The Future of Industrial Design
To know about the future of industrial design by comparing the current state with the predicted future state of the industry. The current state study will uncover 10 notable statistics on industrial design across different industries, 5-8 key players in the industrial design industry, and 5-8 top successful products/projects related to industrial design. The future state study will uncover 10 key predictions as to how the industrial design market will change in the future and the expected advancements in the industry, 7 consumer industries/products that will be most affected by industrial design in the future, and 7 business/professional sectors that will be most affected by industrial design in the future. The information will be used to present a white paper called "The Future of Industrial Design" to educate business professionals on the advancements in industrial design and what is predicted in the industry in the future.
Overview of the Industrial Design Market
- The market size of the global industrial design market was $40.7 billion in 2017. It is expected to become a $61.4 billion market by 2025, growing at a CAGR of 5.3% during 2018-2025.
- In terms of revenue, China is the biggest industrial design market with a 33.03% share of the global revenue in 2017.
- Europe is the second-biggest market with a 27.30% share of the global revenue in 2017, followed by North America with a 19.70% share.
10 Notable Statistics on Industrial Design Across Different Industries
- Across industries, up to 95% of the total production costs occur during the design stage. Hence, good and robust industrial design can significantly lower manufacturing costs and decrease the product-to-market time.
- Good industrial design can increase the revenue for small manufacturers. As per a study, a 17.5% increase on average sales results for small manufacturers that invest in industrial design and improve the quality of their goods and services.
- As per a 2015 report by the Design Management Institute, design-driven companies like Apple, IBM, Coca-Cola, Nike, Disney, and Herman Miller saw a 219% increase in their revenue between 2004-2014 after investing in industrial design than companies that did not invest in industrial design.
- Investment in industrial design indirectly impacts businesses. As per the Organization for Economic Co-operation and Development, companies hiring industrial designers have a 9.1% higher growth in employment than companies that do not.
- Across industries, companies that invest in industrial design and have industrial designers in their workforce have a 24% more likelihood of product innovation than companies that do not.
- According to the British Columbia Premier's Technology Council, 48% of all projects that incorporated industrial design reached break-even within one year of product launch, while 90% of the projects did so within three years.
- As per The Design Council, every £100 that a design-conscious company spends on industrial design increases its turnover by £225. Such companies also perform much better on the FTSE (Financial Times Stock Exchange) than companies that do not invest.
- Good design matters for companies not only at the manufacturing stage but also for bringing in customers through their websites. A study revealed that 94% of people rejected a website for poor design, while only 6% rejected the same for content-related issues.
- Companies that invest in industrial design have a 1.5x greater market share than companies that do not invest.
- As of February 2020, there are 33,756 industrial designers across different industries in the US. Also, the US Patent and Trademark Office granted 186,118 design patents to US citizens alone in 2019.
Proposed next steps:
You need to be the project owner to select a next step.