October Market Trends Report gives elevated view of aerial equipment categories in North America

In our October report, we take you up for a 100-foot view of sales in key aerial equipment categories in North America, specifically boom lifts, scissor lifts, and telehandlers.

Looking at the past four years of Ritchie Bros. auction data, pandemic and post-pandemic, we’ve seen an overall volume increase in all categories in Canada and the U.S., with the most significant increase being scissor lifts (47%) in the U.S. from 2022 to 2023. Meanwhile, volumes this year for boom lifts and telehandlers are back up, or in some cases, have surpassed 2020 levels.

Boom lift median pricing in the U.S. for Q1 2023 remained consistent with 2022 and has continued to decrease throughout the year. Volumes have also steadily decreased quarter-to-quarter this year, but are higher than this same period last year. Pricing showed a similar downward trend this year in Canada, and volumes have increased significantly in Q3.

The median pricing for scissor lifts in the U.S. has also been on the decline this year, though volume has increased, especially in Q3. For example, volumes in the U.S. were lower than 2,000 per quarter in 2022, whereas volumes surpassed 2,000 units each quarter in 2023. In Canada, median pricing decreased, while volumes moved significantly upward.

For telehandlers, we’re seeing a median pricing decline this year that has continued quarter to quarter. That’s compared to mostly flat pricing the same time in 2022. Volume trends have gone the opposite direction in 2023, surpassing 800 units per quarter. In 2022 volumes were under 800 units per quarter in the U.S.
It’s a different story for telehandlers at auction in Canada. Median pricing for telehandlers increased in through to Q3. Volumes were at its highest in Q2 and significantly higher overall in 2023. We also saw a lower median age and usage of telehandlers sold at auction in Canada in 2023.

Retail Used Equipment Market

Retail sales continued at a steady clip last in September, with 13% more transactions taking place than in the prior year. For aerial equipment, volume was particularly strong (+36%) while telehandlers also showed robust activity (+27%). Earthmoving volume has also recovered steadily after a particularly slow start to the year.

Retail values continued their slow but steady decline, falling an additional -1.2% by the end of September. It’s been a downward trajectory all year for retail values. Overall values have dropped -9.5% this year, with aerial equipment down -10% and telehandlers down -12%.