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Caster Wheels Market Report 2024 - Caster Wheels Market Share, Size And Growth
Caster Wheels Market
According to The Business Research Company's, 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%. The growth in the historic period can be attributed to industrialization and manufacturing growth, logistics and transportation development, focus on ergonomics and workplace efficiency, customization and specialized solutions, globalization and 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%. The growth in the forecast period can be attributed to demand for comprehensive services, rising demand for smart and iot-enabled solution, regulatory compliance and safety standards, sustainability and environmental concerns, global manufacturing and trade dynamics.. Major trends in the forecast period include industrial automation, focus on ergonomics and mobility, specialized applications, advancements in materials and technology, sustainability and green initiatives.
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Market Drivers and Trends:
The expansion of the hospitals is expected to propel the caster wheel market going forward. Hospitals refer to an institution that provides medical treatment and helps patients to cure their diseases. In hospitals, caster wheels are commonly employed in applications such as hospital beds, equipment carts, surgery tables, and IV poles. For instance, in December 2022, according to Texas Health & Human Services Commission, a government agency, the Texas Legislature and Governor Greg Abbott approved $282.5 million for the expansion and construction design of a new hospital in Dallas-Fort Worth.The hospital would feature 296 beds, 200 for adults and up to 96 for pediatric patients. Similarly, in 2022, according to CNN, a US-based media company, in the US, more than 80% of hospital beds are in use, which was up by 8% point compared to the last two weeks. Thus, the expansion of the hospitals is driving the caster wheel market.
The development of new formulations and materials is a key trend gaining popularity in the caster wheel market. Major players in the castor wheel market are employing anti-microbial wheels to sustain their position in the market. In January 2021, Colson Casters, a US-based global manufacturer of casters and wheels launched a new antimicrobial soft wheel for high-temp steam sterilization and wash-down applications. It is particularly created for use on equipment that is routinely subjected to high-temperature sterilization chambers and repeated cart wash treatments. To receive all the high-temp benefits for your carts or equipment, this sterilizer wheel is connected to MedCaster, a freshly enhanced SX Series swivel, rigid, complete lock, or direction lock caster option. The MedCaster Sterilizer Wheel is an excellent choice for case carts, sterilizer carts, test cages, lab equipment, and operating room equipment.
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Major Key Players of the Market:
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
Caster Wheels Market 2024 Key Insights:
• The caster wheels market will grow to $11.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Caster Wheels Market Surges With The Expansion Of Healthcare Facilities
• Antimicrobial Caster Wheels Set New Standards In Equipment Sterilization
• North America was the largest region in the caster wheel market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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