Truck Racks Market - Forecast(2024 - 2030)

Report Code: AM 48029 Report Format: PDF + Excel
Truck Racks market size is forecast to reach $1.05 billion by 2025, after growing at a CAGR of 4.6% during the forecast period 2020-2025. The increase in demand for a package of “lighter weight and elongated lifetime product”, which replicates as a versatile accessory to transport different industrial and sports-related equipment constantly on the go. This factor is projected to propel the adoption of truck racks especially, aluminum-based truck racks, worldwide. Modern racks coupled with innovative designs act as an optimal solution that help to carry out all the stuff and bicycle for a holiday destination, contributes to the expansion of global truck racks market size. 

Report Coverage
The “Truck Racks Market Report – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Truck Racks Industry. 
Key Takeaways
  • North America holds a major share in the truck racks market owing to the increasing demand for heavy-duty truck racks for pick-up trucks, thereby increased sales of pickup trucks. 
  • The growing popularity of aluminum truck racks because of its lightweight and improved efficiency in recreational and residential applications and also its superior resistance to rusting is likely to aid in the market growth of truck racks. 
  • Increasing the adoption of lighter and longevity raw materials will increase the market demand for the truck racks market in the near future.

Raw Material - Segment Analysis
Presently, steel raw material held the largest share in the truck racks market size in 2018. This is because of its high-stress resistance during prolonged lifetimes. Growing usage of steel racks specifically in high load carrying capacity applications is burgeoning the growth of truck racks market. 

Application - Segment Analysis
Aftermarket application has been elevating as the primary market for truck racks, as most of the vehicles are not fitted with trucks at factories. Primarily, these truck racks are purchased from local vendors according to their requirements. Since this segment deals with the participants who operate via dedicated distribution channels. In addition to this, manufacturers provide the products supply at lower prices through a range of discounts and price reductions to consumers in order to increase their market share in the aftermarket. Products supplied to the aftermarket are subject to extensive customization to align the product as per the client requirements. 

Geography - Segment Analysis
North America truck racks market share dominated the global truck racks market, accounts for more than 41%, followed by APAC and Europe. It is majorly due to the presence of a huge consumer base and their spending abilities. These consumers are increasingly using truck racks to transport canoes, rafts, and bicycles mainly for recreational purposes. Thus, the higher affinity of consumers toward the consumption of U.S.-made products such as accessories which included for pickup trucks is acting as an added benefit to the North American truck racks market. Furthermore, the presence of key pickup truck manufacturers namely Toyota, Ford, General Motors, and Nissan in this region and increment in their production capacities to meet the rising demand of these vehicles has raised the sales of truck racks. The strong consumer demand for standard truck racks to reinforce operational capabilities. 

Drivers – Truck Racks Industry Outlook
  • The growing number of commercial vehicles in this contemporary world
Now-a-days, several commercial vehicles are equipped with truck racks which are produced using high strength and load-bearing materials such as steel and aluminum. The rapid expansion of SME’s and industrialization in developing countries are encouraging the production of light commercial vehicles with truck racks. The rise in the fixation of truck racks in light trucks, as it enables hauling of the higher volume of luggage on the vehicle. Additionally, increasing the production of light trucks is impacting the growth of the truck racks market. Growing prominence and preference for light truck vehicles to passenger vehicles in case of touring is boosting the truck rack market revenue. 
  • Accessibility to a wide variety of truck racks is fuelling the truck racks market 
Numerous options availability in case of different styles which include rooftop, over-cab, utility, side-mount racks, over-truck bed racks, rain gutter racks, and back racks to carry bulky items such as ladders, pipes, and lumber safely and securely. These affordable truck racks are manufactured with fully adjustable crossbars fit and thus easy to install. Mostly, high-strength aluminum has become the choice of manufacturers as it reduces the weight of the truck rack and also provides improved gas mileage. Therefore, all these factors together driving the adoption of varied durable aluminum truck racks in accordance with the customer’s requirement.  
Challenges – Truck Racks Industry
  • The higher cost and cheaper quality of raw material are the primary challenges of truck racks market
The limitation intended for many truck racks to park in allotted areas where truck owners could drive and park. Regular usage of low-cost metal in the truck racks production was prone to rust. Moreover, multiple truck racks are restricted to be used at the same time likewise toolboxes. Errors during the truck rack installation while drilling of holes in the vehicle in order to secure it, could be costly. Finally, the costly aluminum raw material affordability by a limited number of manufacturers resulting in hampering the growth of the truck racks market. Minimization of cost to ship varied heavy-duty racks that are engineered for contractors, cities, fleet truck markets, and municipalities stands as a big challenge to meet the consumer demand.  

Market Landscape
Acquisitions, R&D activities, and new product designs are key strategies adopted by players in the truck racks market. In 2018, the market of truck racks has been consolidated by the top five players accounting for 35% of the share. U.S. Rack Inc., Magnum Manufacturing, Inc., Kargo Master Inc., Texas Truck Racks, Hauler Racks Inc., Vanguard Manufacturing Inc., Cross Tread Industries Inc., The Thule Group, ProTech Industry, and Yakima Product Inc. are the Truck Racks top 10 companies.
  • In September 2019, DBA T-Rex Grilles, T-Rex Truck Products, has signed an agreement to acquire U.S. Rack, which is located in California. This acquisition major goal is to manufacture and distribute U.S. Rack products in such a manner that it does not require any sort of cutting or drilling during racks installation.  
  • In October 2019, Rack-It Truck Racks has expanded its operations at Albany KY location. This location acts as a prime central location and offers more advantages during the distribution of products.  
1. Truck Racks Market - Overview
        1.1 Definitions and Scope
2. Truck Racks Market - Executive summary
        2.1 Market Revenue, Market Size and Key Trends by Company
        2.2 Key Trends by type of Application
        2.3 Key Trends segmented by Geography
3. Truck Racks Market
        3.1 Comparative analysis
            3.1.1 Product Benchmarking - Top 10 companies
            3.1.2 Top 5 Financials Analysis
            3.1.3 Market Value split by Top 10 companies
            3.1.4 Patent Analysis - Top 10 companies
            3.1.5 Pricing Analysis
4. Truck Racks Market - Startup companies Scenario Premium
        4.1 Top 10 startup company Analysis by
            4.1.1 Investment
            4.1.2 Revenue
            4.1.3 Market Shares
            4.1.4 Market Size and Application Analysis
            4.1.5 Venture Capital and Funding Scenario
5. Truck Racks Market - Industry Market Entry Scenario Premium
        5.1 Regulatory Framework Overview
        5.2 New Business and Ease of Doing business index
        5.3 Case studies of successful ventures
        5.4 Customer Analysis - Top 10 companies
6. Truck Racks Market Forces
        6.1 Drivers
        6.2 Constraints
        6.3 Challenges
        6.4 Porters five force model
            6.4.1 Bargaining power of suppliers
            6.4.2 Bargaining powers of customers
            6.4.3 Threat of new entrants
            6.4.4 Rivalry among existing players
            6.4.5 Threat of substitutes
7. Truck Racks Market -Strategic analysis
        7.1 Value chain analysis
        7.2 Opportunities analysis
        7.3 Product life cycle
        7.4 Suppliers and distributors Market Share
8. Truck Racks Market - By Product (Market Size -$Million / $Billion)
8.1 Market Size and Market Share Analysis
8.2 Application Revenue and Trend Research
8.3 Product Segment Analysis
8.3.1 Steel
8.3.2 Aluminum
9. Truck Racks Market - By Type (Market Size -$Million / $Billion)
10. Truck Racks - By Application Type (Market Size -$Million / $Billion)
10.1 Segment type Size and Market Share Analysis
10.2 Application Revenue and Trends by type of Application
10.3 Application Segment Analysis by Type
10.3.1 Oem
10.3.2 Aftermarket
11. Truck Racks- By Geography (Market Size -$Million / $Billion)
        11.1 Truck Racks Market - North America Segment Research
        11.2 North America Market Research (Million / $Billion)
            11.2.1 Segment type Size and Market Size Analysis
            11.2.2 Revenue and Trends
            11.2.3 Application Revenue and Trends by type of Application
            11.2.4 Company Revenue and Product Analysis
            11.2.5 North America Product type and Application Market Size
         Rest of North America
        11.3 Truck Racks- South America Segment Research
        11.4 South America Market Research (Market Size -$Million / $Billion)
            11.4.1 Segment type Size and Market Size Analysis
            11.4.2 Revenue and Trends
            11.4.3 Application Revenue and Trends by type of Application
            11.4.4 Company Revenue and Product Analysis
            11.4.5 South America Product type and Application Market Size
         Costa Rica
         Rest of South America
        11.5 Truck Racks- Europe Segment Research
        11.6 Europe Market Research (Market Size -$Million / $Billion)
            11.6.1 Segment type Size and Market Size Analysis
            11.6.2 Revenue and Trends
            11.6.3 Application Revenue and Trends by type of Application
            11.6.4 Company Revenue and Product Analysis
            11.6.5 Europe Segment Product type and Application Market Size
         Rest of Europe
        11.7 Truck Racks - APAC Segment Research
        11.8 APAC Market Research (Market Size -$Million / $Billion)
            11.8.1 Segment type Size and Market Size Analysis
            11.8.2 Revenue and Trends
            11.8.3 Application Revenue and Trends by type of Application
            11.8.4 Company Revenue and Product Analysis
            11.8.5 APAC Segment - Product type and Application Market Size
         South Korea
         Hong kong
         Rest of APAC
        11.9 Truck Racks - Middle East Segment and Africa Segment Research
        11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
            11.10.1 Segment type Size and Market Size Analysis
            11.10.2 Revenue and Trend Analysis
            11.10.3 Application Revenue and Trends by type of Application
            11.10.4 Company Revenue and Product Analysis
            11.10.5 Middle East Segment Product type and Application Market Size
         Saudi Arabia
            11.10.6 Africa Segment Analysis
         South Africa
         Rest of Middle East & Africa
12. Truck Racks Market - Entropy
        12.1 New product launches
        12.2 M&A s, collaborations, JVs and partnerships
13. Truck Racks Market - Industry / Segment Competition landscape Premium
        13.1 Market Share Analysis
            13.1.1 Market Share by Country- Top companies
            13.1.2 Market Share by Region- Top 10 companies
            13.1.3 Market Share by type of Application - Top 10 companies
            13.1.4 Market Share by type of Product / Product category- Top 10 companies
            13.1.5 Market Share at global level - Top 10 companies
            13.1.6 Best Practises for companies
14. Truck Racks Market - Key Company List by Country Premium
15. Truck Racks Market Company Analysis
        15.1 Market Share, Company Revenue, Products, M&A, Developments
        15.2 Cross Tread Industries, Inc
        15.3 Hauler Racks, Inc
        15.4 Kargo Master Inc
        15.5 Magnum Manufacturing, Inc
        15.6 Protech Industry
        15.7 Rack Inc
        15.8 Texas Truck Rack
        15.9 The Thule Group
        15.10 Vanguard Manufacturing, Inc
        15.11 Yakima Product Inc
        15.12 Company 11
        15.13 Company 12 & More
*Financials would be provided on a best efforts basis for private companies
16. Truck Racks Market - Appendix
        16.1 Abbreviations
        16.2 Sources
17. Truck Racks Market - Methodology
        17.1 Research Methodology
            17.1.1 Company Expert Interviews
            17.1.2 Industry Databases
            17.1.3 Associations
            17.1.4 Company News
            17.1.5 Company Annual Reports
            17.1.6 Application Trends
            17.1.7 New Products and Product database
            17.1.8 Company Transcripts
            17.1.9 R&D Trends
            17.1.10 Key Opinion Leaders Interviews
            17.1.11 Supply and Demand Trends