Caster Wheels Market to Observe Strong Development by 2031, Says TMR

The global caster wheels market is growing at a rapid pace, primarily due to the rise in number of caster wheels used in hospitality and medical/healthcare sectors. Caster wheels are used for trolleys that are employed to ferry food and luggage for guests staying in hotels/resorts; and other equipment such as stretchers in hospitals. This is prompting new players to enter the market with customized services and technological advancements in caster wheel design. The caster wheels market is also witnessing a growing trend of using kingpin casters for heavy-duty applications, such as material handling, in automotive and aerospace industries.

Global Caster Wheels Market Introduction
Caster wheel is an assembly consisting of a wheel and mounting mechanism. Caster wheels are primarily used in carts, dollies, racks, and other material handling equipment to facilitate their movement. They are largely employed in hotels, hospitals, warehouses, textile mills, and manufacturing plants for automobiles and aerospace equipment.

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The global caster wheels market is projected to grow at a decent pace during the forecast period, owing to the expansion of hospitality, medical, and textile industries; rise in sale of material handling equipment such as carts; and launch of new innovative products such as kingpin casters. Furthermore, the availability of customized services in caster wheel design and manufacturing by specialist players is likely to drive the global market. The market is also being driven by the growth of hospitality, healthcare, and textile industries, which is leading to an increase in caster wheel applications in these industries.

The prevailing trend in the caster wheels market is the rise of kingpin caster wheels, wherein threaded nut and bolt or staked component, which holds the swivel assembly together is used for lesser swivel ability in high torque applications. The threaded nut can also be adjusted as the swivel section wears, resulting in longer life of the caster wheel. Therefore, caster wheels suppliers are increasing the availability of swivel caster wheels and rigid caster wheels with new designs to meet the requirements of end users.

Caster wheel industry statistics also indicate that caster wheel manufacturers are tapping into incremental opportunities by offering new products, such as kingpinless casters, and customization services in caster wheel design and manufacturing, to their clients.

Rise in Demand for Plate Mounted Casters to Drive Caster Wheels Market

The plate mounted caster wheel segment is estimated to dominate the global caster wheels market during the forecast period due to the significant demand for caster wheels in hospitality, food processing, and medical sectors. Plate mounted caster wheels offer additional stability to the equipment to which they are attached. These wheels are highly suitable for high load applications such as material handling.

Demand for caster wheels is rising in rapidly growing markets such as Asia Pacific due to the diversification of automobile and textile industries; rise in tourism, which is leading to an increase in number of hotels; and the booming medical/healthcare industry. This has led to a significant increase in demand for plate mounted caster wheels.

In the caster wheels industry, clients are increasingly looking for customized products that precisely meet their specifications. Caster wheels sales indicate that plate mounted caster wheels can be customized easily and suffice the requirements of most of the clients of caster wheels.

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Growth of Tourism, Manufacturing, and Medical Industries to Augment Caster Wheels Market
The Mediterranean and Switzerland in Europe, ASEAN in Asia Pacific, and the U.S., Mexico, and the Caribbean in North America attract large numbers of international tourists. Therefore, several hospitability establishments such as hotels and resorts have come up in these regions. This is projected to drive the market for caster wheels during the forecast period.

The COVID-19 pandemic accelerated the demand for hospital supplies, including hospital beds, carts, and stretchers, which rely on caster wheels for their movement. This has also provided a major boost to the caster wheels market. A shift toward kingpin casters in caster wheels services, due to their suitability for high torque applications such as aerospace, automotive, and textile, is also fuelling the caster wheels market.

Demand for Kingpin Casters in Material Handling Equipment Applications to Propel Market

In terms of caster type, the kingpin caster segment held major share of the global caster wheels market in 2021. The segment is estimated to maintain the status quo and grow at a healthy pace during the forecast period. This can be primarily ascribed to the rise in demand for caster wheels in high torque applications such as automotive, aerospace, textile, and high volume commercial material handling. In turn, this is augmenting the size of caster wheels market where manufacturers are innovating in industrial caster wheels, threaded caster wheels, and other types of caster wheel to broaden their revenue streams.

Kingpin casters offer limited swivel movement, which is beneficial for transporting heavy loads on an incline. Hence, top industrial caster wheel manufacturers are increasing the production of heavy duty caster wheels. The kingpin caster segment is also projected to grow at a rapid pace due to the increase in demand for material handling equipment in various industries such as aerospace, automotive, and textile.

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