Crane and Hoist Canada

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Used aerial equipment prices up 17% in Canada, says Ritchie Bros. report


September 20, 2021
By Crane & Hoist Canada Staff

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Prices for used aerial equipment continue to push upward across North America, says the latest monthly trends report by equipment dealer Ritchie Bros.

The September Market Trends Report indicates prices have increased across all of the company’s equipment indexes. In Canada, aerial equipment prices are up 17 per cent over the three months ending Aug. 31; in the U.S., they’re up 29 per cent.

High usage and rental rates, as well as OEM production delays, have resulted in a sharp decline in the number of boom lifts, scissor lifts and telescopic forklifts sold in 2021, says the company in a release.

The volume decline, coupled with high demand, translates to higher returns for Ritchie Bros. consignors.

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Over the past three months in the U.S. market, scissor lift prices have inflated 15 per cent, while boom lifts and telescopic forklifts are both up 16 per cent.

“Buyers are paying a premium right now for aerial work platforms due to supply constraints, record-high rental rates, strong demand and the amount of work available,” says Doug Olive, senior vice-president (pricing) at Ritchie Bros.

With a smaller sales pool, Canada shows smaller margins in boom (no change) and telescopic (+one per cent) lifts, and a price decrease of 19 per cent in scissor lift prices over the past three months.

The Market Trends report is part of Ritchie Bros. Asset Solutions, a cloud-based asset management system. The full September report is now available for download from Ritchie Bros.