Caster Wheels Global Market Report 2024

The caster wheels market size has grown strongly in recent years. It will grow from $8.63 billion in 2023 to $9.13 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. During the historical period, growth can be linked to several factors such as industrialization and the expansion of manufacturing, advancements in logistics and transportation systems, emphasis on ergonomics and workplace efficiency, the emergence of customized and specialized solutions, and the impact of globalization on supply chain dynamics.

The caster wheels market size is expected to see strong growth in the next few years. It will grow to $11.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. Anticipated growth in the upcoming period is expected to be driven by several factors, including the increased demand for comprehensive services, a rising market for smart and IoT-enabled solutions, adherence to regulatory compliance and safety standards, growing concerns about sustainability and environmental impact, and the evolving dynamics of global manufacturing and trade. Key trends projected in the forecast period encompass the widespread adoption of industrial automation, heightened focus on ergonomics and mobility solutions, increased utilization of specialized applications, advancements in materials and technology, as well as a stronger emphasis on sustainability initiatives and green practices across industries.

The anticipated expansion of hospitals is poised to drive growth in the caster wheel market. Hospitals, as medical treatment institutions, extensively utilize caster wheels in various applications such as hospital beds, equipment carts, surgery tables, and IV poles. Notably, in December 2022, the Texas Legislature and Governor Greg Abbott approved $282.5 million for the expansion and design of a new hospital in Dallas-Fort Worth, featuring 296 beds. This investment is a response to the increasing demand for healthcare facilities, as evidenced by the Texas Health & Human Services Commission. Additionally, with over 80% of hospital beds in use in the US, the expansion of hospitals is identified as a key driver for the caster wheel market.

The growth of the caster wheel market is expected to be fueled by the burgeoning e-commerce industry. E-commerce, or electronic commerce, involves the buying and selling of goods and services through electronic networks. Caster wheels play a crucial role in material handling machinery used in distribution centers, enabling easy movement of cargo and streamlining logistics processes. As of October 2023, the US Department of Commerce reported a 7.7% increase in e-commerce sales, totaling $277.6 billion in the second quarter compared to the previous year. This surge in e-commerce activities is a significant factor contributing to the growth of the caster wheels market.

A notable trend influencing the caster wheel market is the development of new formulations and materials. Key players in the market are incorporating antimicrobial wheels to maintain their competitive edge. In January 2021, Colson Casters, a global manufacturer based in the US, introduced an antimicrobial soft wheel designed for high-temperature steam sterilization and wash-down applications. Specifically created for equipment subjected to sterilization chambers and cart wash treatments, the MedCaster Sterilizer Wheel is part of the enhanced SX Series, offering versatility for various applications, including case carts, test cages, lab equipment, and operating room equipment. This trend highlights the industry's commitment to innovation and meeting evolving needs.

Major players in the caster wheel market are strategically allocating investments to expand their presence and reinforce their market position. These investments are geared towards fostering the growth of their respective companies and hold the potential for substantial financial returns. A notable example is Caster Concepts Inc., a leading US-based industrial wheel and caster manufacturing corporation. In February 2023, the company unveiled a $2 million investment plan for the expansion of its 16,000-square-foot Central Michigan headquarters. This expansion initiative encompasses the enlargement of the engineering department, increased floor space for product development and testing, additional office space, an expanded manufacturing work area, enhanced employee facilities, and more truck docks to accommodate a higher volume of orders and deliveries.

In March 2021, Blue Wolf Capital Partners LLC, a US-based private equity firm, successfully acquired Colson Group for an undisclosed amount. This strategic acquisition by Blue Wolf Capital Partners LLC is designed to provide the necessary funds and resources for the long-term growth prospects of Colson Group and its clients. The aim is to build upon Colson Group's distinguished legacy of product solutions and longstanding commercial connections. Colson Casters, a global manufacturer of casters and wheels based in the US, stands as a key player in this transformative acquisition.

Major companies operating in the caster wheels market report are 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., Korenberg Abrasive Wheels, 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.

North America was the largest region in the caster wheel market share in 2023. The regions covered in the caster wheels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the caster wheels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of caster wheels include the swivel caster, rigid or fixed caster, ball bearing caster, and kingpin caster. A swivel caster is a specific type equipped with an additional swivel joint above the fork, enabling a full 360-degree rotation and facilitating movement in any direction. These casters are crafted from materials such as forged steel, cast iron, ductile iron, polyurethane, molded rubber, phenolic resin, and others, catering to diverse applications such as shopping carts, office chairs, toy wagons, hospital beds, and material handling equipment. The end users of caster wheels span across various industries, including automotive, aerospace, the food industry, medical field, textile industry, and other sectors where mobility and movement are essential aspects of operations.

The caster wheels market research report is one of a series of new reports that provides caster wheels market statistics, including caster wheels industry global market size, regional shares, competitors with a caster wheels market share, detailed caster wheels market segments, market trends, and opportunities, and any further data you may need to thrive in the caster wheels industry. This caster wheels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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