Industrial Design Market Size, Share, Growth, and Industry Analysis, By Type (Product Design, Model Design and Fabrication, User Interface and Interaction Design and Other Industrial Design), By Application (Transportation, Electronic, Household, Machinery and Equipment, Consumer Goods, Healthcare and Other), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Industrial Design Market Report Overview

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The global industrial design market size was USD 44360 million in 2021 and is projected to touch USD 72813.88 million by 2031, exhibiting a CAGR of 5.1% during the forecast period.

Industrial design service refers to the process of designing equipment and products for daily use by customers that would be produced in large volumes. The products have been popular owing to benefits including improved infotainment, enhanced diagnostics systems and rapid service. They participate in all aspects of form, fit and function, heightening them to generate the best possible user experience. They also produce visually pleasing designs that can stand the test of time and ensure that the products design is suited to fit the user, including how they will efficiently relate, interface or live with the product. Moreover, the success of the product is decided upon how well the design keeps up with the mentioned factors.

COVID-19 Impact: Worldwide Lockdown Negatively Affects Market Sales

The global COVID-19 pandemic has been unprecedented and staggering, with the industrial design market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The rise in CAGR is attributable to the industrial design market growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic is posed significant challenges to the world economy and businesses, with governments implicating a rigid restriction on transportation and the closing down of manufacturing centers, which affected the sales of industrial designs. The negative impact is accounted to the transportation sector recorded declining sales due to the restrictions, no product developments were made in the time period hence, impending the sales in the industrial design market. A tighter supply chain and the market at a standstill, led to a reduction in quantity demanded for machinery and equipment as there were no developments in product design or enhancements in productivity and efficiency of the products.

LATEST TRENDS

"Sustainability and Recyclability Initiatives Boosts Market Growth"

These initiatives are majorly undertaken by key players which benefit the demand of the industrial design market. Furthermore, the factors are a priority to companies because to be socially and environmentally friendly. Consumers get more attracted to businesses being responsible towards the surroundings, so various enterprises are contracting the products service provides to make the machinery more eco-friendly. This is leading into a trend hence, spiking sales and improving the industrial design market growth.

Industrial Design Market Segmentation

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• By Types 

Based on type, the market is classified into product design, model design and fabrication, user interface and interaction design and other product

Product design is the leading type segment.

• By Application

Based on application, the market is categorized into transportation, electronic, household, machinery and equipment, consumer goods, healthcare and other.

Household application is the leading application segment.

DRIVING FACTORS

"Rapid Industrialization Fuels Market Growth"

The rapid industrialization has augmented demand mainly for machinery and equipment design services. As an inclining number of companies look forward to enhance their products design as they adopt automation to streamline their manufacturing processes for reinforcing their global market position. The enterprises drastically to invest in machinery and equipment as a result would require design services for designing machinery and equipment, to make their production lines additionally productive and efficient to keep up with rising industrialization.

"Growing Spending Pattern of Customers Elevates Market Growth"

A growing urban population is experiencing higher levels of disposable income available. The electronic sector accounts high demand for the industrial design of, mobile phones, tablets, laptops and others also in household products, television, fridge and microwaves. The rise is recorded because of enhancements made in phones to have higher storage and better camera quality or in televisions having higher definition and better audio quality. Minor improvements by the designers attracts customers to have the latest product as it sets a trend of owing newer products whereas, it directly benefits the overall industrial design market share.

RESTRAINING FACTORS

"Fierce Competition and Fluctuating Customer Preferences Impede Market Growth"

The designers face a number of challenges, as manufacturers face more competition and faster development cycles than ever before. Furthermore, competitors can have similar products but at a lower price which is a unique selling point, which would hamper sales as customer would prefer a product of a lower price. Moreover, pressure is being put on the designers from every angle, as they have to operate in a nonproductive environment, still need to generate products faster, without compromising on style. Even the packaging process can have an impact on sales as the way the final product looks in the eyes of the customer, plays a role in its success.

Industrial Design Market Regional Insights

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"Asia Pacific Continues to Dominates the Market Globally"

Asia Pacific is accounted as the controlling region in the industrial design market and is expected to clutch its position as leader for the foreseeable future. The growth in the market in this region is indicated by the investments undertaken by key companies in Asia Pacific, the region mainly benefits from globalizing the manufacturing sector. Furthermore, government initiatives to assemble huge labor force, and growing adoption of IoT-enabled solutions boosts the demand of the product in this region.

KEY INDUSTRY PLAYERS

The industrial design market is led by industry players who stands holding the largest share percentage in the global market. Furthermore, the key players look to develop aspects of a product that create emotional connections with the user by integrating all aspects of form, fit and function, optimizing them to create the best possible user experience.  On the other hand, companies look to expand their geographical footprint, by opening up franchises, acquisitions and partnerships to boost their market position and value. While concentrating on activities of research and development of the product to best fit the users and use cost efficient strategies to reduce expenses to boost their product in sales for an increase in the market share.

List of Market Players Profiled

• IDEO (U.S.)
• Frog Design (U.S.)
• Designworks (U.S.)
• Artop Group (Hong Kong)
• Designaffairs (Germany)
• Ammunition Group (U.S.)
• ZIBA Design (U.S.)
• Fuse Project (U.S.)
• PDD (China)
• LUNAR (India)
• R&D Design (India)
• GK Design Group (Japan)
• RKS (U.S.)
• BUSSE Design (Germany)

REPORT COVERAGE

The over view of the report consists of a detailed analysis of the market and highlights on key industry players, types of the product, and important advancements of the product. The research also includes factors that are used to increase the market share. It also looks upon the latest market trends and industry developments, in addition to the important factors that have played a role to the markets growth. Moreover, market growth forecasts for the current and foreseeable future are included in the research.