Global Truck Rack Market Poised for Steady Growth Amidst Rising Commercial Vehicle Demand

The global truck rack market is projected to experience steady growth, with market size expected to increase from USD 8.66 billion in 2023 to USD 11.63 billion by 2030, reflecting a compound annual growth rate (CAGR) of 5% during the forecast period. ​

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Market Dynamics and Growth Drivers

The increasing number of commercial vehicles worldwide is a primary driver for the truck rack market. Truck racks, typically made of high-strength materials like steel and aluminum, have become standard equipment on many commercial trucks, enabling the transportation of larger volumes of luggage and equipment. The rising production of light commercial vehicles, fueled by the rapid growth of small and medium-sized enterprises (SMEs) and industrialization in developing countries, further propels market expansion. ​

Competitive Landscape

The market features several key players focusing on innovation and strategic partnerships to enhance their market positions. Notable companies include Thule Group, Yakima Products, Inc., Rhino-Rack, LEER Group, and DECKED. These companies are actively expanding their product portfolios and engaging in mergers and acquisitions to strengthen their market presence. ​

Regional Insights

United States: Growth and Consolidation

In North America, particularly the United States, the truck rack market is experiencing robust growth driven by the high demand for pickup trucks and the increasing popularity of outdoor recreational activities. The presence of major pickup truck manufacturers such as General Motors, Toyota, Ford, and Nissan has led to substantial sales of these vehicles, subsequently boosting the demand for truck racks. The region accounted for a significant market share of 83.3% in 2022. ​

Asia Pacific: Opportunities and Updation

Asia Pacific emerges as a promising market for truck racks, driven by rapid industrialization, urbanization, and the growing transportation sector in countries like China, India, and Japan. The increasing demand for heavy-duty and medium-duty commercial vehicles across these emerging economies contributes to market growth. Additionally, rising investments by original equipment manufacturers (OEMs) are expected to further drive the regional market. ​

Europe: Trends and Consolidation

Europe holds a notable position in the truck rack market, attributed to the booming midsized pickup truck sector and the increasing launch of new models by prominent manufacturers such as Mercedes, Ford, Fiat, and Nissan. This trend is likely to contribute to the region's market growth in the coming years. ​

Middle East and Africa: Emerging Opportunities

The Middle East and Africa are witnessing gradual growth in the truck rack market, driven by increasing construction and mining activities, as well as the growing e-commerce sector. The rising demand for commercial vehicles in these regions presents opportunities for market players to establish a foothold. ​

Key Recent Developments

  • In November 2024, Thule Group acquired Quad Lock, an Australian company specializing in performance phone mount solutions, aiming to enhance its product offerings and market reach. ​

  • In March 2022, DECKED, a manufacturer of truck rack storage kits, acquired CargoGlide, a producer of sliding bed platforms, to develop a broad range of innovative truck bed accessory solutions. ​

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♦ Market Segmentation: In-Depth Analysis:

by Type

Roof-mounted
Side-mounted
Platform-mounted
Other

The market is divided into four types based on kind. Platform-mounted racks, side-mounted racks, and roof-mounted racks are the three categories into which the truck rack market is separated. Roof-mounted racks are expected to enjoy an increase in demand throughout the projected period due to their significant cargo-carrying capacity on the vehicle's roof. Additionally, while safeguarding the vehicle's interior, these racks enable users to place harsh and damaging objects, such construction tools and athletic gear, on top of the car. By enabling the installation of extra lights on top of the vehicle, rooftop truck racks help meet the expanding market demand.

by Material

Steel
Aluminum

by Application

Original Equipment Manufacturer(OEM)
Aftermarket

The market is divided into Original Equipment Manufacturers and Aftermarket segments based on the application. Due to the fact that most automobiles are not delivered with trucks at the factory, the market for truck racks has shifted to aftermarket applications. Depending on client requirements, local merchants usually provide these truck racks. Participants in this sector are those who use specialized distribution channels. Additionally, manufacturers provide a range of price reductions and discounts to consumers in an effort to increase their market share in the aftermarket. Products that are aftermarket might be significantly customized to meet the demands of the customer.

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♦ Market Key Players : In-Depth Analysis:

1. U.S. Rack
2. Rackit Truck Racks
3. Kargo Master
4. Cross Trend Industries
5. Truck Rack &Custom Fabrication
6. Hauler Racks
7. Topper Manufacturing Company
8. Texas Truck Racks
9. Vanguard Manufacturing
10. Magnum Manufacturing

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