December Market Trends Report highlights
Our December Market Trends Report continues to show positive pricing trends across all our equipment indexes, with truck tractor prices up 55% in the United States, while medium earthmoving equipment and vocational trucks are up 43% and 41% respectively (for the three months ending November 30, 2021).
With this month’s report, Ritchie Bros. has included a special focus on loader backhoe sales in the United States and Canada. According to Ritchie Bros.’ Market Trends tool, median backhoe pricing is up approximately 15% in the United States.
“Loader backhoe volumes have declined while demand has strengthened, resulting in strong pricing for the incredibly versatile machine,” said Doug Olive, Senior Vice President (Pricing), Ritchie Bros. “In 2016 we sold close to 3,000 backhoes in the United States. Through 11 months in 2021 we’ve only sold 1,815, but the median price has increased 15%.”
Doug Rusch, Managing Director of Rouse Sales, added, “Retail values continue to climb, having increased more than 16% since the beginning of 2021, reflecting a strong pricing environment for sellers. Transaction volumes in the retail space are also healthy and auction values have increased 3.2% in November. All signs point to strong end-market demand for machines right now.”
A closer look at loader backhoes sales in North America
Over the past five years, Ritchie Bros. has sold significantly more loader backhoes in the U.S. than in Canada, ranging from 4-7 times more annually. In the U.S., unit sales of loader backhoes peaked in 2016, with nearly 2,800 units. The lowest number of backhoes sold during the same period was pre-pandemic in 2018 with over 2,040. In Canada, loader backhoe sales peaked in 2018 with more than 440 units over the past five years. The lowest number sold happened in 2020 with just over 300 units.
Check out the following Market Trends charts below to learn more:
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