The invention is directed to novel wheels useful for various products including strollers, vehicles for children, carts, luggage trollies and bags, tricycles, bicycles and toys, and methods of production. The novel wheel comprising a flexible annular segment manufactured by a blow molding process, said segment having at least one layer made of a thermoplastic elastomer; and a wheel hub configured to support the flexible annular segment from each of its sides and to create a cylinder for insertion of an axle therethrough so as to allow connection of the wheel to other components of a product. In one alternative implementation of the invention, the flexible annular segment manufactured is manufactured by extrusion molding process. The invention is further directed to methods for manufacturing the novel wheel.