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
Attribute |
More Details |
Base year for estimation |
2016 |
Actual estimates/Historical data |
2014 - 2016 |
Forecast period |
2017 - 2025 |
Representation of the market |
Volume in '000 units, Revenue in USD Millions and CAGR between 2017-2025 |
Regional scope |
North America, Europe and Asia Pacific, Central & South America. Middle East & Africa. |
Country coverage |
U.S.A., Canada Mexico, Australia, U.K. |
Report coverage |
Volume forecast, Revenue forecast. Competitive landscape, growth factors and trends. |
15% off customization scope (equivalent of 5 analysts working day) |
We will customize the report to provide you with specific market information that is not included in the current report. |
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.
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Product Outlook (Volume: '000 Units; revenue, USD Million, 2014-2025)
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Steel
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Aluminium
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Application Outlook (Volume: '000 Units; Revenue, USD Million, 2014-2025)
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OEM
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Aftermarket
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Regional Outlook (Volume: '000 Units; Revenue, USD Million, 2014-2025)
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North America
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The U.S.
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Canada
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Mexico
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Europe
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The U.K.
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Asia Pacific
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Australia
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Central & South America
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Middle East & Africa
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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
Report Attributes | Report Details |
Report Title | Truck Racks Market Research Report |
By Product | Aluminum, Steel |
By Companies | thereby registering high-value addition, designing, assembling, finishing of the product |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 208 |
Number of Tables & Figures | 146 |
Customization Available | Yes, the report can be customized as per your need. |
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:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of Truck Racks Market.
- Historical data and forecast.
- Estimations for the forecast period 2028.
- Developments and trends in the market.
1. Aluminum
2. Steel
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- 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.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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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.
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Truck Racks Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Truck Racks Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Truck Racks Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Truck Racks Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Truck Racks Market Size & Forecast, 2018-2028
4.5.1 Truck Racks Market Size and Y-o-Y Growth
4.5.2 Truck Racks Market Absolute $ Opportunity
Chapter 5 Global Truck Racks Market Analysis and Forecast by Product
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Product
5.1.2 Basis Point Share (BPS) Analysis by Product
5.1.3 Absolute $ Opportunity Assessment by Product
5.2 Truck Racks Market Size Forecast by Product
5.2.1 Aluminum
5.2.2 Steel
5.3 Market Attractiveness Analysis by Product
Chapter 6 Global Truck Racks Market Analysis and Forecast by Region
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Region
6.1.2 Basis Point Share (BPS) Analysis by Region
6.1.3 Absolute $ Opportunity Assessment by Region
6.2 Truck Racks Market Size Forecast by Region
6.2.1 North America
6.2.2 Europe
6.2.3 Asia Pacific
6.2.4 Latin America
6.2.5 Middle East & Africa (MEA)
6.3 Market Attractiveness Analysis by Region
Chapter 7 Coronavirus Disease (COVID-19) Impact
7.1 Introduction
7.2 Current & Future Impact Analysis
7.3 Economic Impact Analysis
7.4 Government Policies
7.5 Investment Scenario
Chapter 8 North America Truck Racks Analysis and Forecast
8.1 Introduction
8.2 North America Truck Racks Market Size Forecast by Country
8.2.1 U.S.
8.2.2 Canada
8.3 Basis Point Share (BPS) Analysis by Country
8.4 Absolute $ Opportunity Assessment by Country
8.5 Market Attractiveness Analysis by Country
8.6 North America Truck Racks Market Size Forecast by Product
8.6.1 Aluminum
8.6.2 Steel
8.7 Basis Point Share (BPS) Analysis by Product
8.8 Absolute $ Opportunity Assessment by Product
8.9 Market Attractiveness Analysis by Product
Chapter 9 Europe Truck Racks Analysis and Forecast
9.1 Introduction
9.2 Europe Truck Racks Market Size Forecast by Country
9.2.1 Germany
9.2.2 France
9.2.3 Italy
9.2.4 U.K.
9.2.5 Spain
9.2.6 Russia
9.2.7 Rest of Europe
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 Europe Truck Racks Market Size Forecast by Product
9.6.1 Aluminum
9.6.2 Steel
9.7 Basis Point Share (BPS) Analysis by Product
9.8 Absolute $ Opportunity Assessment by Product
9.9 Market Attractiveness Analysis by Product
Chapter 10 Asia Pacific Truck Racks Analysis and Forecast
10.1 Introduction
10.2 Asia Pacific Truck Racks Market Size Forecast by Country
10.2.1 China
10.2.2 Japan
10.2.3 South Korea
10.2.4 India
10.2.5 Australia
10.2.6 South East Asia (SEA)
10.2.7 Rest of Asia Pacific (APAC)
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Asia Pacific Truck Racks Market Size Forecast by Product
10.6.1 Aluminum
10.6.2 Steel
10.7 Basis Point Share (BPS) Analysis by Product
10.8 Absolute $ Opportunity Assessment by Product
10.9 Market Attractiveness Analysis by Product
Chapter 11 Latin America Truck Racks Analysis and Forecast
11.1 Introduction
11.2 Latin America Truck Racks Market Size Forecast by Country
11.2.1 Brazil
11.2.2 Mexico
11.2.3 Rest of Latin America (LATAM)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Latin America Truck Racks Market Size Forecast by Product
11.6.1 Aluminum
11.6.2 Steel
11.7 Basis Point Share (BPS) Analysis by Product
11.8 Absolute $ Opportunity Assessment by Product
11.9 Market Attractiveness Analysis by Product
Chapter 12 Middle East & Africa (MEA) Truck Racks Analysis and Forecast
12.1 Introduction
12.2 Middle East & Africa (MEA) Truck Racks Market Size Forecast by Country
12.2.1 Saudi Arabia
12.2.2 South Africa
12.2.3 UAE
12.2.4 Rest of Middle East & Africa (MEA)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Middle East & Africa (MEA) Truck Racks Market Size Forecast by Product
12.6.1 Aluminum
12.6.2 Steel
12.7 Basis Point Share (BPS) Analysis by Product
12.8 Absolute $ Opportunity Assessment by Product
12.9 Market Attractiveness Analysis by Product
Chapter 13 Competition Landscape
13.1 Truck Racks Market: Competitive Dashboard
13.2 Global Truck Racks Market: Market Share Analysis, 2019
13.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
13.3.1 thereby registering high-value addition
13.3.2 designing
13.3.3 assembling
13.3.4 finishing of the product