We wanted to get a feel for industries’ sentiment about new product development (NPD) in 2024.
So, we went straight to the source; by asking clients and connections involved in product development efforts, this one question…
“Compared to 2023, will your group be starting more, less or the same number of major NPD products in 2024?”
The headline news; 9 in 10 respondents believe they will have the same or greater levels of NPD in the next year. The exact breakdown:
61% said more than the last 12 months.
28% said same as the last 12 months.
11% said less than the last 12 months.
Diving into the results further, the most optimistic industry sector was “Industrial products, Energy & Defence”, in which no respondents expect to see less NPD in the coming 12 months. “Homewares, Building products” and “Transport, Automotive” closely followed as categories with overwhelmingly positive expectations of NPD in the coming year.
Even the least hopeful sector was hardly pessimistic; “MedTech & Analytical Instruments” had an even split between one-third expecting more, one-third same and one-third less NPD in the following year.
See the infographic for more details.
