This popular equipment item sees an uptick in sales volume.
In the last couple of months, we’ve reported on the increase in demand and sales this year for forklifts, driven in part by the rapid increase in online shopping and warehouses’ need for this essential equipment.
But forklifts used in other applications are also in high demand, including the ever-useful and multi-functional telescopic forklift– used anywhere for loads that are unreachable by lifts or other equipment, from construction sites to farms.
In the first three quarters of 2020 alone, Ritchie Bros. sold approx. 2,400+ telescopic forklifts for a total of approx. US$73.2M. In fact, the average quarter volume we’ve seen has been the highest of the last 10 years.
What’s behind the demand? Despite the challenges of a global pandemic, there has been a surge of new residential construction, and of course demand for materials used in construction, as well as agricultural demand.
Top selling telescopic forklifts
When it comes to the most popular manufacturers, three brands dominate - JLG, Skytrak, and Caterpillar – with a variety of other brands regularly passing through our auctions, including Manitou, JCB, Genie and more. The Top 3 most popular models thus far in 2020 are:
1) Skytrak 10054 (10,000 lbs. lift capacity)
2) JLG G1255A (12,000 lbs. lift capacity)
3) Genie GTH1056 (10,000 lbs. lift capacity)
Telescopic forklift pricing
The telescopic forklift is one category of equipment where price doesn’t appear to fluctuate wildly. In fact, this price stability is demonstrated by a median pricing of $28,000 since Q3 2019 to Q3 2010 – and the same price for 5 straight quarters. In the last month or so, the median pricing of telescopic forklifts has declined, but only slightly to $26,500 (5.3% less).
Who’s buying telescopic forklifts from Ritchie Bros.?
These equipment items tend to stay within their home continent, but can travel widely within it. Customers purchasing telescopic forklifts this past year were made up of 28% local (within state) buyers, out-of-state buyers made up 68%, while international buyers purchased 4% of the total numbers.
See telescopic forklifts in our inventory, and subscribe to our FREE monthly Used Equipment Market Trends Summary report, featuring sales data pulled from our industry-leading rb Asset Solutions platform.