Mini Excavator Sales on the Rise, Excavator Large Unit Volumes Down



According to Ritchie Bros.’ recent November Market Trends Report, there has been a continued rise in popularity of compact earthmoving equipment, as U.S. excavator large unit volumes are down significantly in 2022, while mini excavator sales have been increasing.

“We have been selling construction equipment for than 60 years and compact equipment has never been more popular,” Doug Olive, senior vice president, Ritchie Bros, said. “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 jobsites 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 are also 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 there are similar trends, especially in the United States. In the U.S., 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 rise 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% vs the prior year, while prices continued to rise, increasing a further 2% in October,” Doug Rusch, managing director of sales at Rouse, said. “Used earthmoving equipment trading through retail channels is now selling for 33% more than pre-pandemic levels.”

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% compared to the same time period last year, but down 13% compared to the three months ending Dec. 31, 2021. Meanwhile, large and medium earthmoving equipment prices are currently up 4% and 2% respectively compared to the same time period last year, however that is down 1% and 6% compared the three months ending Dec. 31, 2021. Vocational trucks are up 1% year over year (down 7% since Dec. 2021) and aerial up 2% (down 5% since Dec. 2021).

In Canada, Ritchie Bros.’ mix-adjusted price indexes for the three months ending Oct. 31, 2022, show truck tractor prices are up approximately 13% 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% and 6% respectively compared to the same time period last year, however that is down 7% and 2% compared the three months ending Dec. 31, 2021. Vocational trucks are up 5% year over year (flat compared to Dec. 2021) and aerial up 2% (down 2% since Dec. 2021).


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