Timing is everything, and if you want your product to take off, sometimes you just have to know when to launch it. Every year there are trends that see boom times, and then taper off. But if you can enter the market at the right time, you may find that your product exceeds your expectations. Here are some of the hottest industries for new product development right now.
Drone Technology
The drone industry has seen some pushback from the FAA and their regulations, but business is still booming. Once thought to be more of a novelty, we’re seeing drones used for all kinds of purposes. And if the FAA loosens restrictions, you can bet that the industry will only continue to grow. Right now it’s predicted to grow at a rate of 5.8% annually.
Active Wear
Also known as “athleisure,” this industry is seeing an upswing that doesn’t look like it’s stopping anytime soon. Outdoor and active apparel is being pulled into mainstream style thanks to fitness trackers and the appeal of athleisure clothing. New lines targeted at specific consumer groups are popping up all the time, so maybe it’s time to find your own niche.
Specialty Foods
There’s a major trend right now towards knowing where one’s food is coming from, as well as eating healthier in general. The obesity epidemic has raised a lot of awareness about the food we put in our bodies, and there are plenty of consumers looking for healthy organic options that they don’t find at their local supermarket. And it’s not just about providing a product. Businesses that excel at telling their stories and connecting with customers are the ones that will see the most success in their market.
Sustainable Building Materials
There’s been an uptick in consumer interest in sustainable and energy efficient products, and the construction industry is no exception to this. Efficient apartment units and homes that help reduce the use of water, energy, and other natural resources are going to continue to be in demand, and businesses that produce the necessary materials and designs for these buildings stand to benefit.
Handmade Products
Similar to the trend in specialty foods, consumers are looking to reconnect with products and services that have become faceless and impersonal. The rise of Etsy, and the recent launch of Amazon Handmade are good indicators that handmade products with a compelling story behind them are going to be in demand for a long time to come.
Getting into an industry at the right time can make a world of difference, but so can working with an experienced and international product development firm. At Pivot, we excel at helping turn ideas into reality, and our award-winning product design and development services include industrial design, mechanical engineering, electrical engineering, and software development. So contact us today if you’d like to hear more about how a partnership with Pivot can benefit your business.
