Casters Market Report

Market Insights

The Casters market is projected to grow from USD 6.2 billion in 2020 to USD 6.9 billion by 2026 at a CAGR of around 1.9% during the forecast period.

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What is Casters Market?

A caster can be defined as an undriven wheel that is attached to the bottom of a larger object to enable that object to be moved. A caster contains both wheel and a bracket for it which is known as a fork or yoke. Based on product type, the caster can be categorized as a rigid caster and swivel caster.

Key Players

Key players operating in the Casters market are-

• Omco International (Belgium),
• JCL Engineering Pte ltd (Singapore),
• Changshu JingGong Mould Manufacturing Co. Ltd (China),
• Ross International (The U.S),
• UniMould (Germany),
• Changshu Jianhua Mould Co.,Ltd. (China),
• Chengdu Xinzhi Industry Co.,Ltd. (China),
• Changshu Weiheng Mould Manufacture Co., Ltd. (China),
• Ori-Mould Technology (Suzhou) Co., Ltd. (China),
• Rongtai Mould Limited Company (China),
• TetaGlass Moulds (Turkey),
• Busellato Glass Moulds Srl (Italy), and
• Suzhou Donghai Glass Mould Co., Ltd (China).

Market Dynamics

The growth of the casters market is primarily driven by increasing product use in a broad range of applications including hospital beds, automobiles, furniture, shopping carts, and office chairs among others. The growing automotive industry with a significant increase in the production of vehicles is likely to drive the market growth at a significant rate during the review period. In addition to this, rising demand for advanced casters is likely to create lucrative opportunities for the players operating in the global market in the coming years.

Segments' Analysis

Application Trends

By application, the casters market has been bifurcated into of industrial and automotive, medical, furniture and others.

• Under these, the industrial and automotive segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period.
• The segment growth can be attributed to increasing vehicle production particularly in the developing countries.

Regional Trends

By region, the market in Asia-Pacific accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period.

• The regional growth can be attributed to significant growth of the automotive industry and increased spending on healthcare infrastructure.
• The market growth in North America region is expected to be driven by established presence of the key end-use industries coupled with increasing demand for advanced casters.

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COVID-19 Impact on Casters Market

The covid-19 outbreak posed significant challenges across verticals worldwide. It impacted the growth of the casters market negatively for a short period of time as imposition of lockdown and trade restrictions resulted affected the product supply and demand and thus, affected the market growth.

Critical Questions Answered in the Report

• What are the key trends in the Casters market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on Casters market?
• What are the key strategies adopted by the major vendors to lead in the Casters market?
• What is the market share of the top vendors?

Target Audience

Here is the list of the group of customers that the Casters Market hopes to have the greatest opportunity to convert-

• Casters distributors
• Casters suppliers
• Casters manufacturers
• Logistics organizations          
• Government bodies

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].