Industrial Design Market: Current Analysis and Forecast (2022-2030)

Report Description

The Industrial Design Market is expected to grow at a strong CAGR of 4% during the forecast period owing to the increasing demand for innovative, user-friendly, sustainable, and culturally appropriate products. Industrial design is a field that majorly focuses on the development and creation of products that are both functional and aesthetically pleasing. It involves the process of designing and developing products, such as furniture, electronics, and consumer goods, from their initial conception to their final production. Designers use their knowledge of engineering, materials science, and design principles to create products that are both functional and visually appealing considering the factors such as usability, ergonomics, safety, and cost-effectiveness in their designs. The increasing demand for innovative, user-friendly, sustainable, and culturally appropriate products, as well as the expanding global market for design services, are driving the growth of the industrial design market.

Some of the major players operating in the market include IDEO, frog, part of Capgemini Invent, McKinsey & Company, Designworks USA, Inc., ARTOP GROUP, Accenture, Ammunition, ZIBA Design, BlueFocus Communication Group, PDD Group Ltd.

Insights Presented in the Report

“Amongst type, the model designing & fabrication segment attains a considerable share of the market during the forecast period.”

Based on type, the market is segmented into product design, model design & fabrication, user interface & interaction design, and others. Amongst these, the model designing & fabrication segment with hold a higher CAGR during the forecast period owing to the increasing advancements in technology. However, customization and cost efficiency remain important factors for clients and industry-specific requirements are driving innovation and growth in this market.

“Amongst industry, the automotive captured the majority share of the industrial design market in 2021.”

By industry, the market is categorized into automotive, food & beverages, electronics, machinery, and others. Among these, the automotive segment captured the majority share of the industrial design market in 2021. The combination of factors, including consumer demand, technological advancements, globalization, regulations, and sustainability are driving this segment. For instance, Italian startup TUC is on a mission to revolutionize the mobility sector with its patented plug & play system which cuts vehicle production costs and offers virtually unlimited potential for customization.

Industrial Design Market Report Coverage

“APAC holds the second largest share of the Industrial Design market in 2021.”

Asia Pacific region has experienced significant growth in this market in recent years. The growth of the industrial design market in this region is majorly driven by increasing demand for consumer goods, technological advancements, urbanization, government support, and emerging markets. These factors are creating a favorable environment for industrial designers, leading to increased innovation, investment, and growth in the industry.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Industrial Design market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Industrial Design Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Industrial Design market were the three major steps undertaken to create and analyze the adoption of Industrial Design in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Industrial Design market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Industrial Design market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Industrial Design market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and industry. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Industrial Design market. Further, we conducted factor analysis using dependent and independent variables such as type and industry of the Industrial Design market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Industrial Design market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Industrial Design market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Industrial Design market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Industrial Design market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Industrial Design market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type and industry in the global Industrial Design market.

The main objective of the Global Industrial Design Market Study

The current & future market trends of the global Industrial Design market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Industrial Design market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the type and industry.
• Define and analysis of the regulatory framework for the Industrial Design
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Industrial Design market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the Industrial Design market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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