Introduction

Last month in June 2024, the U.S. heavy construction equipment market was quite busy. Primarily in certain states of the U.S. where few prominent brands dominate the market with their surprising sales in several regions across the States. 

To stay competitive and make the most of their stock, the seller needs to know the current market dynamics and trends. Comprehensive insight into the used medium-heavy duty construction market further increases sales and dwells top in the market. 

This report will give you market insight into used heavy-duty equipment alongside the June 2024 report and how it significantly surged by 7.56%. This is a remarkable increase, mainly in used medium-duty equipment which has contributed to a trend of consecutive months of rising inventory levels.

Rising Inventory Levels Of Used Skid Steer Loaders Market

The market for used medium-duty construction equipment in the US, previously held skid steer loaders, has noticed considerable growth in available inventory. On a month-to-month basis, there’s been a prominent 7.56% increase, and over the year, it has surged remarkably by 51.85%. This has shown a persistent rise in inventory levels over several months. This rise might change the course of the medium-duty equipment market which influences the whole construction industry. 

Impact And Implications

The remarkable increase in inventory levels represents a substantial shift in the supply of used medium-duty construction equipment, particularly within the skid steer category. This increase may lead to greater market availability and options for potential buyers and equipment traders. However, it also raises considerations regarding pricing dynamics that fluctuate and constantly change. That also increases competition among sellers and the overall market equilibrium.

Market Standpoint 

In June, the asking values witnessed a slight decrease, compared to the previous month. It was recorded as 0.74% less sales on average. Whereas, a 7.16% decrease in sales was recorded compared to the previous year at the same time.

Similarly, auction values followed a similar pattern of decline, with a 2.27% decrease month-over-month and a substantial 11.63% decrease year-over-year in June. These figures reflect a continuously challenging market environment for the sale of used medium-duty equipment.

Prominent Manufacturer 

There are leading equipment manufacturing companies that stand out in the market and establish their monopoly over heavy construction equipment. Caterpillar, Deere, and Bobcat respectively, are the leading industries, especially in selling skid loaders in June 2024. 

These leading companies have a strong foothold in the construction market because of their high-quality machinery, comprehensive distribution networks, and excellent consumer service. Their dominance particularly in the skid loader sales market is a result of their continued priority on creation, reliability, and meeting the evolving needs of construction professionals. 

U.S. Used Heavy-Duty Construction Equipment

In this heavy construction equipment market, the inventory of used heavy equipment for sale in the market has been steadily recovering. Although the transformation is moving at a slower rate compared to medium-duty construction equipment.  

However, analyzing the market data of June 2024, inventory levels of used heavy-duty construction equipment increased by 4.15% month-over-month and by 21.02% year-over-year. 

The comparison demonstrated a significant rise of 21.02%. 

As a result of these fluctuations, the values of the equipment have come under boosted pressure, contributing to a tangible downward trend in their pricing of certain heavy equipment.

Assessing Recent Market Trend

According to Sandhill’s report, a consistent decline has been seen in both asking and auction values of used heavy-duty equipment, over the past few months. In June, asking values decreased by 1.91% compared to the previous month and by 5.41% compared to the same time last year. 

According to a report of June 2024, the auction values for a particular market sector experienced a 2.92% decrease compared to the previous month and a 9.56% decrease

compared to the last year. This decline could be attributed to several factors, including shifts in customer demand, changes in market dynamics, and other conditions.

Conclusion

The report reflects a notable increasing wave in inventory levels within the U.S. in both used medium-duty construction equipment and slightly in the heavy-duty equipment market. Also, the market of the used skid steer category plays a substantial role in driving this increase in inventory level. Understanding the implications of these inventory trends is crucial for stakeholders within the industry to navigate the evolving market dynamics effectively.