In the last few years, the global economy and market requirements have been changing rapidly. The increasing demand for high complexity and the last technological developments potentiated by industrial transformation have led to the development of more complex and smarter products with new capabilities However, producing smart products means deep changes in product development processes that have experienced several advancements in the last years in terms of theory, methods and approaches. In this research, a literature review is made to provide knowledge about smart products development (SPD) approaches. Disruptive changes addressed by Industry 4.0 had impact in the whole product lifecycle, with the emergence of advanced digital tools for product development and prototyping that comprise advanced computing platforms, such as virtual and augmented reality. Allowing the combination of digital and physical prototyping, these technologies are rewriting the rules of product development processes, bringing new opportunities and challenges for SPD.
