Truck Racks Market Size Is Expected To Reach USD 1.09 Bn By 2025 : Radiant Insights,Inc

CITY, Country, 2018-Apr-03 — /EPR Network/ —

The global truck racks market size is expected to reach USD 1.09 billion by 2025, progressing at a CAGR of 4.9% 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.

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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. Presence of extensive distribution network ensures timely product supply across key operational regions, which positively influences 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.

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Further key findings from the report suggest:

• Aluminum truck racks are likely to register a CAGR of 6.6% by volume from 2017 to 2025. Reduction in overall product weight achieved with use of the material is fueling adoption
• The market in U.S. is poised to exhibit a CAGR of 4.8% in terms of revenue during the forecast period. Asia Pacific is estimated to be the most promising region during the forecast period in terms of value as well as volume
• Demand for truck racks will be higher in the aftermarket as compared to OEMs, with the former projected to command just over 70.0% of the overall market volume
• Key industry players lay high emphasis on development of new product designs in order to attract consumers and operating extensive distribution network in a bid to augment market share.

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About Radiant Insight

Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.

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