Each industry is faced with its own set of changes and responds by evolving and adopting new trends, practises, or acquiring new technology. The manufacturing power tool industry is no stranger to these changes and continues to face its own set of challenges and change as we propel forward in this digital era.
Before we delve into some of the new trends sweeping the manufacturing power tools industry, let’s understand power tools and the industry itself.
What are power tools?
A power tool refers to a tool that is actuated by an additional power source, with most power tools using electric motors, internal combustion engines, and compressed air. Power tools are utilized in various industries, including construction, or simply for gardening and housework. They are used for the purpose of driving fasteners, drilling, cutting, shaping, polishing, painting, heating, and much more.
Power tools can be classified as either stationary or portable, with the latter referring to hand-held tools and can be moved from one place to another. Stationary power tools have their advantages in regards to speed and accuracy of production, and in many cases, objects that are produced with the help of stationary power tools cannot be made using any other equipment. Both stationary and portable power tools serve key functions in several industries and help create a variety of products and complete a wide array of jobs.
Operators and manufacturers of power tools also sell spare and replacement parts for the tools. The industry offers the manufacturing of a number of products, including tools that are electrical, battery-powered, internal-combustion-driven, pneumatic, hydraulic, and power-actuated.
Trends In The Manufacturing Power Tools Industry
The manufacturing of power tools is a booming industry with new trends paving the way for the future. Projective reports can help us understand some of these new trends of current and upcoming years, offering comprehensive numerical analyses of the industrial power tools business. The findings from these reports can be used to help improve the growth and success of the market and aid future decision making.
Assessment reports include:
- Historical data
- A five-year forecast of the market trends
- Detailed research and segmentation of main markets and products
- Assessment of the competitive landscape
- An analysis of the growth trends and future prospects of the market
Projective market reports are the best tools to help us explore the current trends we’ve highlighted below:
A number of different countries contribute to the growth of the industrial power tools market; however, each country contributes differently. Europe has the largest global export quantity and manufacturers in the industrial power tools market, with the United States following closely behind. Whereas, China
India is forecast to be on the fastest growing national markets for power tools, with Mexico, China and multiple industrializing countries in the Asia/Pacific and Africa/Mideast regions also posting strong growth. Growth in these countries will be driven largely by expanding professional markets, especially international construction.
There are a number of key manufacturers who dominate the global industrial power tools market. Key stakeholders in the power tools marketing are continuously implementing research and development to bolster tool strength and life span of power tools.
The industrial power tools market can also be split into several categories or divisions based on the product type. Currently, there are four main types of industrial power tools, including lithium-ion batteries, Ni-Cad (nickel-cadmium) batteries, NiMH (nickel-metal hydride) batteries, and others. The other category can include corded electric, pneumatic, hydraulic, and power-actuated tools.
With the shift from corded to cordless power tools, lithium-ion batteries remain one of the main types of industrial power tools, used in power tools such as cordless screwdrivers, and encompassing between 50-60% of the global sales volume.
Overall, industrial power tool technology has matured, meaning it is difficult for new technology to enter the industry and compete with these popular brands and product types, regarding reputation and design.
The Corona Effect
There’s no denying that the COVID-19 pandemic has affected almost all industries positively or negatively. The power tool manufacturing industry has been affected by:
- An overall decline in revenue, due to a decreased demand from downstream customers including construction companies and other consumers
- The industry’s import levels are also expected to decrease since the largest source of industry imports are manufactured in China.
- The overall global trading conditions have also been negatively affected by the pandemic and are expected to impact global exports.
- In order to decrease the spread of the virus, many retailers of industrial goods, and other non-essential businesses have been expected to shut down temporarily. For this reason, there has been an overall decrease in the demand for industrial goods.
Many industries are connected, sometimes directly, while others share indirect connections. This also means that factors impacting one industry or area can cause a ripple effect and cause several changes downstream. The power tool manufacturing industry shares similarities and connections with a number of other industries, including all types of manufacturing facilities, construction, and automobiles, to name a few.
What does the future hold?
As the demand for power tools increases or decreases, the overall supply and revenue of the power tools manufacturing industry will respond appropriately. With the current global pandemic affecting almost all industries and businesses, the power tools manufacturing industry is dealing with overall decreased supply, imports, exports, and revenue.
As the cases and incidences of COVID-19 decline as we continue to battle this global pandemic, a general increase in the supply, demand, and revenue of the power tool manufacturing industry may become evident. However, irrespective of these changing times, power tools are currently in use and will continue to be so in the future. That’s why our team at Delta Regis Tools is here to offer you the best quality power tools and equipment to help make all of your building and manufacturing projects a reality. We are equipped with the state of the art technology to provide you power, speed, and accuracy, combined with simple and easy to use controls.
Contact Delta Regis Tools at 1(888) 473-6862 to speak to one of our representatives or visit our website here to learn more about what we have to do.