This document summarizes current trends in product development during the COVID-19 pandemic. It discusses how the pandemic has accelerated existing trends like distributed product development teams collaborating online, as well as new trends like increased use of virtual prototyping and simulation to speed processes while limiting physical contact. Product development is increasingly integrating different technologies and balancing both technical and user requirements. Sustainability and the entire product lifecycle from design to end-of-life are also major considerations in current product development practices.