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.
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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.
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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.
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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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