Truck Racks Market Size, Share & Trends Analysis Report By Product (Steel, Aluminium), By End-use (OEM, Aftermarket), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2023 - 2030

Truck Racks Market Size, Share & Trends Analysis Report By Product (Steel, Aluminium), By End-use (OEM, Aftermarket), By Region (North America, Europe, Asia Pacific, Central & South America, MEA), And Segment Forecasts, 2023 - 2030

Truck Racks Market Growth & Trends

The global truck racks market size is expected to reach USD 1,299.4 million by 2030, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.3% during the forecast period. Surging demand for aluminum-based truck racks owing to their lighter weight and longer lifetime is anticipated to be one of the key trends benefitting the overall market.

Raw materials supplied to truck rack manufacturers are generally procured from distributors employed by major steel and aluminum companies due to low procurement volumes. Moreover, value addition by manufacturers was observed to be the highest as they are thoroughly integrated from design to finishing of the product.

Product supply is carried out either by direct or indirect distribution channels. In addition, a majority of companies in the market operate dual distribution channels, such as distributors, dealers, and wholesalers. The presence of an extensive distribution network ensures timely product supply across key operational regions, which positively influences the market growth. Scope for product customization is low, with various customization options limited to change in length and size of the product. In addition, suppliers and distributors primarily take care of such customization, thereby adding to the value of the products.

Truck Racks Market Report Highlights

• The market recognizes a high demand for both steel and aluminum-based truck racks. The aluminum segment dominated the market with a share of over 70.0% in 2022 and is expected to grow at the fastest CAGR of 5.0% over the forecast period.
• Asia Pacific is the most promising regional market and is expected to grow at a CAGR of 4.8% over the forecast period.
• Key industry players lay high emphasis on the development of new product designs in order to attract consumers and operating extensive distribution networks in a bid to augment market share.

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