Volume increase puts pressure on prices
With this month’s Market Trends Report we have introduced a new look and feel, but with the same industry-leading insight into the used equipment market, including a full circle view of equipment pricing trends from Rouse retail market data as well as Ritchie Bros. auction and online marketplace data to give you an accurate industry snapshot.
In our July Report we take a deep dive into the first half of 2023, including pricing and volume trends for most major construction, aerial, and transportation equipment categories.
“We saw volumes increase in H1 2023 for many equipment and transportation categories,” said Doug Olive, Senior Vice President (Pricing), RB Global. “Volume increases are putting pressure on prices and we’re seeing broad declines compared to the record results achieved in H1 2022.
“Price declines continue to be felt strongest in the transportation industry in the United States, while Canada has pockets of moderate price inflation for certain equipment types,” added Mr. Olive.
Excavator volumes up, pricing down
Excavator sales volumes have rebounded in both the United States and Canada, with median pricing slightly lower for both regions. Canada, meanwhile, saw a significant volume increase for excavators in the second quarter of 2023 compared to the same quarter in the previous year.
It was a similar situation for scissor lifts and forklifts. Both categories showed a significant increase in volume during the first half of 2023. However, the median pricing for scissor lifts and forklifts in both the U.S. and Canada decreased compared to the first half of 2022.
We have also seen a large uptick in volume for articulated dump trucks in Canada, as well as the U.S., where units increased 55%. This volume surge includes a broader mix of articulated dump trucks being transacted.
“We’re seeing a healthy supply and demand dynamic in the retail market, with volume levels continuing to outpace 2022, as June marked a 22% volume increase from the prior year,” said Doug Rusch, SVP, Seller & Platform Solutions, RB Global.
“Values in retail are showing a similar decline to auctions and online marketplaces. June was down 1.5% in retail pricing and now sit 1% lower than this time last year. This marks the first year-over-year value decline we’ve observed in the retail channel since May 2021.”
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