Industrial Design Market size to grow by USD 12.51 Bn | APAC to Occupy 31% Global Market Share | Technavio

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One of the primary growth drivers for this market is the increasing demand for computer-aided design (CAD) for manufacturing products. In addition, increasing urbanization and rising disposable incomes will further accelerate the market growth during the forecast period. However, the availability of free and open-source design platforms will reduce the growth potential in the market. Technavio expects the industrial design market size to grow by USD 12.51 billion between 2021 and 2026. However, the growth momentum is expected to decelerate at a CAGR of 4.72% during the forecast period.

Industrial Design Market: Segment Highlights for 2020

• By product type, the market witnessed strong growth in the product design segment.
• The segment is driven by the increased focus on the physical appearance, functionality, and manufacturability of a product.
• In addition, the increasing use of the latest technologies such as autonomous robots, augmented reality, additive manufacturing, Big Data and analytics, simulation platforms, horizontal and vertical application integration, Industrial IoT (IIoT), cybersecurity systems, cloud computing, and cognitive computing will fuel the growth of the segment.
• The market growth in the segment will be significant during the forecast period.

Regional Analysis

• 31% of the growth will originate from the APAC region.
• The region will present significant growth opportunities for market vendors.
• The increasing construction of commercial and industrial buildings is one of the key factors driving the market growth in APAC.
• China, Japan, and India are the key markets for industrial design APAC.
• The market growth in APAC will be slower than the growth of the market in other regions.

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Notes:

• The industrial design market size is expected to accelerate at a CAGR of 4.72% during the forecast period.
• The industrial design market is segmented by Geography (APAC, North America, Europe, South America, and MEA) and Product (Product design, Model design and fabrication, and Other industrial design).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including Ammunition LLC, Bresslergroup, Designworks, IDEO LP, Karten Design, PDD Group Ltd., RKS DESIGN INC., Seymour Powell Ltd., TEAGUE, and WHIPSAW INC.

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