The truck rack global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Truck Rack Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The truck rack market size has grown strongly in recent years. It will grow from $1.23 billion in 2023 to $1.33 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to industrialization and transportation needs, early cargo management solutions, pioneering customization efforts, limited technological integration, commercial and industrial usage..
The truck rack market size is expected to see strong growth in the next few years. It will grow to $1.76 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to innovation in design and materials, customization and versatility, evolving commercial requirements, rise in e-commerce and delivery services, enhanced security features.. Major trends in the forecast period include customization and versatility, integration of advanced materials, rise in commercial use, technological innovations, urbanization and lifestyle changes..
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Scope Of Truck Rack Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Truck Rack Market Overview
Market Drivers –
The growing number of commercial vehicles is expected to propel the growth of the truck rack market going forward. A commercial vehicle is a type of motor vehicle used for business, trade, or transport-related purposes. The truck rack maximizes the usable space in the commercial vehicle, provides additional storage space for tools and equipment, and adds safety features. For instance, in December 2022, according to the National Automobile Dealers Association, a US-based trade organization, commercial truck sales in the US increased to 476,000 units in 2022, a 3.8% increase from 2021. Therefore, the growing number of commercial vehicles will drive the growth of the truck rack market.
Market Trends –
Major companies operating in the truck rack market are focusing on developing innovative technology-based products, such as flexible rack systems, to increase their profitability in the market. A flexible rack system is a rack that slides within a C-shaped channel mounted to the top of the load box sidewalls and can be locked in five different positions, allowing for the secure support of different-length items. For instance, in July 2023, Ford Motor Company, a US-based automobile manufacturer, developed a unique flexible rack system for the next-generation Ford Ranger. The Flexible Rack System consists of Ford’s amazing sliding load rack and folding roof rack, which allow the owners to load items spanning the length of the roof and load box. The technique is intended to make carrying longer items simpler and more practical. The next-generation Ford Ranger is a handy addition that includes Ford’s innovative, flexible rack system, which might help the firm grow.
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), Aftermarket
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Regional Insights –
North America was the largest region in the truck rack market in 2023. 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
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Truck Rack Market Report Structure
3. Truck Rack Market Trends And Strategies
4. Truck Rack Market – Macro Economic Scenario
5. Truck Rack Market Size And Growth
…..
27. Truck Rack Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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