As the new year approaches, and the latest forecasting and trends start to develop for industries, heavy equipment, earth-moving and large construction equipment continues to skyrocket in needs, and at the same time, there are several pieces of machinery and equipment that are topping that list.
During the COVID-19 pandemic, efforts to continue projects were a bit difficult due to different state regulations and stay-at-home orders, and while there was a decline from February to July, shortly after the industry saw an upward trend in re-starting production and moving forward. In return, spending started again and with the initial shock of the pandemic under everyone’s wings, the industry was back in action.
With this in mind, how will this affect the purchasing of said equipment moving forward. These are the heavy machinery industry trends that Lyon Auction sees dominating the large construction equipment auctions for 2021.
Global construction trends
In 2019, the industry was estimated at 124.7 billion US dollars were spent on heavy machinery and construction equipment, and as we head into a new year, it is estimated that it will increase by 4.3 percent into 2027.
As the demand for this type of machinery increases each year, many construction companies find themselves renting or leasing equipment because it is cheaper than purchasing the brand new equipment.
Our company has hundreds of auctions each and every year from liquidations to bulk auctions. This provides companies the ability to purchase their needed equipment, used not new, while ensuring that the equipment that is purchased is well maintained and in good condition!
As the need for equipment rises, companies can turn to auction companies to navigate spend and budgeting while still getting the needed equipment for each job.
What equipment is topping the heavy equipment industry trends for 2021?
Research shows that in North America, the growth of excavators will increase into 2021 and even further in upcoming years. This is due to the demand for these high-commodity machines. The industry is seeing an upward trend in hydraulic excavators for a great reason! This is because hydraulic excavators are the most versatile out of the excavator family and provide a 360 degree swing. Other excavators for earth-moving and construction are seeing an upward trend, but hydraulic excavators are dominating 2021.
The market is predicted to continue to grow well into 2025 with wheel loaders. This is because of their ability to pick-up loose material on a site easily and efficiently. Earth-moving equipment was at the forefront of industries who will continue to grow, and as equipment is needed, make sure to make the right decisions.
Because of their versatility in a number of different industries, it comes at no surprise that this equipment is one of the three four for heavy equipment industry trends for 2021. As construction and earth-moving industries pick back up, these machines will need to be utilized to meet demand.
There you have it, the top trends that we see in our industry! As the rise for equipment continues, do not shy away from equipment auctions for all your needs. Lyon Auction has over years of experience in this industry with auctions all over the world. For more information about our auctions or our company, contact us today.