Global Truck Racks Market by Product (Aluminum, Steel) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Industry Outlook

In 2016, the global truck racks market was valued at USD 724.2 millions. The market is expected to grow due to growing demand for the product to be used as an accessory to transport various types of industrial and sports-related gear. A major trend expected to boost the market's growth is the increase in pickup truck sales, especially in North America.

Due to the growing popularity of pickup trucks in Asia Pacific, and North America's large consumer base, this market will likely benefit. To reduce manufacturing costs and increase profits, key manufacturers source raw material from Asia's low-cost suppliers.

The U.S. market is a key revenue generator in the global arena. The economic environment is characterised by a large number consumers with high spending capabilities. The economy's demand for racks is expected to increase as more people use the product to transport recreational items like canoes, kayaks, and bikes. Pickup trucks are also more popular in this region than in other regions. This accounts for the significant increase in pickup truck usage.

Raw material manufacturers add most value to their products through raw material costs, as well as the expenses associated with processing aluminum and steel into rods. The segment's value add is between 15% and 25%, with additional logistic costs. Rack manufacturers receive processed raw materials through distribution channels that are owned by raw material suppliers. Rack manufacturers are responsible for designing, assembling and finishing the product. This allows rack manufacturers to add high-value value.

Product Insights

Both aluminum- and steel-based truck racks are in high demand. Because of their superior strength and longer life expectancy, steel-based products are more popular. The market is expected to grow due to the increased use of steel racks in applications that require high load carrying capacity. Due to their widespread use in low-cost pickup trucks, the demand for steel-based products will likely rise to USD 300.4 million by 2025.

The demand for aluminum truck racks will rise sharply in the next few years. They are lightweight, which allows for greater efficiency in residential and recreational applications. Because they are resistant to rust, they are more commonly used. The segment is expected to grow due to rising aluminum recycling rates and falling product prices. High product installation rates are expected to drive a significant increase in aluminum rack demand, especially for medium- and top-end pickups.

Application Insights

The price of OEMs is higher because they are not directly involved in product production or procurement. Due to lack of rack manufacturers in the supply chain, OEMs are expected to supply such products to low-consuming regions.

The OEMs make up a smaller share of the market, as manufacturers distribute their products directly through a network they have established. Truck racks market OEMs generally sell standardized products that are scaled to fit their vehicles. It reduces the customization options for the products.

In 2016, the aftermarket segment accounted for 69.3% overall market revenue. The aftermarket segment is dominated by players who operate through specific distribution channels. The aftermarket sells products at lower prices because manufacturers offer substantial discounts and price reductions for consumers in order to increase their market share.

The market has a strong affinity for U.S.-made products. This is mainly true of accessories that are included with pickups. The aftermarket can have products customized to meet client needs.

Regional Insights

Truck racks are in high demand in North America. High sales have been achieved due to the presence of many pickup truck manufacturers in the region, including General Motors and Nissan. These manufacturers will likely increase their production capacity by as much as 5% per year to meet increasing demand. This will in turn stimulate the sale of truck racks. Standard and headache racks are in high demand to improve operational capabilities.

Asia Pacific is the region with the highest potential. Due to growing pickup truck sales, Australia will likely offer high growth opportunities. According to estimates, the economy will grow at 6.2% per year in terms of revenue. Europe will experience strong growth in 2025 due to the booming demand from the application industries. The region will benefit from a booming pickup truck market in the mid-sized range, driven by new models being launched by major manufacturers like Ford, Fiat and Mercedes.

Market Share in Truck Racks

Because the market is not able to attract lucrative opportunities, there is little forward integration between raw materials suppliers and product manufacturer. The market does not support backward integration as rack manufacturers would have to incur high costs for setting up a plant in steel or aluminum, rendering the venture unprofitable.

The supply and distribution process of finished racks is handled by product manufacturers. This allows for some forward integration. Companies in the industry also participate in the development of advanced products to meet product demand.

Report Scope

The Report Covers Certain Segments

This report predicts revenue growth at the global, regional and country level and analyzes industry trends in each sub-segment from 2014 to 2025. Up Market Research segmented the global truck racks industry report based on product, region, and application.

• Product Outlook (Volume: '000 Units; revenue, USD Million, 2014-2025)

  • Steel

  • Aluminium

• Application Outlook (Volume: '000 Units; Revenue, USD Million, 2014-2025)

  • OEM

  • Aftermarket

• Regional Outlook (Volume: '000 Units; Revenue, USD Million, 2014-2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • The U.K.

  • Asia Pacific

    • Australia

  • Central & South America

  • Middle East & Africa

Up Market Research published a new report titled “Truck Racks Market research report which is segmented by Product (Aluminum, Steel), By Players/Companies thereby registering high-value addition, designing, assembling, finishing of the product”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Truck Racks Market Report Segments:

The market is segmented by Product (Aluminum, Steel).

Truck Racks Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Truck Racks Market

Overview of the regional outlook of the Truck Racks Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Truck Racks Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Truck Racks Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Aluminum

                2. Steel

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Truck Racks Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Truck Racks Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.