Comparing Innovation Spending: PACCAR Inc and Avery Dennison Corporation

Innovation Spending: A Tale of Two Giants

In the ever-evolving landscape of industrial innovation, PACCAR Inc and Avery Dennison Corporation stand as titans of their respective fields. Over the past decade, PACCAR Inc has consistently outpaced Avery Dennison in research and development (R&D) spending, with a staggering 47% increase from 2014 to 2023. In 2023 alone, PACCAR's R&D expenses soared to over 410 million, marking a 90% rise since 2014. Meanwhile, Avery Dennison's investment in innovation has seen a more modest growth of approximately 32% over the same period, peaking at 136 million in 2021. This disparity highlights PACCAR's aggressive pursuit of technological advancement, particularly in the automotive sector. As we look to the future, the question remains: will Avery Dennison ramp up its innovation efforts to close the gap, or will PACCAR continue to lead the charge in industrial innovation?