Our August Market Trends Report digs into this year’s excavator sales in both the U.S. and Canada, showcasing a full circle view of equipment pricing trends, with Rouse retail market data and Ritchie Bros. auction and online marketplace data to give you an accurate industry snapshot.
“In 2023 we have seen large class excavator volumes increase across our marketplaces as many large civil and infrastructure projects have been completed or near end term,” said Doug Olive, Senior Vice President (Pricing), RB Global. “We have also experienced an influx of mini excavator volumes as manufacturers have increased production and deliveries, resulting in many large rental companies selling off older models as new models arrive in their inventory.”
So far in 2023 we have seen steady excavator volumes in both the U.S. and Canada, while median prices have declined. In the charts provided this month we dive into excavator sales from the last 90 days, which show that we have sold close to 500 units in each of the U.S. and Canada. The median price in the U.S. during that time period was approximately US$30,000 per unit, and CA$55,000 in Canada.
Through our auctions and online marketplaces, Ritchie Bros. sells nearly all makes and models of excavators, with the top brands this year being Caterpillar and John Deere in both Canada and the United States. In fact, Caterpillar represents approximately 38% of all excavators sold in the U.S. and John Deere represents 32% of Canadian excavator sales this year.
“We saw strong retail sales volume last month, with sales increasing approximately 31% compared to July 2022, while retail pricing declined 0.8%, continuing a nine-month downward trend,” said Doug Rusch, SVP, Seller & Platform Solutions, RB Global. “Overall, retail pricing is currently 3% below last year’s levels.”