Truck Racks Market size is expected to witness a growing demand during 2021 to 2027. The rising adoption of truck racks in small trucks and vans can be attributed to their ability to carry extra cargo and loads. These accessories significantly increase the cargo-carrying capacity of trucks and enable users to conveniently transport long and heavy loads. The availability of these truck racks built with strong materials, such as steel and aluminum, is further contributing to their growing market share across the globe.
The increasing sales of commercial vehicles, such as pickup trucks and vans, are propelling truck market growth. According to the data reported by the U.S. Bureau of Transportation in 2019, the sales of light and pick-up trucks increased by an average of 3.5% in 2019 compared to 2018. The increasing demand for carrying extra cargo in these trucks is fueling the installation of truck racks. These accessories feature several installation capabilities such as side-mounted, top-mounted, and platform-mounted variants. Manufacturers are also focusing on customizing these racks as per the model and make of the truck, providing a positive outlook to the market growth.
Stringent regulations on the maximum weight carrying capacity established by several government authorities across the globe are hampering the truck racks market. Regulations, such as the Directive (EU) 2015/719, established by the European Union, set limitations over the weight carrying capacity of trucks with respect to their dimensions and engines. Similarly, federal regulations set by the U.S. Department of Transportation’s Federal Highway Administration restrict the amount and weight of cargo that can be transported by small trucks. These regulations prevent consumers from loading their trucks with large cargo items, thereby hampering the demand for truck racks.
The escalating spread of the COVID-19 pandemic in over120 countries across the globe has led to a major economic slowdown. The automotive and transportation industries have been severely impacted owing to several challenges such as shortage of raw materials and international trade restrictions. Sales of commercial vehicles are plummeting to unprecedented numbers, causing a decline in the demand for truck racks. Manufacturers of truck racks are also facing challenges owing to financial insecurities and shortage of capital due to a decline in revenues. However, the market is expected to witness a steady growth, which is subjected to the revival of global economic conditions in 2021.
Rapid growth in the e-commerce industry is expected to provide several growth opportunities to the truck racks market. Small cargo trucks are increasingly used for delivering products to customers’ doorstep. Truck racks mounted on these trucks and pick up vans offer enhanced parcel storage of various sizes, shapes, and weight. The enhanced cargo space allows delivery personnel to cover several delivery locations spread across a large area without making frequent trips to the company warehouse.
Based on type, the truck racks market is segmented into roof-mounted, side-mounted, and platform-mounted racks. Roof-mounted racks are expected to witness a growing demand over the forecast time frame owing to their large cargo-carrying capacity on the top of the vehicle. These racks also allow users to mount destructive and rough cargo, such as sporting equipment and construction tools on the top of the vehicle, protecting the vehicle’s interiors from getting damaged. Rooftop truck racks provide a space to install additional lighting on top of the vehicle, thereby contributing to the increasing market demand.
Based on material type, the truck racks market is categorized into aluminum and steel. Aluminum truck racks are witnessing increasing adoption in all vehicle types due to their lightweight. The characteristically low weight of aluminum does not add extra weight to the vehicle, thereby assisting in improving fuel efficiency. Aluminum can be coated or painted with protective paint to avoid corrosion and rusting caused due to harsh weather conditions. Furthermore, aluminum truck racks cost considerably less compared to their steel counterparts, augmenting their market demand.
Based on application, the truck racks market is segmented into OEM and aftermarket applications. Aftermarket truck racks are expected to project a substantial growth over the forecast period. This growth can be attributed to the versatility and ability of these racks to fit in all types of trucks. Aftermarket sellers also provide these racks at a much affordable price and with a larger variety compared to OEMs, thereby accelerating their adoption in the market. The increasing number of aftermarket truck rack sellers is further fueling industry growth.
The Europe truck racks market is witnessing a high growth rate owing to the increasing sales of small pick-up trucks and vans. The introduction of new truck models in the region by established market players is further augmenting market size. For instance, in November 2019, Hyundai announced its plans to launch its new pick-up truck model, the Santa Cruz, for the European market. Similarly, in June 2020, Ford announced the launch of its upcoming 2021 F-150 pickup truck. European consumers are increasingly adopting truck racks to carry heavy cargo for recreational activities, such as camping and racing, contributing to the growing market share.
Key players operating in the truck racks market include Magnum Manufacturing, Inc., Texas Truck Racks, U.S. Rack, Inc., Kargo Master, Inc., Hauler Racks, Inc., ProTech Industry, Vanguard Manufacturing, Inc., the Thule Group, Yakima Products, Inc., and Cross Tread Industries, Inc. These market players are focusing on merger & acquisition strategies to expand their customer base and market revenues. For instance, in September 2019, DBA T-Rex Grilles announced its plans to acquire U.S. Rack, Inc. to expand its business portfolio and acquire additional customers in California.
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