What Has Been the Growth of the Truck Rack Market So Far?
The truck rack market has seen considerable growth due to a variety of factors.
• In the last few years, there has been a solid expansion in the size of the truck rack market. The growth projection predicts an increase from $1.33 billion in 2024 to $1.44 billion in 2025, marking a compound annual growth rate (CAGR) of 7.8%.
The historic period's growth is a result of factors such as industrialization and increased transportation needs, the advent of early cargo management systems, innovative customization attempts, limited incorporation of technology, and its use in both commercial and industrial sectors.
What Are the Future Growth Projections for the Truck Rack Market?
The truck rack market is expected to maintain its strong growth trajectory in upcoming years.
• There is a projection for significant expansion in the truck rack market in the coming years, with the market anticipated to reach $1.9 billion by 2029, expanding at a compound annual growth rate (CAGR) of 7.2%.
These predictions for growth during the estimated period can be linked to enhancements in design and materials, adaptability and customization, changing commercial needs, the increased prominence of e-commerce and delivery services, along with improved security features. Key trends over the estimated period include the focus on customization and adaptability, incorporation of sophisticated materials, growth in commercial applications, technological enhancements, urbanization and shifts in lifestyle.
What Are The Core Factors Supporting Growth In The Truck Rack Market?
The truck rack market's growth trajectory is poised to be lifted by the escalating numbers of commercial vehicles. Commercial vehicles, designed for business, commerce or transport applications, often employ truck racks to optimize their available space, offer extra space for storing tools and equipment, and bolster vehicle safety. For instance, in January 2024, German commercial vehicles manufacturer Daimler Truck Holding AG reported that it had sold 526,053 trucks and buses in 2023, a slight uptick from 520,291 in 2022. The sales in the Trucks North America segment were 195,014 units, with Trucks Asia documenting 161,171 units marking a growth of 3% from prior year. Daimler Buses also saw commendable performance, with unit sales of 26,168, reflecting a 9% growth. Consequently, the escalating numbers of commercial vehicles will serve as a major driver for the truck rack market's growth.
Truck Rack Market Driver: The Growth Of The Truck Rack Market Is Expected To Be Stimulated By Increasing Demand For Light Trucks
What Are The Major Segments Within The Global Truck Rack Market?
The truck rack market covered in this report is segmented –
1) By Type: Roof-Mounted, Side-Mounted, Platform-Mounted, Other Types
2) By Material: Steel, Aluminum
3) By Application: Original Equipment Manufacturer (OEM), After market
Subsegments:
1) By Roof-Mounted: Fixed Roof Racks, Adjustable Roof Racks
2) By Side-Mounted: Ladder Racks, Tool Racks
3) By Platform-Mounted: Flatbed Racks, Utility Racks
4) By Other Types: Hitch-Mounted Racks, Custom Or Specialty Racks
Pre-Book The Truck Rack Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Emerging Trends Are Influencing The Growth Of The Truck Rack Market?
Leading businesses in the truck rack sector are concentrating on the creation of innovative technological products, such as adaptable rack systems, to enhance their market profitability. An adjustable rack system is a type of rack that moves within a C-shaped channel fixed on the upper part of the load box sidewalls and can be secured in five distinct locations, thereby providing solid support for items of varying lengths. For example, in July 2023, the Ford Motor Company, an automobile manufacturer based in the United States, invented an exceptional adjustable rack system for the next-gen Ford Ranger. Ford's outstanding sliding load rack and foldable roof rack make up the Flexible Rack System, permitting owners to load items extending the length of the roof and load box. The strategy is devised to simplify and make more practical the transport of extended items. The next-gen Ford Ranger includes an exciting new feature; Ford's innovative, adjustable rack system, which could boost the company's growth.
Who Are the Key Players In The Truck Rack Market?
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.
What Is The Most Dominant Region In The Truck Rack Market?
North America was the largest region in the truck rack market in 2024. 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
