Industrial Caster Wheels Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Industrial Caster Wheels Industry Prospective:

The global industrial caster wheels market size was worth around USD 13.38 billion in 2023 and is predicted to grow to around USD 23.58 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.50% between 2024 and 2032.

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Industrial Caster Wheels Market: Overview

Industrial caster wheels are non-powered wheels with industrial applications. They are fitted at the bottom of a larger object and used for maneuvering it across locations. Industrial caster wheels are highly durable since they are made of materials with extreme strength such as cast iron, steel, polyurethane, and other substances. This allows industrial caster wheels to be used for transporting extremely heavy objects smoothly. In addition to this, industrial caster wheels have high load-bearing capacity as they can easily carry objects weighing over a thousand kilos.

One of the key features of industrial caster wheels is excellent maneuverability since these wheels can be dragged in all directions thus allowing object movement across difficult terrain. The most common types of caster wheels with industrial applications include kingpinless casters, brake & locking casters, rigid casters, swivel casters, and pneumatic casters with each variant offering certain benefits and applications. In addition to this, industrial caster wheels are deployed in almost all essential industries including food & beverage, automotive, aerospace, retail, and warehousing. The demand for more robust solutions is on the rise thus promoting higher innovation. However, the most essential challenge faced by the industry players is the form of unorganized manufacturers and sellers of industrial caster wheels.

Key Insights:

• As per the analysis shared by our research analyst, the global industrial caster wheels market is estimated to grow annually at a CAGR of around 6.50% over the forecast period (2024-2032)
• In terms of revenue, the global industrial caster wheels market size was valued at around USD 13.38 billion in 2023 and is projected to reach USD 23.58 billion, by 2032.
• The industrial caster wheels market is projected to grow at a significant rate due to the increasing number of warehouses globally
• Based on the application, the automotive segment is growing at a high rate and will continue to dominate the global market as per industry projection
• Based on the type, the heavy-duty industrial segment is anticipated to command the largest market share
• Based on region, North America is projected to dominate the global market during the forecast period

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Industrial Caster Wheels Market: Growth Drivers

Increasing number of warehouses globally will drive the market demand rate

The global industrial caster wheels market is expected to grow due to the increasing number of warehouses across the globe. They are large facilities housing essential raw materials or final goods before they are made available for sale. Warehouses are essential aspects of businesses operating in the retail and manufacturing segment since these units act as the protective ground where products can be stored before they reach the customers. The growing consumerism level across the globe has been the driving factor for modern goods and commodities demand resulting in companies spending heavily on constructing and developing state-of-the-art warehouse facilities.

In addition to this, the changing climate conditions have forced businesses to spend on installing essential technologies that can help them maintain the overall quality of their products until they are used for further processing. For instance, in June 2023, Toyota, a leading automotive company, announced the launch of a new warehousing facility in Austria. From this unit, the company will be providing accessories and service parts to more than 300 dealers located in the region. One of the most intriguing features of the facility is its carbon neutrality since the beginning thus helping the firm come one step closer to its vision related to carbon emissions. In March 2024, Clics, a leading health, beauty, and wellness retailer in South Africa, announced the launch of its first e-commerce fulfillment facility in Cape Town spanning 2232 square meters and with a capacity of 1.4 million parcels per annum.

Rising demand for caster wheel solutions in the retail sector will add to the revenue

The global retail industry is blooming as a result of globalization, urbanization, and the increasing disposable income of the common population. The rising construction of large-scale retail facilities including supermarkets, hypermarkets, and other facilities selling goods of multiple brands under one roof is expected to fuel the demand in the global industrial caster wheels industry since they are employed in various segments of a retail facility including shopping carts and for transporting other equipment required for running a retail facility smoothly. In August 2023, the Qatar Investment Authority (QIA) announced that it would invest INR 8,287 crore in the Indian retail industry by partnering with Reliance Retail Ventures Limited (RRVL).

Industrial Caster Wheels Market: Restraints

High recurring cost of wheel replacement may limit the product’s adoption rate

The global industrial caster wheels industry is projected to be restricted due to the high and recurring cost associated with the constant replacement of broken or malfunctioning caster wheels. Although they are made of highly robust materials, caster wheels are often vulnerable to physical damage that can be a result of several factors including loading more weight than suggested or exposure to excessive heat. The most common reason for caster wheel failure is the wrong choice of wheel variant as compared to the final application. In such cases, businesses may have to periodically invest in new wheels leading to increased expenses.

Industrial Caster Wheels Market: Opportunities

Constant addition of new products in the market generates new expansion possibilities

The global industrial caster wheels market is showing excellent signs of growth during the forecast period. A preliminary reason for higher growth is the constant addition of new products with improved performance and overall qualities since it encourages new expansion possibilities. In December 2023, P&H Casters announced the launch of a new line of ergonomic wheels and casters that have applications in the automotive and aerospace industries. As per company claims, their product offers efficient and highly secure workplace mobility.

The new line is called ErgoPro and is expected to improve employee performance with consistent use. Manufacturers of industrial caster wheels are experimenting with new raw materials and product designs to make the object more work efficient. Apart from experimenting with the products themselves, companies are also investing in improving customer reach and service. They are deploying new methods of customer-based communication including the launch of new websites and applications for smoother customer experience. For instance, in August 2023, Access Casters, a leading website providing casters, announced the launch of a new caster configurator that will improve customers' access to wheels, casters, and other related components. The novel feature is built by CADENAS and on the 3Dfindit platform.

Surging deployment of high-grade industrial casters in the automotive industry will trigger extended growth

Industrial caster wheels have high applications in the automotive industry. The growing investments in the production of electric vehicles (EVs) are expected to generate massive growth in the automotive sector during the projection period. This could lead to extended growth in the global industrial caster wheels market. In 2023, the total number of passenger electric vehicles sold in Australia’s commercial market was over 87,000 units and the regional market share increased to over 7%.

Industrial Caster Wheels Market: Challenges

Presence of a growing unorganized segment of caster wheel segment will challenge the market expansion rate

The global industry for industrial caster wheels is expected to be challenged by the rising number of players in the unorganized segment. These players are not registered under formal offices and operate outside the standard rules. Moreover, they cannot be held accountable for the sale of poor-quality products thus impacting the overall market value and impacting the revenue in the organized segment.

Industrial Caster Wheels Market: Segmentation

The global industrial caster wheels market is segmented based on application, type, and region.

Based on the application, the global market segments are agricultural machines, textile industry, medical, food industry, automotive, aerospace, and others. In 2023, the highest growth was witnessed in the automotive segment. The rising investments in the production of automotive vehicles across the globe, especially encouraged by the growing demand for electric vehicles, are fueling the use of industrial caster wheels. These units have high production volume thus resulting in greater demand. In 2023, the EV market was valued at over USD 387 billion.

Based on the type, the global market segments are polyurethane wheels, pneumatic casters, stainless steel casters, and heavy-duty industrial casters. In 2023, the highest revenue was registered in the heavy-duty industrial casters segment due to the greater application of the tool across industries. They are widely used in the automotive sector. Moreover, the increase in demand for heavy-duty casters in the growing warehousing market may fuel the market growth rate. The global warehousing market was valued at more than USD 648 billion in 2023.           

Industrial Caster Wheels Market: Report Scope

Industrial Caster Wheels Market: Regional Analysis

North America to register the highest growth during the forecast period

The global industrial caster wheels market is expected to witness the highest growth in North America. The US will act as the majority revenue generator driven by the existence of several key producers of industrial caster wheels including companies such as Revvo Caster Company Inc., Payson Casters, and Albion Industries. In 2022, Enjoy Caster, a leading regional provider of caster wheels, announced the expansion of its product portfolio with the introduction of a new range of 100mm caster. The product is highly versatile since it can be used across industries including medical equipment. Moreover, they also overfloor protection and improved mobility. The US and Canada regions have strong workplace safety regulations that ensure that workers have access to equipment that reduces manual tasks. Moreover, the increasing construction of smart warehouses will fuel the regional market demand. In May 2023, Smart Warehousing announced the launch of a new warehouse in South Carolina. The novel facility is the 39th warehouse and it is spread across 497,952 square-foot. Europe is expected to deliver exceptional results. Germany and Italy will contribute to the region’s market growth rate during the projection period.

Industrial Caster Wheels Market: Competitive Analysis

The global industrial caster wheels market is led by players like:

• Darcor Limited
• Flexello Casters
• Colson Group
• RWM Casters
• Jarvis Caster
• Hamilton Caster
• Fairbanks Company
• TENTE
• Caster Concepts
• Blickle
• Magnus Mobility Systems
• Payson Casters
• Albion Industries
• Shepherd Caster Corporation
• Faultless Caster.

The global industrial caster wheels market is segmented as follows:

By Application

• Agricultural Machines
• Textile Industry
• Medical
• Food Industry
• Automotive
• Aerospace

By Type

• Polyurethane Wheels
• Pneumatic Casters
• Stainless Steel Casters
• Heavy Duty Industrial Casters

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa