Truck Rack Market - Comprehensive Industry Report Offers Forecast and Analysis on 2018-2026
Added: (Fri Jan 11 2019)
Pressbox (Press Release) -
Transparency Market Research has published a new report according to which, the global truck rack market will witness a robust growth during 2018-2026 owing to the rising popularity of racks across the globe. As racks enable hauling of higher volume of luggage on the vehicle, their popularity is increasing around the world.
The report also states that truck racks are used in light trucks and rising production of light trucks is likely to be a major factor that is expected to boost the truck rack market. Rising industrialization and expansion of SMEs in the developing countries are major factors boosting the market for light commercial vehicles that are equipped with truck racks. This, in turn, is augmenting the truck rack market. Rising preference of people for light trucks over passenger vehicles for touring is further anticipated to be a key factor that will propel the truck rack market.
The global truck rack market is categorized in terms of material, sales channel, and region. Based on material, the aluminum segment is expected to expand rapidly owing to its light weight, which results in addition of light weighted rack. Therefore, most people prefer aluminum racks over other material racks. The higher cost of aluminum racks is a key factor, which is likely to hamper the aluminum rack segment.
In accordance with sales channel, the aftermarket segment is likely to hold a significant share of the market, as most vehicles are not equipped with factory-fitted racks. Moreover, a truck rack is an addition to the vehicle, thus people buy it from local vendors according to their requirement. Some OEMs provide factory-fitted truck racks, which are mostly made of aluminum.
To know more about each segment of the truck rack market and the overall market outlook, click here.
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