With its November Market Trends Report, Ritchie Bros. takes a closer look at sales of earthmoving equipment in North America, including excavators, dozers, wheel loaders, skid steers and more.
One of the main trends the company is seeing is the continued rise in popularity of compact earthmoving equipment. A perfect example of this can be seen through U.S. excavator sales, where large unit volumes are down significantly in 2022, while mini excavator sales have increased.
"We have been selling construction equipment for than 60 years and compact equipment has never been more popular," said Doug Olive, senior vice president, Ritchie Bros.
"Today, manufacturers make small and medium earthmoving equipment so much more powerful, and as a result we are seeing a lot more compact items on job sites around the world and at our auctions. However, there are still many jobs that require the full power of a Cat D11T or John Deere 870G — so don't worry, big equipment still has a big role to play."
In the United States, while large excavator volumes are down, prices are up. Excavator prices also are on the rise in Canada, while volumes decline. Meanwhile, volumes and prices for mini excavators in the United States and Canada have both increased in 2022.
Looking at wheel loaders and dozer sales, we see similar trends, especially in the United States. In the United States, both have seen price declines in Q3, while smaller assets like loader backhoes and skid steer loaders have increased in price. In Canada, with smaller overall volumes, pricing for dozers and wheel loaders are still seeing a slight uptick this year, while compact equipment like multi-terrain and skid steer loaders have experienced more substantial increases.
"Used small and medium earthmoving equipment volumes sold through dealers and other retail channels were down almost 40 percent vs the prior year, while prices continued to rise, increasing a further 2 percent in October," added Doug Rusch, managing director of Rouse Sales. "Used earthmoving equipment trading through retail channels is now selling for 33 percent more than pre-pandemic levels."
After the main feature on earthmoving equipment, Ritchie Bros. turns to individual industry indexes. While all indexes show increased pricing over the same time last year, month over month changes continue to decline since peak pricing earlier this year.
In the United States, Ritchie Bros.' mix-adjusted price indexes for the three months ending Oct. 31, 2022, show truck tractor prices are up approximately 2 percent compared to the same time period last year, but down 13 percent compared to the three months ending Dec. 31, 2021. Meanwhile, large and medium earthmoving equipment prices are currently up 4 percent and 2 percent respectively compared to the same time period last year, however that is down 1 percent and 6 percent compared the three months ending Dec. 31, 2021.
Vocational trucks are up 1 percent YOY (down 7 percent since Dec. 2021) and aerial up 2 percent (down 5 pecent since Dec. 2021).
In Canada, Ritchie Bros.' mix-adjusted price indexes for the three months ending October 31, 2022, show truck tractor prices are up approximately 13 percent compared to the same time period last year, and flat compared to the three months ending Dec. 31, 2021.
Meanwhile, large and medium earthmoving equipment prices are currently up 9 percent and 6 percent respectively compared to the same time period last year, however that is down 7 percent and 2 percent compared the three months ending Dec. 31, 2021.
Vocational trucks are up 5 percent YOY (flat compared to December 2021) and aerial up 2 percent (down 2 percent since December 2021).
For more information, visit rbassetsolutions.com/market-trends-report.
