The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global caster wheel market is on a growth trajectory, poised to expand from $8.22 billion in 2022 to $8.68 billion in 2023, with a robust compound annual growth rate (CAGR) of 5.6%. Looking further ahead, the market is anticipated to reach $10.77 billion by 2027, sustaining a steady CAGR of 5.5%. Let’s delve into the key drivers, industry players, and emerging trends steering the caster wheel market.

Hospitals in Motion: Catalyst for Market Surge

– The Role of Hospitals

The anticipated expansion of hospitals emerges as a significant driver propelling the caster wheel market. In the healthcare sector, caster wheels find ubiquitous applications in hospital beds, equipment carts, surgery tables, and IV poles.

– Real-world Impact

A concrete example is the approval of $282.5 million by the Texas Legislature and Governor Greg Abbott for the expansion and construction design of a new hospital in Dallas-Fort Worth. This new facility is set to feature 296 beds, catering to both adult and pediatric patients.

– Market Demand

As revealed by CNN, over 80% of hospital beds in the United States are currently in use, reflecting a notable increase of 8% compared to the previous two weeks. The surge in hospital activities directly correlates with the demand for caster wheels, emphasizing their integral role in healthcare infrastructure.

Industry Titans: Key Players Shaping the Landscape

– Market Influencers

Major players dominating the caster wheel market include Bestway Casters & Wheels Ltd., Hamilton Caster & Mfg. Co., TENTE International GmbH, and R&K Industrial Wheels, among others. Their strategic initiatives and market presence contribute significantly to the industry’s evolution.

Trailblazing Trends: Formulations and Materials

– Innovative Formulations

A key trend gaining prominence in the caster wheel market is the development of new formulations and materials. Leading players are incorporating antimicrobial wheels to stay ahead in the market.

– Noteworthy Example

Colson Casters, a global manufacturer, unveiled an antimicrobial soft wheel in January 2021. Specifically designed for high-temp steam sterilization and wash-down applications, this wheel is ideal for equipment subjected to sterilization chambers and repeated cart wash treatments.

– Application Versatility

The MedCaster Sterilizer Wheel, connected to the freshly enhanced SX Series swivel, caters to diverse applications, including case carts, sterilizer carts, test cages, lab equipment, and operating room equipment.

Segmenting the Market: Comprehensive Insights

1) Caster Type

• Swivel Caster
• Rigid or Fixed Caster
• Ball Bearing Caster
• Kingpin Caster

2) Type of Material

• Forged Steel
• Cast Iron
• Ductile Iron
• Polyurethane
• Mold On Rubber
• Phenolic Resin
• Other Materials

3) Application

• Shopping Carts
• Office Chairs
• Toy Wagons
• Hospital Beds
• Material Handling Equipment

4) End-User

• Automotive
• Aerospace
• Food Industry
• Medical
• Textile Industry
• Other End-Users

This detailed segmentation provides insights into the diverse applications and utility of caster wheels across various industries.

Regional Powerhouse: North America Takes the Lead

– Geographic Significance

In 2022, North America emerged as the largest region in the caster wheel market, underscoring its dominance in terms of market share and consumption.

– Strategic Presence

As the caster wheel market continues to evolve, the significant market share held by North America emphasizes its strategic importance in shaping the global caster wheel landscape.

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The Caster Wheels Global Market Report 2023  provides an overview of the caster wheels market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The caster wheels market forecast analyzes caster wheels market size, caster wheels market share, leading competitor and their market positions.

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