Market Overview
Yard Trucks, shunt trucks, spotter trucks, or yard shifter trucks are a semi-tractor often intended to move trailers and other goods & products from a cargo yard, warehouse facility, or an intermodal facility. Yard trucks offer functionality in the sense that a switcher locomotive does when it positions railcars before departure. The global yard trucks market is expected to grow during the forecast period owing to the increasing number of distribution centers and rising integration of yard trucks within ports, cross-docking terminals, truck terminals, and other cargo yards. A booming e-commerce sector on a global scale will fuel the growth of the market in a sustainable market. Yard trucks also offer wider functionality, including moving cargo in less time, minimizing injury rates, and lowering maintenance costs. However, various government regulations developing and growing automobile industries will constrain the growth of the global yard truck market during the forecast period. Major policies are in-line with the regulations for the number of road accidents and keeping passengers and driver safe, which will further hinder the growth of the global market.
Key Trends
- One major trend Credence Research Inc. is expected to see in the Yard Trucks market is the implementation of yard management systems (YMS). These systems automate applications, including managing trucks, cargo, and people. These implementations will help yard managers improve the productivity of their fleets.
- Another trend that Credence Research Inc. predicts will continue in the Yard Trucks market is the increased integration of e-commerce during the forecast period. A major portion of the revenue for yard trucks is often collected from delivering e-commerce packages. Factors such as Digital content, travel and leisure, financial services, e-tailing, and rising internet penetration, will boost the market value for the global e-commerce market during the forecast period.
Economic Impact Analysis
Industries start to suffer when the economy slows down. The Yard Trucks market report, 2022-2028, considers the economic downturn’s predicted consequences on the pricing and accessibility of various services.
- Recession
According to the Credence Research Inc. market report, the recession will significantly impact the global Yard Trucks market. Downturns are a natural part of any recession. The more prepared a company is for a downturn, the more likely it will survive and thrive during recovery. Economic downturns can be marketed by identifying signals and patterns from past recessions. The impact of economic downturns is mostly observed in the manufacturing sector; however, these sectors recover more quickly than the overall economy. The global yard truck market is expected to dip in revenue as manufacturers reported a dip in sales. During recessive-like conditions, essential and valuable services take precedence. Yard trucks are essential in transporting goods and services. However, there are a wide number of alternatives that can provide the same service. Additionally, these trucks are comparatively expensive, which can cause hindrances to the global yard truck market during the forecast period.
- Ukraine-Russia War Impact
Russia and Ukraine are heavily dependent on the exports of specialized automobiles. Yard trucks are usually manufactured in the European and North American regions, with a few players spread across the Asia Pacific. More than half of the yard trucks are imported within these regions. Even though these prominent players face big challenges due to disruptions in raw materials and supply chains, the sales and demand for yard trucks in these regions look fairly like 2021. Rising prices of yard trucks and availability of stocks are expected to cover and sustain the supply chain till now. However, as time passes and the conflict gets more intense, more complexities are expected soon.
- China COVID Outburst December 2022
According to the Institute of Health Metrics and Evaluation (IHME), by April 1st of 2023, the death toll in China could exceed more than 320,000. The COVID cases in China are expected to peak by that period. China is witnessing an uprising of COVID-19 cases, with more than a million cases in 2023. Furthermore, the ruling government in China is lifting its stringent regulations curbs. Furthermore, China is one of the manufacturing leaders in many prominent sectors. Numerous parts for yard trucks are manufactured in China. The ongoing cases in China are expected to slow down the manufacturing sector, creating a demand-supply vacuum in 2023. However, many experts predicted the current outcome, and many market leaders are shifting their manufacturing hubs outside China, which will offset the supply gap.
Regional Analysis
In 2022, the greatest revenue share in the Yard Trucks market was attributed to North America. Factors such as the rising number of warehouses and distribution centers and the increasing inclusion of yard trucks within ports, cross-docking terminals, truck terminals, and other cargo yards will increase the footprint of the yard truck market in North America. Besides, Asia Pacific accounted for the second-largest market for Yard Trucks, owing to an expanding manufacturing sector and increasing demand for various transportation solutions.
STAR Analysis
- Situation
Our client owned several vehicles, including yard trucks and other vehicles. They rented their yard trucks to various yards, warehouses, and airports. However, they saw a significant ROI on their rental vehicles.
- Task
The client wanted to identify the pain points of their low revenues. They wanted a detailed list of applicable areas of interest and a market share for each application. Furthermore, the client wanted to know the historic and future trends in the application areas for yard trucks. An overall market value was estimated to gauge the client’s requirements better.
- Action
The client got in touch with Credence Research Inc. which assisted the client with their niche requirement. The report “Global Yard Trucks Market, 2023-2030” published by Credence Research Inc. in 2023, thoroughly analyses the end-use industries where Yard Trucks are the most frequently used. The report contained pivotal points such as PESTEL analysis and a list of regulations that aided the clients in identifying the important revenue-generating pathways. We provided a list of pricing of various yard trucks often used in many end-use verticals. Additionally, we provided the client with a list of viable ports, warehouses, and airport terminals that are known associates of integrating yard trucks within their vicinities.
- Result
Credence Research Inc.’s thorough analysis report of the Yard Trucks market assisted the client in expanding its revenue opportunities in several geographies. The client noted a significant revenue increase as our market study was ripe with applicable areas, such as intermodal, ports, and rail terminals. The segmental values for various geographical regions also presented the client with lucrative opportunities.
