San Francisco,8 October 2018: According
to a report by Grand View Research, Inc., global truck
racks market is anticipated to value USD 1.09 billion by 2025. Growing
requirement for trucks to transport industrial and sports related equipment
from one place to another is anticipated to propel demand for truck racks.
Rising sales of pickup trucks
globally is anticipate to influence demand for truck racks in the forthcoming
years. In addition, growing adoption of truck rack as accessory to transport
various products from one place to another can also fuel growth of market
during the forecast period (2014 to 2025).
The truck racks market can be
segregated on the basis of product, application, and region. Based on product,
the market can be bifurcated into aluminum and steel. Steel based truck racks
are likely to gain traction among consumers owing to high stress resistance and
prolonged usage lifetimes. In addition, increasing use of steel racks to carry
heavy loads can augment growth of market during the forecast period. The
segment is likely to account for market share equivalent to USD 300.4 million
by 2025 attributed to increasing use of steel based racks in low cost pickup
trucks.
Similarly, demand for aluminum
based truck racks is likely to increase during the forecast period. Properties
such as superior resistance and light weight are expected to increase
efficiency in carrying out recreational and residential applications. In
addition, growing adoption of recycling of aluminum and reducing prices of
aluminum based truck racks are likely to fuel product demand in the forthcoming
years. Moreover, rising product demand attributed to rapidly increasing product
installation rate in medium and high-end pickup trucks can augment market
growth during the forecast period.
Access
Research Report of Truck
Racks Market@ www.grandviewresearch.com/industry-analysis/truck-racks-market
Based on application, the
market can be divided into aftermarket and OEM. In 2016, aftermarket dominated
the market and accounted for 69.3% market share. Products supplied in
aftermarket are likely to be sold at lower prices attributed to discounts
offered by manufacturers to consumers. This, in turn, is likely to increase
market share for this segment.
On the contrary, OEM segment
is expected to account for less market share as product manufacturers
distribute directly through channels created by them. In addition, OEMs are
predicted to supply standardized products that are not likely to suit their
vehicles. This, in turn, can reduce level of customization in products.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/automotive-and-transportation
Regional segmentation includes
North America, Asia Pacific, Europe, Central & South America, and Middle
East & Africa. North American region is expected to witness high demand for
truck racks during the forecast period. High prevalence of pickup truck
manufacturers such as Toyota, General Motors, Ford, and Nissan is likely to
boost sales of these vehicles in the region. To cater to rising demand for
truck racks, these manufacturers are expected to increase their production
capacities by 5% annually. This, in turn, can surge sales of truck racks in
this region. In addition, rising demand for headache and standard racks among
consumers to reinforce operational capabilities can further influence growth of
market.
In Asia Pacific, the market is
estimated to grow well during the forecast period. Mainly, Australia is
expected to create lucrative opportunities for market owing to rising sales of
pickup trucks. The economy is likely to grow at remarkable CAGR of 6.2% in
terms of revenue during the forecast period.
In Europe, the market can
witness significant growth by 2025 attributed to high demand for truck racks.
Growing adoption of midsized pickup trucks owing to frequent launch of new
models by major manufacturers such as Fiat, Ford, Mercedes, and Nissan can also
spur growth of market in this region.
Some of the leading companies
offering truck racks are Vanguard Manufacturing, Inc.; Cross Tread Industries,
Inc.; Thule Group; Hauler Racks, Inc.; and Kargo Master Inc. The market is not
likely to witness forward integration between raw material suppliers and
product manufacturers as former is not likely to draw any lucrative
opportunities from the business. Even back integration cannot exist in this
market as rack manufacturers are expected to manage huge expenditure to set up
aluminum or steel manufacturing plant. This, in turn, can make venture
unprofitable.
Access
Press Release of Truck Racks Market@ www.grandviewresearch.com/press-release/global-truck-racks-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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