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Power tools aren’t limited to any single industry. From at-home DIY experts to seasoned contractors, power tools help simplify the labor involved in the production and manual labor. Thanks to their electrical motors, they can cut down on the amount of tiring labor involved in a project and speed up production time.
As more and more industries utilize power tools in their own way, we’re seeing more technological advancements than ever before. Power tools are now being found in unexpected places, and this is good news for progress and innovation.
In this guide, we’ll look closer at 5 of the leading trends in the power tools industry. Which are you looking forward to most?
Power Tool Industry Progress
First, let’s look at the state of the power tool industry in 2019. There’s a lot more growth than we’ve seen before, and we attribute that to the rising need for advanced power tools in all kinds of new sectors. Manufacturing is big business, and all levels of manufacturers are turning to power tools to get the job done quickly.
Power Tool Industry Statistics and Recent Facts:
- Q1 sales rose to $3.3 billion (Stanley Black & Decker)
- Around one-third of Craftsman products are currently built domestically
- Gas and electric are approaching similar price points for many outdoor products
As you can see, change is on the horizon. Gas and electric are par for the course for the first time in history, and more leading companies are producing revolutionary technology. The demand for these power tools is also on the rise, leading to even more innovation. Now, let’s look at the leading trends you’ll see on the market today.
1. CNC Machining Prototyping Technology
One of the first trends is formally known as CNC machining, but you probably know it by it’s a more common name, 3D printing. This is a process known as additive manufacturing. The name is driven by the process itself in which material is added instead of taken away. Because the material is “printed,” there’s significantly less waste.
CNC machining is a sustainable option for prototyping, and it’s changing how businesses manufacturer power tools. Because there’s more room for product-specific customization and inexpensive prototyping, there’s a lot more room for growth than we’ve ever seen before. Creating custom products and tools that can be used for specific woodworking projects or on an ongoing basis is changing how we look at prototyping power tools.
2. Rise of Cordless Power Tools
There’s been a demand for cordless power tools since the very start of the industry. We all understand why cords are a hassle. They get in the way, and they can even be a danger on construction and project sites where there are a lot of people and large materials.
There’s been a recent shift from corded to cordless power tools. While corded tools are still a huge part of the market, this is because cordless tools haven’t been able to keep up. The battery life of cordless tools simply wasn’t sustainable or as trustworthy as their corded counterparts. Luckily, the tides are shifting.
Though it’s been a slow transition, we’re starting to see more battery-powered tools like circular saws, band saws, hammer drills, impact wrenches, and more. These are ideal for sanding, cutting, metalworking, and other projects as building sites become more mobile. The cordless tools of today are working harder to work longer on a single charge, and that’s big news for the industry.
3. Research and Statistics
Big data has made its way into power tools like it has all other areas of construction and building. The market itself is investing in more understanding of research and how it helps us build better projects for the home and more. From researching new technology to better understanding job sites, every step is a step forward.
For instance, one of the latest research areas is in new battery packs. There have been recent developments in the 9.0Ah battery packs with a type of lithium-ion battery that has a 5 times greater runtime than traditional lithium batteries. These are the types of research areas that will have a huge effect on the industry.
4. Shifting Pricing Strategy
One trend that might not be as expected is in pricing strategy. Power tool companies are looking to gain more of an advantage by developing a stronger pricing strategy. This new strategy is all about adding value as evident in Makita or Milwaukee tools for example.
Manufacturers know that if they’re not able to provide the right tool or the right saw at the right time, the customer will go to a competitor. Having low-demand tools at the ready might raise inventory costs, but it will help them retain that customer in the long run.
Why does this matter for pricing? By pricing their low-demand inventory with the same formula as those high-demand stocks, they’re able to increase revenue by anticipating customer needs. As we gain more insight into how and when certain tools are needed, we can see more progressive pricing.
5. Smart Tools
Finally, there’s a new push for smart tools. With smart devices taking over all aspects of our lives, it comes as no surprise that you’ll soon be able to connect your power tools to the Internet of Things (IoT) just like everything else in your life.
Smart tools already exist to some extent. The brushless motor already has programs to help control the torque and speed of the motor, so this technology is being developed further to fit other tools. While it might just be in the early stages, smart power tools will be here sooner than we think.
The Future of Power Tools
We’re already approaching a new era of power tools. With the rise of DIY creators and builders, it’s no wonder our tools are changing. Today, manufacturing and construction is an industry that’s open to more people than ever before. With this increased demand comes new technology and innovation.
Not only do these changes make our lives easier, but they also make them safer. It’s no secret that power tools can be dangers even when used properly. The smarter they become, the safer they become as well. Together, we can welcome this new age of digital transformation.