to Gain the Lead
Product design is likely to gain the lead in the global market owing to the need for conceptual designs in any market by companies. The product design can be used as a differentiator in the industry and used in gaining a large consumer base. Consumer electronics companies, FMCG companies, and F&B companies invest heavily in R&D for developing new designs for products annually to top their sales margins. It can reach a value of USD 23,273.8 million by 2025. Design of surgical instruments is likely to take priority during the COVID-19 pandemic owing to instruments requiring precision. Huge need for healthcare devices such as incontinence pads and mobility aids can drive the segment demand over the forecast period.
By Application
Machinery & Equipment Segment to Dominate
The machinery & equipment segment is likely to dominate the global industrial design market owing to rapid industrialization globally. Countries are developing goods and streamlining their production process through automation for gaining leverage in international trade. Investments in machinery and equipment will go a long way in ensuring national growth. The segment can reach a valuation of USD 19,889.4 million by 2025.
APAC to Lead in Global Market
APAC is expected to lead in the global industrial design market owing to investment by leading players in countries of China, South Korea, Japan, and India. Adoption of IoT solutions by leading industrialists and huge potential for IoT applications can facilitate the trend. The expansion of the manufacturing sector and government efforts to capitalize on the large laborforce can bolster the market demand. The regional market can touch a valuation of USD 24,264.3 million by the end of the forecast period.
Europe to Contribute Heavily to Global Industrial Design Market
Europe is likely to contribute heavily to the global industrial design market owing to intellectual property laws being rolled out in the European Union for protecting patented industrial designs of products and components. Regulations for preventing third parties to use the patented design and commercialize on its success can drive players towards investing in the region. But lack of clarity on certain sections of the law can impede the regional market growth.
Competitive Landscape
Global Industrial Design Market is highly competitive with fluctuations in currency, volatile raw material prices, and presence of private and public companies. Economic conditions and industrial development are likely to shape the industry in the coming years. Service upgrades, collaborations, and partnerships will gain traction over the forecast period for keeping services economical. The competition can intensify owing to collaborations and product developments.
are prominent players of the global industrial design market.
Recent Developments
Report Scope
Global Industrial Design Market report compiled by MRFR illustrates the trajectory of segments and sub-segments as well as supporting factor driving their growth. The report contains a comprehensive summary and explores all opportunities, trends, and threats to be faced by industry leaders in the coming years. It is segmented in the following manner:
By Type
By Application
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