[Brisbane, Australia – April 22, 2025] – The heavy equipment market continued to evolve in 2024, shaped by emerging technologies, shifting ownership models, global economic uncertainty, and growing ESG pressure—according to the newly released Ritchie Bros. Annual Market Trends Report.
Electrification took centre stage in the mining sector, with original equipment manufacturers (OEMs) accelerating the rollout of battery-electric machinery in line with environmental, social and governance (ESG) commitments. While the path to full adoption is still limited by infrastructure and cost, the direction of investment is clear.
Meanwhile, coal mining saw a structural shake-up as legacy operators such as Rio Tinto, Anglo American, and BHP exited the space, paving the way for Stanmore, Whitehaven and others to reimagine asset management strategies.
In civil construction, stabilising conditions nationally masked state-level headwinds. Victoria saw a sharp downturn in the second half of 2024 following the completion of several large-scale infrastructure projects. This triggered a pullback in civil equipment values, with demand already softening due to elevated inventory and fewer new tenders coming online.
“The civil sector is undergoing a structural shift,” said Dom McGlinchey, APAC Sales Director at Ritchie Bros. “After several years of consistent growth, some pockets of the market are beginning to correct as project pipelines slow down. Still, we’re seeing a high level of engagement from buyers and sellers who are adapting quickly to new conditions.”
Across mining, construction, agriculture and transport, equipment activity closely mirrored commodity trends. Mining fleet utilisation in WA dropped to as low as 60% early in 2024, reflecting softening ore prices and reduced exploration drilling. However, renewed investment later in the year—particularly in gold—resulted in a 40% increase in equipment deliveries for that segment.
In contrast, Australia’s nickel sector declined markedly, dragging down demand for related heavy machinery.
Transport and agriculture also felt the pinch as rental contracts expired without new projects to replace them. Supply chain backlogs began to ease mid-year, just as demand tapered, resulting in a more balanced—yet softer—used equipment market overall.
The 2024 market was also defined by a surge in low-cost competition. The growing presence of Chinese equipment brands placed pressure on established OEMs, prompting discounted servicing, extended warranties and aggressive financing to hold market share. Rising dealer stock levels further softened conditions heading into 2025.
Yet despite these challenges, sentiment is lifting. In Ritchie Bros.’ first international customer survey:
- 94% of respondents said they prefer large, unreserved auctions as their buying format.
- 90% reported satisfaction with the Ritchie Bros. auction experience.
- 75% said they prefer purchasing used equipment over new.
- 63% believe their business will perform better in 2025.
“Confidence in the used equipment market remains strong,” said McGlinchey. “Customers are telling us they value our unreserved format, global reach, and ability to match the right assets with the right buyers. We continue to support businesses navigating changing market conditions with data-led insights and dependable selling options.”
Looking Ahead to 2025
While 2024 brought its share of headwinds—ranging from OEM competition and project pauses to shifting global trade dynamics—there are signs of resilience. The weakening Australian dollar, rising OEM inventories, and geopolitical shifts such as U.S. tariffs are all expected to influence the market in 2025.
The Ritchie Bros. Annual Market Trends Report 2024 includes detailed sector analysis across mining, construction, agriculture, transport and insolvency, with expert contributions from leading industry voices.
Download the full report here.
For media inquiries, interview opportunities, or further insights into Ritchie Bros.' market trends in Australia, please contact: Siobhan Daglish, APAC Marketing Manager at Ritchie Bros.: sdaglish@ritchiebros.com
- More info Ritchie Bros. Australia: https://www.rbauction.com.au/
About Ritchie Bros.
Ritchie Bros., an RB Global, Inc. (NYSE: RBA) (TSX: RBA) company, is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offering auction events with online bidding; IronPlanet, an online marketplace with weekly featured auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Ritchie List, a self-serve listing service for North America; Mascus, a leading European online equipment listing service. For more information about Ritchie Bros., visit RitchieBros.com.