Yes, but some pieces of gear will take up more than one unit. Take a look at this picture...
If you look at the rack on the right, the piece of gear second from the bottom is taking up 1 unit of space, the piece at the bottom is taking up 2 units, the piece third from the bottom is taking up 3 units, and the piece on the top is taking up 4 units. So while there are only 9 pieces of gear in that rack, they're taking up 15 rack spaces.