3M Company or Cummins Inc.: Who Invests More in Innovation?

Innovation Investment: A Tale of Two Giants

In the ever-evolving landscape of industrial innovation, 3M Company and Cummins Inc. stand as titans. Over the past decade, 3M has consistently outpaced Cummins in research and development (R&D) spending, investing nearly double the amount. From 2014 to 2023, 3M's R&D expenses averaged around $1.77 billion annually, peaking in 2021 with a 13% increase from 2014. Cummins, while trailing, has shown a remarkable upward trend, with a 99% increase in R&D spending from 2014 to 2023, reaching $1.5 billion. This surge underscores Cummins' commitment to innovation, particularly in recent years. However, 2024 data for Cummins remains elusive, leaving room for speculation. As these industry leaders continue to innovate, their investments in R&D will undoubtedly shape the future of technology and sustainability.