Press release
Caster Wheels Market on Path to Hit $11.99 Billion by 2029 at 6.5% CAGR
Caster Wheels Market
Caster Wheels Market Outlook: What Size And CAGR Are Anticipated By 2025?
The market size for caster wheels has seen a consistent increase over the past few years. It is projected to rise from $9 billion in 2024 to $9.33 billion in 2025, with a compound annual growth rate (CAGR) of 3.7%. Factors contributing to the growth during the historical period include industrial and manufacturing growth, advancements in logistics and transportation, emphasis on ergonomics and workplace efficacy, customization and specialty solutions, and global market and supply chain developments.
What Is the Expected CAGR for the Caster Wheels Market Growth Through 2029?
Strong expansion is foreseen in the caster wheels market in the upcoming years, with an estimated value of $11.99 billion by 2029 growing at a compound annual growth rate (CAGR) of 6.5%. This growth during the stated period is due to elements such as extensive demand for services, an increasing requirement for smart and IoT-enabled solutions, adherence to compliance and safety norms, considerations surrounding sustainability and environment, and global manufacturing and trading factors. The period also expects to see major trends such as industrial automation, a focus on ergonomics and mobility, specialized applications, advanced material and technology breakthroughs, and sustainability and green initiatives.
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What Are the Primary Drivers Behind Caster Wheels Market Growth?
The caster wheel market is poised for growth, spurred on by the expansion of hospitals. Hospitals, which are institutions offering medical care and treatments for various diseases, frequently use caster wheels. They can be found in numerous applications, such as hospital beds, equipment carts, surgery tables, and intravenous poles. For instance, in December 2022, the Texas Legislature and Governor Greg Abbott sanctioned $282.5 million for the expansion and design construction of a new hospital in Dallas-Fort Worth, as reported by Texas Health & Human Services Commission, a governmental organization. This new facility will include 296 beds, with 200 designated for adults and potentially 96 for children. In a related report in 2022, CNN, a US-based media corporation, stated that over 80% of hospital beds in the US are currently occupied, an 8% hike compared to the previous two weeks. Thus, the caster wheel market is being propelled by these expansions in the hospital sector.
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What Are the Key Segments Driving Caster Wheels Market Growth?
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
What Are the Technological Trends Impacting the Caster Wheels Market?
Trendsetting innovations in formulations and materials are central to the burgeoning popularity of the caster wheel market. Leading market competitors are adopting the use of antimicrobial wheels to maintain their market standing. For instance, in August 2024, Caster Concepts Inc., a manufacturing company based in the USA, unveiled their Line of Heavy-Duty Casters for Demanding Applications. These bespoke casters are designed for handling heavy, ultra-heavy, and supernaturally heavy-duty applications, carrying capacities beyond 100 tons, thus guaranteeing smooth and efficient transport of enormous weights. They are entirely American-made, adhering to rigorous industry benchmarks, and are swiftly engineered for diverse sectors like agriculture, aerospace, and automotives.
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Who Are the Major Competitors in the Global 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
Which Region Dominates the Caster Wheels Market Share in 2025?
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
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