Industrial design is a functional art by which the aesthetics & usability of ready-made products may be improved for production and marketability. It is a strategic problem-solving procedure that builds business success, drives innovation, and leads to a better quality of life via innovative products, services, systems, and experiences. It bridges the gap between what is and what’s possible. It is a trans-disciplinary occupation that binds creativity to decide problems & co-create solutions with the intent of making a product, service, system, experience or a business, better. It provides a more optimistic approach of looking at the future by reframing complications as opportunities. It links research, business, technology, innovation, and customers to provide new value & competitive advantage across social, economic, and environmental spheres. It can be conducted by large team or an individual. The key benefits are increased sales of product, makes a company long lasting, makes the product safer & more enjoyable and uses less material & resources.
According to study, “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 2025” the key companies operating in the global industrial design market are Ammunition Group, IDEO LLC, Ziba Design, Altran Technologies SA, PDD Group Ltd., BlueFocus Intelligent Communications Group Co. Ltd., LUNAR Design, GK Design Group, R&D Design, RKS Design, Designworks (BMW AG), Busse Design, Accenture PLC, ARTOP Group. The key companies anticipate to change customer preferences & demands and plan the suitable strategies accordingly in order to achieve customer satisfaction.
Based on type, industrial design market is segmented into model design & fabrication, product design, user interference & interaction design, and other industrial design. Product design is likely to remain the most significant segment of the market during the forecast period owing to its prime importance in any manufacturing sector. Based on area of design investigation, market is segmented into tools, furniture, appliances, housewares, transportation, farm equipment, human interface, medical or electronic instruments and recreational support equipment. Based on sales channel, market is segmented into distributed channel and direct channel. Based on application, market is segmented into electronics, household, transportation, machinery & equipment, and others. The machinery & equipment segment holds major share in market due to the robust growth of the industrial sector in countries around the world.
The industrial design market is driven by rise in investment in computer-aided design & computer-aided engineering, followed by surge in incorporation of the Internet of Things (IoT) among industrial sectors and growth in environmental awareness among industrial heavyweights. However, fluctuating prices of materials used for industrial design and rise in stringent regulations may impact the market. Moreover, growth in cloud infrastructure and rise in focus on energy consumption are key opportunities for market.
Based on geography, the Asian-Pacific region holds major share in industrial design market owing to growth in investment in the industrial sector in countries such as India, China, Korea, and Japan. The North-American and European regions are also estimated to witness substantial growth due to presence of large number of key manufacturers over the forecast period. It is projected that the market will be reached at US $61440 million by 2025, with a CAGR of 5.3% during 2019-2025.
For more information, click on the link below:
Ankur Gupta, Head Marketing & Communications