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Market Trends Report for Q2 2024 examines pricing trends and more - Ritchie Hub
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Market Trends Report for Q2 2024 examines pricing trends and more

With our August edition, we are taking a broad view of heavy equipment and trucking sales using the industry’s best Q2 2024 and Q2 2023 data. We’ll look at pricing & volume trends for most major construction, aerial, and transportation equipment categories.

Ritchie Bros. Auction Trends

Auction market pricing has continued to decline through the second quarter of 2024 amidst historically heightened secondary market sales volumes and a softened demand outlook.

Overall values and sales performance are nearing “pre-pandemic” (2019) levels, with values anywhere from 30-60% below the peak observed in late 2022 and early 2023.

Volume is generally flat to up across both the U.S. and Canadian markets which continues to put downward pressure on values. The average age at sale has also come down nearly across the board in the Canadian market, as sellers bring newer vintage equipment to sale.

Price Index Summary

In the United States, Ritchie Bros.’ mix-adjusted price indexes for the three months ending June 30, 2024, show that prices for used large and medium earthmoving categories are down approximately 6% and 15%, compared to the same time period last year. Meanwhile, truck tractor prices were down 19% and aerial
equipment dropped to 15%.

Earthmoving equipment was also down in Canada – by approximately 7% for large earth moving and 16% for medium for the three months ending June 30, 2024 compared to the same time period last year. Truck tractors were down by 11%, with aerial down 4% and vocational trucks down 10%.

Retail Used Equipment Market

Retail values have softened, trailing auction market movements. However, retail pricing remains elevated and still sits ~6% above “pre-pandemic” (2019) levels.

Volume is up 10% YTD vs. 2023. In tandem, we’ve observed a higher volume of assets transacting through the auction channel. Values are anywhere from 15-30% below the peak observed in late 2022 to early 2023.

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