Caster Wheels Market is Likely to develop at a CAGR of 5.40% during the Forecast Period, observes TMR Report

Jul 06, 2023

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27 Jul, 2022, 09:30 ET

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WILMINGTON, Del., July 27, 2022 /PRNewswire/ -- The value of global caster wheels market stood at US$ 7.8 Bn in 2021. The global market is projected to rise at a CAGR of 5.40% during the forecast period, from 2022 to 2031.The size of caster wheels market is anticipated to attain value of US$ 13.2 Bn by 2031. The increase in the number of caster wheels utilized in the hospitality and medical industries is a major factor in the rapid growth of the global caster wheels market.

Trolleys utilized in resorts and hotels to transport food and luggage for visitors as well as other devices such as stretchers in hospitals feature caster wheels. This is causing new caster wheel manufacturer to enter the industry and provide specialized services and caster wheel designs that reap the benefits of technological improvements. Kingpin casters are an important caster wheel types and are increasingly being used for heavy-duty tasks including material handling in the aerospace and automotive industries, and it is an ongoing trend in the global caster wheels market.

The market is likely to observe an increase in use of kingpin caster wheels, which employ a staked or threaded element to keep the swivel assembly together to have less swivel capability in high torque uses. The caster wheel will last longer by allowing the threaded nut to be changed when the swivel part wears. In order to satisfy the needs of end users, caster wheels suppliers are likely to expand the selection of rigid caster wheels and swivel caster wheels with innovative designs.

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Key Findings of Market Report

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Global Caster Wheels Market: Growth Drivers

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Global Caster Wheels Market: Key Players

Some of the key market players are

Global Caster Wheels Market: Segmentation

Mounting Type

Caster Type

Material

Application

End User

Sales Channel

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