Home > Automotive > Truck Racks Market
Truck Racks Market
Truck racks market size is projected to see noticeable growth over 2024-2032, backed by the rise in vehicle exports. Rapid economic growth and the dire need to replace aging fleets is generating lucrative opportunities for heavy-duty and light-medium truck manufacturers, further supporting the development of commercial truck racks. Of late, the robust demand for commercial vehicles, including pickup trucks, is intensifying especially in several 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.
Truck Racks Market Trends
The increasing demand for lightweight and durable materials, such as aluminum and composite materials, for offering enhanced fuel efficiency and load capacity will contribute to the industry growth. The growing emphasis on customizable and modular rack systems is allowing truck owners to tailor their racks to specific needs, whether for recreational activities like biking and kayaking or professional applications, such as construction and landscaping. Moreover, integrated technology features like advanced locking mechanisms and compatibility with smart cargo management systems are gaining traction for enhancing security and convenience for users.
On the other side, the unprecedented jump 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 is continuing to impact the overall truck industry. Likewise, with the rising labor costs, truck production may witness a decline and subsequently limit the construction of truck racks worldwide.
Truck Racks Market Analysis
The steel material segment in the truck rucks industry is estimated to generate significant revenue by 2032, on account of their low cost and high strength over aluminum counterparts. Steel truck racks offer robust support and stability, making them ideal for heavy-duty applications. Additionally, they provide excellent load-bearing capacity while ensuring safe transportation of various cargo types. Given their resistance to corrosion and wear, these truck racks are suitable for long-term use, appealing to truck owners seeking lasting solutions.
Based on application, the truck racks industry from the OEM segment will amass considerable gains by 2032, as a result of the escalating sales of commercial vehicles. The automotive sector is gradually recovering from the impact of the COVID-19 pandemic-induced disruptions. Consequently, the demand for auto components is expected to grow, especially from the OEM sector. Additionally, most OEMs in the commercial vehicle industry registered commendable growth in 2022, further asserting a positive influence on truck rack sales through OEMs globally.
North America truck racks industry is slated to account for a substantial share by 2032. This can be mainly 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 slated to boost the regional market growth.
Truck Racks Market Share
Prominent participants operating across the truck racks industry 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
- Magnum Manufacturing, Inc.
These companies are employing strategies, such as product launches, acquisitions, and business expansions to proliferate their foothold across the global market.
Truck Racks Industry News
- In April 2023, RealTruck, Inc., the top manufacturer and online retailer of aftermarket truck parts and accessories, introduced the BACKRACK™ SRX Rack cab guard, which features a contoured profile and requires no drilling for installation.