The market dynamics of heavy equipment in 2023 are undergoing substantial changes. The experts are trying to find insightful outcomes out of the results from different market resources. However, in the highly competitive market, remaining informed about market dynamics is essential for businesses to make well-informed decisions on the purchase, sale, and overall direction of their business.
Hence, Sandhills Global has recently released a market report that has appeared as a source of direction for many construction companies to take a decisive step in their businesses. The report offers valuable insights into the situation of various equipment markets in the USA.
The Rise in Inventory Level
In particular, the research aims to offer in-depth insight into the rising stock levels across several businesses. Moreover, it has been observed that the Sandhills market’s equipment auction values have been considerably impacted. The following are some of the major equipment markets that have been significantly impacted:
Heavy-Duty Truck
The secondhand heavy-duty truck market is going through some major changes. Despite a small break in August, the trend of rising inventory levels is likely to continue. Compared to the prior pattern, the decline in asking and auction prices that began in Q2 2022 is more concerning. Whereas, sleeper trucks have been particularly having a hard hit, with asking prices declining by 20.93% annually and 3.72% monthly.
Agricultural Equipment
In August, inventory levels for used agricultural equipment increased by 34.83% over the previous year and 0.66% over the previous month, indicating an upward trend. The report also shows that the asking prices for equipment like farm bulldozers for sale have remained high, rising by 0.69% from month to month and 9.39% from year to year. Despite certain category-specific auction value drops, overall auction values have remained largely stable.
Asking and Auction Value of Different Construction Equipment
Excavators
Excavators are driving the market recovery for used heavy-duty construction equipment, with inventory levels up 2.58% from month to month and 9.46% from year to year. However, the asking and auction prices are declining, especially for excavators.
Lifting Equipment
Inventory levels for used lift equipment, such as cranes and scissor lifts, are rising. Although asking prices are still high, auction values are falling, with the boom lift category that is experiencing the worst declines.
Trailers
Dry van and reefer categories are leading the increase in used trailer inventory levels. Unfortunately, the values of both asking and auction prices keep dropping, with dry van semi-trailers seeing the worst declines.
Medium-Duty Trucks
Inventory levels of used medium-duty vehicles are increasing, particularly for box trucks. There is a significant gap between asking and auction values due to declining asking values and a brief stop in auction value reductions.
High-Horsepower Tractors
The inventory of used high-horsepower tractors has grown significantly, largely as a result of the 2022 model year tractors. While asking prices are on the up in 2023, whereas, auction prices are falling.
Compact and Utility Tractors
Used compact and utility tractors are in high demand, especially for more recent model years. In this category, asking and auction prices are both falling.
This market research provides a dynamic picture of equipment values in different sectors in the U.S.A. The continual increase in inventory levels has had a varying impact on declining auction values across different industries.
Source: Sandhills Global Market Report