Analysis by equipment auctioneer Ritchie Bros. shows dramatic falls in the volume of equipment sold in North America in 2021, but significant increases in prices.

Forklift volumes dropped 2.2%, but the median price rose 22.7%.

The analysis also showed a significant rise in the median age of forklifts under the hammer – rising from nine years old in 2020 to 13 years in 2021.

Similarly, the average age of telehandlers sold went from single to double digits in 2021 (nine to 12 years old).  Prices rose 12%, while volumes fell 17.2%.

There were similar trends for boom lifts, where volumes fell by 33% in 2021 and prices rose 20%.

Scissor lifts also saw a significant decline in units sold in 2021 vs. prior year (-33%), while pricing increased by 12%.

The auctioneer anticipates that prices will continue to rise in many equipment categories, including forklifts.

“Supply chain issues, tight supply, and unprecedented demand all played major factors in used equipment sales last year,” the company notes.