In the era of Industry 4.0, in response to rapidly changing market and customer needs, product design and development (PDD) is evolving into a human-centred and data-driven design paradigm. The design environment gets more open often involving crowdsourcing and the design process becomes more complex, considering product family design along product whole lifecycle development, and needing more data support. Therefore, it is critical to effectively capture, share, and manage design-related information in such a complex design environment. From this perspective, it is a prerequisite to have a proper product design lifecycle information model (PDLIM) to guide information gathering, sharing and managing. To the best of our knowledge, currently, there lacks such a PDLIM to support effective product design and development (PDD), though digital twin (DT) technology shows a great potential of supporting product lifecycle information collection and management. In this paper, the overall structure of the proposed PDLIM is firstly developed to frame in all main product lifecycle stages and the corresponding key phases for structurally capturing and storing necessary data along a product lifecycle. Secondly, key design information items against the main product lifecycle stages and their corresponding key phases are explored from literature reviews and case study analyses. Thirdly, the necessity of the identified information items in the PDLIM is qualitatively evaluated by two case studies. Finally, the PDLIM is further evaluated by applying formal object-role modelling (ORM) to demonstrate how design information items are used and interacted in exemplary design interaction scenarios, and to approve that it can be formally described and managed as an information model. The evaluation results show that the PDLIM is feasible to be adapted in a crowdsourcing-combined PDD process for supporting design management, reviewing, quality control, and next round product redesign and improvement.