Global Yard Truck Market Overview
As per MRFR analysis, the Yard Truck Market Size was estimated at 2.89 (USD Billion) in 2022.The Yard Truck Market Industry is expected to grow from 2.99(USD Billion) in 2023 to 4.1 (USD Billion) by 2032. The Yard Truck Market CAGR (growth rate) is expected to be around 3.57% during the forecast period (2024 - 2032).
Key Yard Truck Market Trends Highlighted
Yard Trucks are increasingly being adopted in ports, terminals, and other industrial settings, where they are used to move trailers and containers. The growth of the Yard Truck Market is being driven by several key factors, including the increasing volumes of goods being transported, the need for efficient and cost-effective transportation solutions, and the growing adoption of automated and semi-automated yard truck systems.
Key market drivers include the need for improved efficiency and productivity in yard operations, as well as the increasing adoption of automation and technology in the logistics industry. Recent trends in the yard truck market include the rising demand for electric and hybrid yard trucks, the growing popularity of yard truck telematics systems, and the increasing use of yard truck simulation and modeling to improve yard operations. In order to stay competitive in the Yard Truck Market, companies are focusing on developing innovative products and technologies that meet the changing needs of customers.
Opportunities to be explored or captured in the Yard Truck Market include the growing adoption of yard truck rental and leasing services, the increasing demand for used yard trucks, and the growing popularity of yard truck aftermarket services.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Yard Truck Market Drivers
Advancements in Automation and Technology
The trend of constantly growing adoption of automation and advanced technologies is one of the main drivers in the force in the Yard Truck Market Industry. The main advantage of automated yard trucks as compared with conventional manually operated ones is that they are much safer, more efficient, and lessens companies’ operational costs. Automated trucks are equipped with sensors, cameras, and software that allow them to operate and navigate on their own. As a result, a lowered possibility of accidents and disruptions makes operations inside the yard more effective.
Beyond, with the help of installed telematics systems, companies gain access to values and statistics concerning operations of the fleet, such as vehicle performance, driver routes, and maintenance schedules, which allows them to improve it accordingly. Bearing in mind the continuously improving development of technology, the demand for automated yard trucks will only increase further, supporting the Yard Truck Market Industry.
Rising Demand for Efficient Yard Management
Another critical driver of the Yard Truck Market Industry is the development of efficient yard management. Companies aim to optimize their supply chain operations and reduce costs, so they are increasingly interested in adopting yard management systems to enhance the visibility, control, and efficiency of yard operations. Yard trucks are essential components of such systems, as they facilitate the efficient movement and storage of trailers, containers, and other cargo within the yard.
The integration of yard trucks with the yard management systems provides real-time tracking of the vehicles and cargo, automated scheduling and dispatching processes, and optimal layout of the yard. Using yard trucks in conjunction with yard management systems improves the utilization of yards, reduces dwell times, and increases the productivity of the yard overall.
Growth in E-commerce and Logistics
The rapid growth of e-commerce and the increasing demand for efficient and reliable logistics services are also driving the growth of the Yard Truck Market Industry. E-commerce businesses require efficient yard management to handle the high volume of inbound and outbound shipments, and yard trucks are essential for the efficient movement and storage of goods within the yard. Additionally, the growth of third-party logistics (3PL) providers is contributing to the increased demand for yard trucks, as these providers offer outsourced yard management services to a wide range of businesses.
Yard Truck Market Segment Insights:
Yard Truck Market Truck Type Insights
The Truck Type segment is a critical component of the Yard Truck Market, and it is expected to witness significant growth in the coming years. The segment is categorized into four sub-segments: Electric Yard Trucks, Pallet Truck, Diesel Yard Trucks, LPG Yard Trucks, and Other Yard Trucks. Electric Yard Trucks are gaining immense popularity due to their environmental friendliness and lower operating costs compared to their diesel counterparts. The rising demand for sustainable solutions in material handling has fueled the growth of this segment, and it is projected to account for a substantial portion of the Yard Truck Market revenue by 2025.
Diesel Yard Trucks, on the other hand, continue to hold a dominant share of the market due to their reliability, power, and cost-effectiveness. However, stringent emission regulations are expected to challenge the growth of this segment in the long run. LPG Yard Trucks offer a balance between the environmental advantages of electric trucks and the performance of diesel trucks. Their lower emissions and reduced operating costs make them a viable option for many applications. The segment is expected to experience steady growth in the coming years.
The Other Yard Trucks category includes various specialized yard trucks, such as side loaders and reach stackers. These trucks are designed for specific applications and often offer unique capabilities. The segment is expected to grow at a moderate pace, driven by the demand for specialized material handling solutions. Overall, the Yard Truck Market segmentation by Truck Type provides valuable insights into the market dynamics and growth potential of different types of yard trucks.
Electric Yard Trucks are poised for significant growth due to their environmental benefits and cost advantages, while Diesel Yard Trucks remain a reliable and cost-effective option for many applications.LPG Yard Trucks and Other Yard Trucks cater to specific market needs and contribute to the overall growth of the market. By leveraging these insights, stakeholders can make informed decisions and capitalize on the opportunities presented by the Yard Truck Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Yard Truck Market Capacity Insights
The Yard Truck Market is segmented based on capacity, which includes Below 100,000 lbs, 100,000 - 150,000 lbs, 150,000 - 200,000 lbs, and Above 200,000 lbs. The 100,000 - 150,000 lbs segment held the largest market share in 2023 and is expected to continue to dominate the market during the forecast period. The segment is driven by the increasing demand for yard trucks with higher capacities to handle heavier loads in various industries such as manufacturing, construction, and logistics.
The Below 100,000 lbs segment is also expected to witness significant growth over the forecast period due to the increasing adoption of small-capacity yard trucks for short-distance transportation and confined spaces. The 150,000 - 200,000 lbs and Above 200,000 lbs segments are expected to grow at a steady pace during the forecast period, driven by the demand for specialized yard trucks for heavy-duty applications.
Yard Truck Market Application Insights
The application segment in the Yard Truck Market holds significant importance, influencing market growth and dynamics. Industrial applications account for a substantial share of the market, driven by the rising demand for efficient material handling in various industries such as manufacturing, warehousing, and logistics. In 2023, the industrial segment is valued at approximately USD 1.2 billion and is projected to reach USD 1.6 billion by 2032, exhibiting a CAGR of 3.4%. Ports and airports also contribute significantly to the market, with growing demand for yard trucks for container handling and aircraft towing.
The "Other Applications" segment encompasses a diverse range of applications, including military bases, construction sites, and mining operations, among others. This segment is expected to witness steady growth over the forecast period due to increasing infrastructure development and industrial activities worldwide.
Yard Truck Market Level of Automation Insights
The Level of Automation segment plays a crucial role in the Yard Truck Market, shaping market dynamics and growth prospects. In 2023, the Manual segment held a dominant market share, accounting for nearly 65% of the Yard Truck Market revenue, mainly driven by cost-effectiveness and familiarity among operators.
However, the Semi-Automated segment is projected to witness significant growth in the coming years, with an estimated CAGR of 5.2% from 2024 to 2032. This growth can be attributed to the growing adoption of advanced technologies, such as sensors and automation systems, which enhance efficiency and reduce operational costs.
The Automated segment, though still in its early stages of development, holds immense potential for market growth. Its ability to provide high levels of precision increased productivity, and reduced labor requirements are expected to drive its adoption in the future. As the Yard Truck Market continues to evolve, the segmentation based on Level of Automation will remain a key factor in shaping market growth and innovation.
Yard Truck Market Regional Insights
The regional segmentation of the Yard Truck Market offers insights into the market's geographic distribution and growth potential. North America held the largest market share in 2023, with a revenue of 1.23 billion USD, primarily driven by the presence of major manufacturing hubs and logistics centers.
Europe followed closely, with a market size of 0.98 billion USD, due to its developed transportation infrastructure and high demand for yard trucks in ports and terminals. The Asia-Pacific (APAC) region is anticipated to exhibit the highest CAGR of 4.2% from 2024 to 2032, owing to the rising manufacturing and logistics activities in countries like China and India. South America and the Middle East and Africa (MEA) regions are expected to contribute modest shares to the overall Yard Truck Market revenue, with South America projected to reach 0.25 billion USD and MEA reaching 0.19 billion USD by 2032.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Yard Truck Market Key Players And Competitive Insights:
Major players in the Yard Truck Market industry are continuously investing in research and development activities to expand their product portfolio and gain a competitive edge. Leading players in the yard truck market are focused on new product development and product launches to cater to the growing requirements and features of the customers. Yard Truck Market development is largely driven by the demand for efficient and cost-effective yard management solutions across various industries, including manufacturing, logistics, and transportation. Yard Truck Market Competitive Landscape is a mixture of established players and startups.
Kalmar is a leading company in the yard truck market and a global provider of cargo-handling solutions. The company offers a wide range of yard trucks that include electric, diesel and hybrid trucks to cater to different customer needs. Kalmar’s yard trucks are recognized for their high durability, dependability and fuel efficiency.
The company also provides a range of software and services to support the operation of its yards, including yard management systems and remote monitoring solutions. This has helped Kalmar maintain its leading position in the yard truck industry. Hyster-Yale Group, Inc is a large-scale provider of material handling equipment and is also a leading company in the yard truck market. Hyster-Yale provides a wide selection of yard trucks that include electric, diesel and LPG trucks.
The company’s trucks are suitable for both indoor and outdoor use and are equipped with a wide range of advanced backpacking features such as automatic braking systems, load-sensing hydraulics and fold-away steps that optimize the performance of the truck. The company also provides a range of accessories and attachments. The company’s wide range of products, including locations and accessories, and strong distribution network give it a significant share in the Yard Truck Market.
Key Companies in the Yard Truck Market Include:
- Doosan
- Yale
- Terex
- Kalmar
- TCM
- Manitou
- Toyota
- Raymond
- Paccar
- Liebherr
- Mitsubishi
- Huyndai
Yard Truck Market Industry Developments
The Yard Truck Market is anticipated to grow significantly over the forecast period, with a projected CAGR of 3.57% from 2024 to 2032, reaching a valuation of USD 4.1 billion by 2032. This growth can be attributed to the rising demand for efficient and reliable material handling solutions in various industries, including manufacturing, transportation, and logistics.
Furthermore, advancements in technology, such as the integration of automation and electric powertrains, are expected to drive market growth in the coming years. Major market players are focusing on strategic initiatives such as product development, partnerships, and acquisitions to expand their market presence and meet evolving customer needs.
Yard Truck Market Segmentation Insights
-
Yard Truck Market Truck Type Outlook
- Electric Yard Trucks
- Diesel Yard Trucks
- LPG Yard Trucks
- Other Yard Trucks
-
Yard Truck Market Capacity Outlook
- Below 100,000 lbs
- 100,000 - 150,000 lbs
- 150,000 - 200,000 lbs
- Above 200,000 lbs
-
Yard Truck Market Application Outlook
- Industrial
- Port
- Airport
- Other Applications
-
Yard Truck Market Level of Automation Outlook
- Manual
- Semi-Automated
- Automated
-
Yard Truck Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.89(USD Billion) |
| Market Size 2023 |
2.99(USD Billion) |
| Market Size 2032 |
4.1(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.57% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Doosan, Yale, Terex, Kalmar, TCM, Manitou, Toyota, Raymond, Paccar, Liebherr, Mitsubishi, Huyndai |
| Segments Covered |
Truck Type, Capacity, Application, Level of Automation, Regional |
| Key Market Opportunities |
1.      Increased automation 2.      Electrification of operations 3.      Growing demand in ports and terminals 4.       Expansion in ecommerce and logistics 5.       Government regulations for emission reduction |
| Key Market Dynamics |
1.      Rising demand from the logistics industry 2.       Technological advancements 3.      Increasing ecommerce activities 4.      Growing focus on sustainability Stringent emission norms |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Yard Truck Market was valued at USD 2.99 billion in 2023 and is projected to reach USD 4.1 billion by 2032, exhibiting a CAGR of 3.57% during the forecast period.
North America is expected to dominate the Yard Truck Market throughout the forecast period due to the increasing demand.
The growth of the Yard Truck Market is primarily driven by the increasing adoption of yard trucks in logistics and transportation industries, the rising need for efficient material handling solutions, and the growing e-commerce sector.
Some of the major players in the Yard Truck Market include Toyota Industries Corporation, Hyster-Yale Materials Handling, Inc., Mitsubishi Logisnext Co., Ltd., Jungheinrich AG, and Kalmar Cargotec.
The different types of yard trucks available in the market include diesel-powered yard trucks, electric-powered yard trucks, and hybrid yard trucks.
Yard trucks are primarily used in logistics and transportation industries for transporting goods and materials within yards and terminals.
The Yard Truck Market faces challenges such as the high cost of yard trucks, the shortage of skilled operators, and the increasing competition from automated material handling solutions.
The future growth prospects for the Yard Truck Market are positive due to the increasing demand for yard trucks in emerging economies and the growing adoption of advanced technologies such as automation and IoT.
The Yard Truck Market is expected to grow at a CAGR of 3.57% from 2024 to 2032.
The key trends shaping the Yard Truck Market include the increasing adoption of electric and hybrid yard trucks, the growing demand for automated yard trucks, and the integration of yard trucks with logistics management systems.
