The progress within the development of technical products and manufacturing processes leads to complex failure symptoms modes and reliability problems within the product life cycle. This fact is valid in the case of mass production of consumer goods - e.g. automobiles, washing machines - as well as small batch series of capital/industrial goods - e.g. machine tools, power plant components. Especially within the mass production area, consequences are an increasing percentage of damaged products within the product fleet in the use phase, which can lead to garage or recall actions. In the area of capital/industrial goods, the failure consequences can be safety related problems regarding the human population caused by accidents. This leads to increasing challenges for the future reliability engineering process within the main product life cycle phases. Reliability methods/techniques must be enhanced and adapted with the goal to ensure product reliability and manufacturing capability. This paper discusses challenges, trends and approaches of future reliability engineering in product development, manufacturing as well as product life cycle data analysis.