Ritchie Bros. Middle East, a renowned global marketplace for commercial assets and vehicles, has marked 2023 as a year of extraordinary success and global reach. Hosting four online auctions, the company sold an impressive total of over 5,200 lots, attracting more than 4,400 bidders from over 70 countries and generating a staggering 1.6 million visits to its online auction and buying platform, Marketplace-E.
The substantial growth in 2023 is attributed to Ritchie Bros.’ strategic investments in manpower, infrastructure, and advertising, significantly expanding its reach in the Middle East. This expansion attracted a diverse array of bidders, leading to the purchase of a wide variety of heavy machinery both at the auctions and through Marketplace-E. The UAE led the bidding activity with 1,248 bidders, followed by the USA (742), Canada (481), Saudi Arabia (84), and the Netherlands (71).
Hydraulic excavators continued to be in high demand, topping the list of popular equipment categories sold in 2023. Other top categories included wheel loaders, crawler tractors, generator sets, and rough terrain cranes. The 2015 ZOOMLION QUY260 ton crawler crane emerged as the most expensive machinery sold at a Dubai auction, fetching $345,000, while the 2008 TEREX CEDARAPIDS JC5460, sold for $615,000, was the priciest item on Marketplace-E.
An unusual item, the 2019 VÖGELE Super 1800-3 spray paver, also found a buyer, highlighting the region’s ongoing investment in infrastructure. This equipment is used for laying thin asphalt overlays and constructing roads and bridges.
Shirin Bazargan, Regional Operations Manager at Ritchie Bros., commented on the industry trends over the past year, noting a normalisation in the prices of many popular equipment types post-COVID-19. “In 2023, we observed a 16% increase in demand and prices for wheel loaders, while costs for crawler tractors and crawler excavators significantly decreased after their surge in 2022. Specifically, crawler excavators saw a price reduction of 22.6%, and crawler tractors dropped by 65.5% compared to the previous year,” Bazargan explained.
Looking forward, Ritchie Bros. anticipates further growth in its machinery fleet, an increase in buyers and bidders at upcoming auctions, and the introduction of more initiatives to assist customers in making informed decisions when purchasing used heavy equipment. The company’s success in 2023 sets a promising tone for its future endeavors in the heavy machinery auction industry.
