Global Truck Racks Market 2021: Current Trends and Future Growth Analysis Report to 2027
Truck rack is defined as set of bars installed on the roof of trucks to carry bulky items like bicycles, luggage, and other products. These racks help to transport products from one place to other place. These racks are mounted bolted on the rail of the truck trolley as an additional part of the vehicle. These are usually made up of steel or aluminum due to their high strength which can be bear the load of the luggage.
Market Drivers
The increase in demand for the product as an accessory to transport various industrial & sports related equipment is expected to drive the global truck racks market growth during this forecast period. The growing sale of pickup trucks is expected to accelerate the global truck rack market growth. The global truck racks market is anticipated to expand at a significant rate due to the increase in popularity of racks as they enable hauling huge volume of luggage on the vehicle. These racks are used in light trucks & the increasing production of light trucks is likely to be a major driving factor which expected to fuel the target market growth.
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The growing industrialization & expansion of small and medium size enterprises in developing countries which expected to increase the demand for light commercial vehicles which are equipped with truck racks. The increasing preference of individuals for light trucks over passenger vehicles for touring is projected to be a driving factor is likely boost the global truck racks market growth.
Market Restraints
High initial investment is a major challenging factor which expected to hinder the global truck racks market growth during this forecast period.
Market Segmentation
The Global Truck Racks Market is segmented into product such as Aluminum, and Steel. Based on the application market is segmented into OEM, and Aftermarket. Also, the Global Truck Racks Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Regional Analysis
The North America is expected to hold major revenue share in the overall market growth and it is expected to maintain its dominance throughout the period. Availability of major pickup truck manufacturers in this region is expected to drive the global truck racks market growth. The U.S. accounts for the largest market share contribution of the target market. The expansion of transport industry coupled with the high spending power of individuals in the region. The availability of international & local manufacturers in the region is anticipated to contribute the revenue growth of truck racks market over the forecast period.
Market key Players
Various key players are discussed in this report such as U.S. Rack Inc., Rackit Truck Racks, Kargo Master, Cross Tread Industries Inc., Truck Rack & Custom Fabrication, Hauler Racks, Inc., Topper Manufacturing Company, Inc., TEXAS TRUCK RACKS, etc.
Market Taxonomy
By Product
- Aluminum
- Steel
By Application
- OEM
- Aftermarket
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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