Truck Rack Market – Overview
Truck racks are mounted over the roof of vehicles; sometimes they are attached to the trolley of trucks in order to carry luggage. Truck racks are bolted on the rail of the truck trolley as an additional part of the vehicle. Moreover, truck racks are usually made of steel or aluminum, as these materials possess high strength that can bear the load of the luggage. Racks are mounted to carry ladders in several commercial vehicles.
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The global truck rack market is expected to expand at a significant pace owing to the rising popularity of racks, as they enable hauling of higher volume of luggage on the vehicle. Moreover, truck racks are utilized in light trucks and rising production of light trucks is likely to be a major factor that is expected to boost the truck rack market. Rising industrialization and expansion of SMEs in the developing countries are major factors boosting the market for light commercial vehicles that are equipped with truck racks. This, in turn, is augmenting the truck rack market. Rising preference of people for light trucks over passenger vehicles for touring is anticipated to be a key factor that is likely to propel the truck rack market.
Truck Rack Market – Segmentation
The global truck rack market can be segmented based on material, sales channel, and region. In terms of material, the aluminum segment is anticipated to expand significantly owing to its light weight, which results in addition of light weighted rack; however, alternative materials possess higher weight. Therefore, most people prefer aluminum racks over other material racks. The higher cost of aluminum racks is a key factor, which is likely to hamper the aluminum rack segment.
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In terms of sales channel, the aftermarket segment is likely to hold a major share of the market, as most vehicles are not equipped with factory-fitted racks. Moreover, a truck rack is an addition to the vehicle, thus people buy it from local vendors according to their requirement. Some OEMs provide factory-fitted truck racks, which are mostly made of aluminum.
In terms of region, North America is anticipated to hold a major share of the global market owing to the high production of light commercial vehicles, followed by Asia Pacific. Light commercial vehicles are manufactured in large quantities in the region, owing to presence of a few major light truck manufacturers such as Ford and General Motors coupled with the preference of people for light trucks over passenger vehicles even for non-commercial applications. The truck rack market in Asia Pacific is expected to expand at a significant growth rate during the forecast period, owing to increase in industrialization, which is expected to be a key factor fueling the production of the light commercial vehicles, in the region.
Truck Rack Market – Key Players
Key players operating in the global truck rack market include U.S. Rack Inc., Truck Rack & Custom Fabrication, Rackit Truck Racks, Kargo Master, Cross Tread Industries Inc., Hauler Racks, Inc., Topper Manufacturing Company, Inc., and TEXAS TRUCK RACKS.
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