Global Industrial Design Market Research Report: by Type (Product Design, Model Design and Fabrication, User Interface and Interaction Design, Other Industrial Design), by Application (Transportation, Electronic, Household, Machinery & Equipment, Others), and Region - Forecast to 2027
Market Overview
Market Research Future (MRFR) has announced a new report on the global industrial design market. Extensive data aggregation on the global industrial design market is performed in the report with the help of dynamic primary and secondary research methods. Top-down and bottom-up approaches are used to figure out the market’s overall standing in the global marketplace and the relative role of each segment within the overall market. The global growth prospects of the industrial design market are analysed by compiling the growth prospects of its various segments. The competitive landscape and segmentation of the global industrial design market are assessed in detail to provide pointers as to how players can succeed in the various components of the market over the coming years.
According to the report, the global industrial design market is likely to rise at a CAGR of 5.85% over the 2020-2027 forecast period, having been valued at USD 32,546.5 million in 2020. The market is expected to almost double in value over the forecast period, with a valuation of USD 61,786.7 million expected for the market by 2027.
The industrial design market has grown steadily in the last few decades due to the growing investment in computer-aided design and computer-aided engineering. The growing global industrial design market is likely to be influenced by factors such as the increasing environmental awareness among industrial heavyweights and the growing incorporation of the Internet of Things (IoT) among industrial sectors to make production processes easier and smoother.
Green engineering is likely to be a major component of the global industrial design market over the forecast period. The industrial design market is expected to be dominated by trends regarding the environmental viability of manufacturing processes as well as the use of environmentally feasible, renewable energy sources in the production of the designed products. Environmentally oriented manufacturing processes are likely to become more popular in the industrial sector over the coming years, shaping the trajectory of the industrial design market as an influential factor.
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Segmentation Analysis:
The global industrial design market is segmented by type and application.
By type, the market is segmented into product design, model design and fabrication, user interference and interaction design, and other industrial design. Product design is likely to remain the most important segment of the global industrial design market over the forecast period due to its prime importance in any manufacturing sector, rising to a value of USD 23,273.8 million by 2027.
By application, the global industrial design market is segmented into transportation, electronics, household, machinery and equipment, and others. The machinery and equipment segment is likely to remain the leading contributor to the global industrial design market over the forecast period due to the strong growth of the industrial sector in countries round the world. The segment is likely to rise to a valuation of USD 19,889.4 million by 2027, followed by the electronics segment with USD 16,261.5 million.
Regional Analysis:
Asia Pacific is likely to remain the leading contributor to the global industrial design market and is likely to extend its lead at the top of the market’s charts due to the growing investment in the industrial sector. The Asia Pacific is also likely to benefit from the growing adoption of IoT solutions in these and other countries in the region, which represent an untouched market for the IoT industry and are likely to emerge as leading consumers of IoT solutions over the coming years. The manufacturing sector in countries such as India, Korea, Thailand, Taiwan, and Japan is likely to boost spectacularly in the coming years due to the growing government efforts to make the most of the human capital available in these countries and increasing investment by foreign players in these markets. This is also likely to be a major driver for the industrial design market in Asia Pacific over the forecast period, which is expected to reach a valuation of USD 24,264.3 million by the end of the forecast period.
Competitive Analysis:
Leading players profiled in the report include R&D Design (U.S.), Ammunition Group (U.S.), PDD Group Ltd. (U.K.), IDEO LLC (U.S.), Designworks (BMW AG), BlueFocus Intelligent Communications Group Co. Ltd. (China), RKS Design (U.S.), Ziba Design (U.S.), Busse Design (U.S.), ARTOP Group (China), Altran Technologies SA (France), GK Design Group (U.S.), Accenture PLC (Ireland), and LUNAR Design (U.S.).
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