Global Truck Racks Market size is anticipated to witness healthy growth during 2023 to 2032, given the rise in vehicle exports. Economic growth and the need to replace aging fleets will also generate lucrative opportunities for heavy-duty and light-medium truck manufacturers and support the development of commercial truck racks. Likewise, the market will benefit from the robust demand for commercial vehicles, including pickup trucks, especially in emerging nations.
Based on statistics from the China Passenger Car Association, in August 2022, the country sold 40,000 pickup trucks in total. The steady increase in vehicle sales is likely to accelerate the installation of pickup truck racks to increase the cargo-carrying capacity and ensure ease of transportation of heavy loads. The installation capabilities of truck rack accessories also include top-mounted, side-mounted, and platform-mounted variants, thereby addressing the requirement of a variety of truck models.
Government-mandated restrictions on payload capacity for trucks and raw material shortage following the COVID-19 outbreak may create hinder the truck racks market development to some extent. The pandemic has, however, triggered the expansion of e-commerce businesses as online shopping emerged as a practical alternative amid the closure of retail locations. This trend will bolster the consumption of small cargo trucks for courier delivery and other logistics applications. Additionally, the gradual shift away from passenger cars to light trucks is set to foster global market trends.
The unprecedented surge in diesel prices is leading to a sharp rise in truck fleet costs. In the initial months of 2022, the Producer Price Index of truck trailers recorded a substantial surge, creating a major issue for truck rack owner-operators. In addition, fuel inflation continues to impact the overall truck industry. Likewise, with the rising labor costs, truck production may witness a decline and subsequently limit truck racks construction worldwide.
Steel is projected to emerge as a prominent material segment in the truck racks market by 2032, on account of its low cost and high strength over aluminum counterparts. This material can carry and withstand heavy loads, making it a durable racking system. To ensure corrosion resistance, manufacturers have also been designing powder-coated steel racking solutions. With the growing awareness of positive attributes such as ease of installation and the upcoming launch of universal products, the industry share from this material segment will increase at an appreciable rate over the years ahead.
Based on the application, the truck racks market size from the OEM segment will amass considerable gains over the forecast period, as a result of the escalating sales of commercial vehicles. The automotive sector is gradually recovering from the impact of the coronavirus pandemic-induced disruptions. Consequently, the demand for auto components is expected to grow, especially from the OEM segment. Additionally, most of the OEMs in the commercial vehicle industry registered commendable growth in 2022, further asserting a positive influence on truck rack sales through OEMs globally.
Regionally, the North American region is slated to account for a substantial share of the global truck racks market between 2023 and 2032, credited to the introduction of novel American-made pickup truck models in 2022, including the Ford Ranger and the Honda Ridgeline. The U.S. has also become one of the largest markets for commercial vehicles in recent years. These factors, alongside the increasing spending power of vehicle consumers, are expected to boost the market revenue.
Prominent participants operating across the truck racks market include Cross Tread Industries, Inc., Yakima Products, Inc. (Kemflo International Co., Ltd.), Thule Group, Vanguard Manufacturing, Inc., ProTech Industry, Hauler Racks, Inc., Holman (previously Kargo Master, Inc.), Rack, Inc., Texas Truck Racks, and Magnum Manufacturing, Inc., among others. These companies are employing strategies such as product launches, acquisitions, and business expansions to expand their foothold across the global market.
The truck racks market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:
Market, By Type
Market, By Material
Market, By Application
The above information is provided for the following regions and countries: