Truck Rack Global Market Report 2024

The truck rack market size has grown strongly in recent years. It will grow from $1.23 billion in 2023 to $1.33 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed in the historic period can be attributed to industrialization and transportation needs, early developments in cargo management solutions, pioneering efforts in customization, limited technological integration, and widespread commercial and industrial usage of truck racks.

The truck rack market size is expected to see strong growth in the next few years. It will grow to $1.76 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be attributed to innovation in design and materials, increased customization and versatility of truck racks, evolving commercial requirements, the rise of e-commerce and delivery services, and the incorporation of enhanced security features. Major trends expected in the forecast period include a continued focus on customization and versatility, the integration of advanced materials, increased adoption for commercial use, ongoing technological innovations, and the impact of urbanization and lifestyle changes on the demand for truck racks.

The anticipated growth in the number of commercial vehicles is set to drive the expansion of the truck rack market. Commercial vehicles, used for business, trade, or transport-related purposes, benefit from truck racks by maximizing usable space, providing additional storage for tools and equipment, and enhancing safety features. According to the National Automobile Dealers Association in December 2022, commercial truck sales in the US reached 476,000 units in 2022, indicating a 3.8% increase from the previous year. Consequently, the increasing presence of commercial vehicles is expected to fuel the growth of the truck rack market.

The truck rack market is also poised for growth due to the rising demand for light trucks. Light trucks, with a gross vehicle weight of up to 8,500 pounds and a payload capacity of 4,000 pounds, constitute the primary vehicles utilizing truck racks. In April 2023, the Alliance for Automotive Innovation reported that sales of light trucks represented 79% of all sales in March 2023. Moreover, the production of light vehicles in the United States increased by 6% from February to March 2023, totaling 873,247 vehicles, including 147,870 automobiles and 701,972 light trucks. This surge in demand for light trucks is a key driver for the growth of the truck rack market.

Regulatory compliance is expected to present a significant challenge and hinder the growth of the truck rack market. Meeting stringent safety standards is crucial for truck racks to withstand heavy loads, secure cargo effectively, and minimize the risk of accidents or injuries. Adhering to safety regulations may require additional engineering and testing, leading to elevated production costs. For instance, the Federal Motor Carrier Safety Administration (FMCSA) has implemented cargo securement rules for motor carriers engaged in interstate commerce, mandating that equipment or systems used for cargo securement meet specific performance standards. Thus, regulatory compliance poses a notable challenge that could potentially impede the growth of the truck rack market.

Major players in the truck rack market are prioritizing the development of innovative technology-based products to enhance profitability. One such innovation is the flexible rack system, characterized by a rack that slides within a C-shaped channel mounted on the top of load box sidewalls and can be locked in various positions. In July 2023, Ford Motor Company introduced a unique flexible rack system for the next-generation Ford Ranger, comprising a sliding load rack and folding roof rack. This system allows for the secure support of items of different lengths, simplifying the transport of longer items. This innovative approach by Ford, exemplified in the next-generation Ranger, is expected to contribute to the company's growth.

In June 2021, Warn Industries, a US-based manufacturer of vehicle recovery equipment and off-road vehicle accessories, acquired Fabtech Industries Inc. for an undisclosed amount. This strategic acquisition enables both companies to leverage their respective strengths and domain knowledge to develop cutting-edge products, expand their product lines, and gain market share in the off-road accessories sector. Fabtech Industries Inc. specializes in manufacturing premium suspension components and aftermarket suspension, including heavy-duty cargo racks.

Major companies operating in the truck rack market report are Ford Motor Company, Holman Inc., The Shyft Group Inc., Thule Group AB, Werner Co., Clarus Corp., Adrian Steel Company, Yakima Inc., Lund International Holdings, Buyers Products Company, Penda Corporation, Westin Automotive Products Inc., Lynn Ladder & Scaffolding Co. Inc, DECKED, Topper Manufacturing Company Inc., Truxedo Inc., Highway Products Inc., Fabtech Industries Inc., Rack-It Inc., Surco Products Inc., Cruzber S.a.u., Malone Auto Racks, Spring Creek Manufacturing, Texas Truck Racks, Backrack Inc., Car Mate Mfg Co. Ltd.

North America was the largest region in the truck rack market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the truck rack market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the truck rack market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The truck rack market consists of sales of ladder racks, utility racks, overhead racks, headache racks, and contractor racks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The main types of truck racks include roof-mounted, side-mounted, platform-mounted, and others. A roof-mounted truck rack is installed on the roof of a truck and is typically made of materials such as steel and aluminum. These racks are used for various applications, serving both original equipment manufacturers (OEM) and aftermarket needs.

The truck rack market research report is one of a series of new reports that provides truck rack market statistics, including truck rack industry global market size, regional shares, competitors with a truck rack market share, detailed truck rack market segments, market trends and opportunities, and any further data you may need to thrive in the truck rack industry. This truck rack market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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