Sandhills Global released its May 2024 Construction Market Report for medium and heavy-duty construction equipment. The report outlines changes in inventory, asking and auction values over time.
U.S. Used Medium-Duty Construction Equipment
- Inventory levels of used medium-duty construction equipment rose 2.81% month over month (M/M) in May, continuing an upward trend that began in August 2022. Inventory levels were up 52.26% year over year. The used track skid steer category has led the way in inventory increases in recent months and was up 73.91% year over year (Y/Y). Track skid steer and mini excavator inventory levels are at or above pre-pandemic levels, while loader backhoes and wheel skid steers continue lagging behind.
- Rising inventory has put pressure on asking and auction values. Asking values declined 1.31% M/M and 6.53% Y/Y and are trending down.
- Following consecutive months of decreases, auction values decreased 1.85% M/M and 10.75% Y/Y.
U.S. Used Heavy-Duty Construction Equipment
- As in the medium-duty construction equipment market, Sandhills has observed continued inventory increases of used heavy-duty construction equipment, although at a slower rate. Inventory in this market rose 1.47% M/M and 18.91% Y/Y in May and is following an upward trend. The used wheel loader category exhibited the most pronounced inventory increase with gains of 5.17% M/M and 29.13% Y/Y.
- Greater inventory levels have impacted values. Asking values have shown several months of decreases but were stable M/M in May. Asking values were 3.74% lower than last year.
- Auction values have also shown months of decreases. In May, auction values were down 0.47% M/M and 7.9% Y/Y.
The full report is available online: https://sandhills.showpad.com/share/jjWVQTG6hRB7QorlBjkkX.
Sandhills Global also released its May 2024 Construction Market Report for Canada. The full report is available online: https://sandhills.showpad.com/share/ajTKUMNtjV52y346bvL5f.
