How Has the Caster Wheels Market Size Evolved in Recent Years?
The caster wheels market has seen considerable growth due to a variety of factors.
• In recent times, the caster wheels market has experienced solid growth. This market, currently valued at $9 billion in 2024, is projected to increase to $9.46 billion in 2025, representing a compound annual growth rate (CAGR) of 5.1%. A number of factors have contributed to this growth during the historical period including the growth in industrialization and manufacturing, advancements in logistics and transportation, an emphasis on ergonomics and workplace efficiency, a trend towards customization and specialized solutions, and changes in globalization and supply chain dynamics.
What Is The Forecast For The Caster Wheels Market Size?
The Caster Wheels market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of caster wheels is projected to experience substantial growth in the forthcoming years. This market is anticipated to surge to a whopping $12.42 billion in 2029 with a compound annual growth rate (CAGR) of 7.0%.
The growth in this predicted period can be linked to the needs for comprehensive services, increased demand for smart and IoT-enabled solutions, adherence to regulations and safety standards, considerations for sustainability and the environment, shifts in global manufacturing, and trade dynamics. Key trends within this timeframe include industrial automation, emphasis on ergonomics and mobility, specialized applications, progress in materials and technology, and a leaning towards sustainability and green initiatives.
What Are The Essential Drivers Behind The Growth Of The Caster Wheels Market?
The growth of the healthcare sector, particularly hospitals, is anticipated to drive the caster wheel market in the near future. These wheels are commonly used in hospitals on various items such as hospital beds, surgical tables, equipment trolleys, and IV stands. Hospitals are medical institutions that offer treatment services to patients battling various illnesses. For example, as per the Texas Health & Human Services Commission, in December 2022, the Texas Legislature along with Governor Greg Abbott sanctioned a budget of $282.5 million towards the expansion and design of a new hospital in Dallas-Fort Worth. The hospital is projected to accommodate 296 beds, including 200 for adult patients and potentially 96 for children. Also, in 2022, CNN, a prominent American media corporation, reported that there was an 8% rise in hospital bed occupancy over the past fortnight, with around 80% of the beds in use across the United States. As such, the growing expansion of hospitals is fuelling the demand in the caster wheel market.
How Is The Global Caster Wheels Market Divided Into Key Segments?
The caster wheels market covered in this report is segmented –
1) By Caster Type: Swivel Caster, Rigid Or Fixed Caster, Ball Bearing Caster, Kingpin Caster
2) By Type Of Material: Forged Steel, Cast Iron, Ductile Iron, Polyurethane, Mold On Rubber, Phenolic Resin, Other Materials
3) By Application: Shopping Carts, Office Chairs, Toy Wagons, Hospital Beds, Material Handling Equipment
4) By End-User: Automotive, Aerospace, Food Industry, Medical, Textile Industry, Other End-Users
Subsegments:
1) By Swivel Caster: Standard Swivel Casters, Locking Swivel Casters, Heavy-Duty Swivel Casters
2) By Rigid Or Fixed Caster: Standard Fixed Casters, Heavy-Duty Fixed Casters, Plate Mounted Fixed Casters
3) By Ball Bearing Caster: Single Ball Bearing Casters, Double Ball Bearing Casters
4) By Kingpin Caster: Kingpin Swivel Casters, Kingpinless Casters
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What Trends Are Reshaping The Future Of The Caster Wheels Market?
The advent of novel formulations and substances is quickly becoming a prominent trend in the caster wheel industry. To maintain their market positions, leading companies in the caster wheel market are resorting to the use of anti-microbial wheels. For example, in August 2024, Caster Concepts Inc., a manufacturer based in the U.S., introduced their Line of Heavy-Duty Casters for Demanding Applications. These specially designed casters are suited for heavy, extra-heavy, and super-heavy-duty applications, with the capability to move loads beyond 100 tons safely and efficiently. Produced entirely in the U.S. and in adherence with strict industry standards, these casters see quick production for a range of sectors, such as farming, space, and motor vehicles.
Who Are the Key Players In The Caster Wheels Market?
Major companies operating in the caster wheels market include:
• TENTE International GmbH
• Brauer Ltd.
• CASCOO Europe GmbH
• DH Casters Inc.
• Hamilton Caster & Manufacturing Co.
• Muvtons Castors Pvt Ltd.
• STEINCO Paul vom Stein GmbH
• Bharat Industrial Corporation
• Comfort Casters Global.
• Hengshui Yu Tong Metalwork Co. Ltd.
• Industrial Caster and Wheel Co.
• R&K Industrial Wheels
• Colson Associates Inc.
• Blickle Räder+Rollen GmbH u. Co. KG
• Shepherd Caster Corporation
• Albion Industries Inc.
• Faultless Caster Division
• Payson Casters Inc.
• Jarvis Caster Company
• Revvo Caster Company Limited
• Caster Concepts Inc.
• Medcaster Inc.
• Darcor Limited
• Darnell-Rose Casters
• Access Casters Inc.
• Douglas Equipment Company Inc.
• Stellana US Inc.
• Fallshaw Group Pty Ltd
• Magnus Mobility Systems Inc.
• Durastar Casters
What Are The Regional Insights Into The Caster Wheels Market?
North America was the largest region in the caster wheel market share in 2024. The regions covered in the caster wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
