Medium earthmoving equipment volumes rebound
With our first Market Trends Report of the year, we are focusing on volume and pricing data for construction and aerial equipment sales throughout 2022.
As outlined in past editions of the report, equipment sales volumes declined through the pandemic, due to supply chain disruptions, as well as a variety of other sector-specific issues. However, since 2021 we have seen volumes rebound for medium earthmoving and aerial equipment, while large earthmoving equipment sales continue to decline, in the United States anyways.
In 2019, Ritchie Bros. sold approximately 13,000 large earthmoving equipment items in the U.S.—in 2022, that number dropped below 10,000. One reason for this continued decline has been the rise in popularity of medium and compact earthmoving equipment, like mini excavators and multi-terrain loaders.
The rise of compact equipment
One of the most significant changes we’ve seen in recent years is the decline in large excavator volumes sold in the U.S. In 2021, we saw a 10% decline in large excavator volumes. In 2022, we saw a further 25% decline. At the same time, we are seeing multi-terrain loader and mini excavator volumes increase. In Q4 2022 we sold approximately 900 multi-terrain loaders in the U.S., which is close to double what we sold in Q4. These compact units are extremely versatile and in high demand amongst buyers.
In Canada, with lower overall volumes, the change hasn’t been as drastic. We still experienced overall volume declines in Canada through the pandemic, but not on the same scale as we did in the U.S. In fact, there were pockets of growth in Canada. In Q4 we saw hydraulic excavator volumes and prices increase in Canada.
To subscribe & download the January 2023 Market Trends Report, visit rbassetsolutions.com/market-trends-report.
Dig deeper with the Inside Edge podcast
In the latest episode of our Inside Edge podcast, we take a closer look at earthmoving and aerial equipment sales volumes and prices throughout 2022.
To help explain why medium earthmoving equipment volumes are on the rebound, while large earthmoving sales in the U.S. continue their downward trend, host Andrew Engelhardt is joined by Ritchie Bros.’ Senior Vice President of Strategic Accounts, Jake Lawson, and Sales Director, U.S. West, Casey Fencl. They also provide a sneak peek at next month’s premier global auction in Orlando, FL.
Listen today with one of the links below: