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The hard asset equipment online auction market is estimated to grow at a CAGR of 18.65% between 2022 and 2027, and the size of the market is forecast to increase by USD 2,100.27 million. The growth of the market depends on several factors, including the shift in preference toward online auctioning from conventional auctioning, the rise in demand for used equipment auctions, and the rise in government surplus asset auctions.
This report extensively covers market segmentation by product type (construction, transportation, agriculture, and others), application (enterprise buyer and private buyer), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Hard Asset Equipment Online Auction Market Customer Landscape
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Switching from traditional auctioning to online auctioning is a primary driver fueling the market growth. Due to its advantages, hard asset equipment online auctioning is steadily replacing traditional on-site auctioning. The time, location, and cost convenience of an online auction benefit bidders. There is no requirement for physical attendance because bidders can easily log in to auctioning websites and participate in the auction. Online auctions for hard assets like equipment make it possible for bidders and sellers to communicate directly, removing the need to transport equipment to an auction location. Online auctions help reduce transaction costs for both buyers and sellers. It helps to sell tangible assets such as construction, agriculture, and transportation equipment at online auctions. These auctions help reduce the complexity of the overall auction process. In addition, online auctions can host multi-unit auctions where bids from many bidders are considered. Bids are then classified, and products are dynamically distributed among bidders according to predefined priority rules. After the outbreak of the COVID-19 pandemic, people began avoiding large groups of people to maintain social distancing and limit the spread of the disease. This will help drive the growth of the global online hard asset equipment auction market during the forecast period.
AI-based online auctions gaining traction is a major trend boosting the market growth. The AI ??platform uses machine learning and algorithms to provide bidders with clear, simple, and actionable information. AI can help reduce administrative costs for online auctions by automating many processes such as internal operations, customer-related service requests, packaging of purchased industrial equipment, and shipping. AI in online auctions can also help manage the bidding process more efficiently. AI in online auctions can also help manage the bidding process more efficiently. Additionally, voice search technology for online auctions, currently under development, could become the primary way to access information in the future. AI programs can help make voice searches more accurate. Some vendors in the market are focusing on developing voice search technology. Applying such AI-based tools to online auctions of hard asset devices is expected to attract more customers and improve the growth prospects of the market during the forecast period.
Growing concern about fraud in hard asset equipment online auctions will be a major challenge for market growth. Online auction fraud is now the most frequent crime committed in connection with online activities due to the sharp rise in participants for online auctions. One of the most common types of fraud in online auctions for hard asset equipment is bid rigging. Bid rigging frequently occurs during online auctions of tangible goods like cars and construction machinery. As the rigged price will be greater than what may have been obtained through a competitive bidding process, it stifles market competition. Online auction organizers post false pictures, vague descriptions, and false statements about equipment being sold in online auctions. After the buyer wins the auction and pays the price, the fraudulent seller sends a second-hand or refurbished item of lesser value than the item purchased. In addition, some online hardware equipment auction websites charge a shipping fee to ensure the safe delivery of equipment. Some auction houses charge additional fees for commissions and other intangible overheads. All these may hamper the growth of the market.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Absolute Auctions and Realty Inc.: The company offers hard asset equipment online auctions such as the NY Equipment auction. Also, the company offers a wide range of auctions, including personal property, real estate, storage auctions, and others.
Alex Lyon and Son Sales Managers and Auctioneers Inc.: The company offers hard asset equipment online auctions, such as snow and construction equipment auctions. Also, the company offers hard asset equipment online auctions, such as heavy equipment and construction machinery for sale and others.
We also have detailed analyses of the market’s competitive landscape and offer information on 15 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak based on their quantitative data analysis. Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak based on their quantitative data analysis.
The construction segment will contribute a major share of the market, owing to robust growth in the infrastructure industry. Infrastructure projects are growing significantly around the world due to population growth and increased regulatory support from various government agencies for construction projects.
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Large infrastructure projects can be important catalysts for machine sales. As the demand for construction equipment increases, contractors have to source either new or used equipment, which will positively impact the growth of the global hard asset equipment online auction market during the forecast period. Demand for used construction machinery is also growing significantly in developing countries such as South America and Africa. This is due to short-term investment needs resulting from time-limited projects where spending on new equipment is not economically viable.
The enterprise buyer segment was the largest segment in 2022, and it will continue to remain the largest segment during the forecast period. This segment includes business organizations or companies involved in the buying and selling of tangible assets such as construction and agricultural machinery. Enterprise buyers opt for hard asset equipment online auctions as they are convenient and increase their purchase options. Global demand for construction equipment is fueled by an increase in residential and non-residential construction projects. Construction companies have to buy new or used equipment as demand increases. Therefore, corporate buyers are turning to online auctions for hardware asset devices because of the convenience and increased purchasing options.
North America is estimated to contribute 55% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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Residential and non-residential construction activity is increasing in countries such as the United States and Canada. These countries have invested heavily in infrastructure projects. As such industries grow, so does the demand for the equipment they use, which is driving the growth of the market. Also, there are financial stimulus packages announced by various regional governments to revive global economic growth and growth in sectors such as construction and agriculture. All these factors will therefore increase the demand for hard asset equipment and drive the growth of the regional hard asset equipment online auction market during the forecast period.
COVID-19 in 2020 negatively affected the entire world economy, including countries like the US, Mexico, Canada, Cuba, Cost Arica, Panama, and many other countries in North America. However, during the second wave in Q3 2021, severe safety measures such as sanitization and social distancing were implemented, as well as rigorous vaccination drives, which resulted in a drop in active COVID-19 cases. The lockdown was lifted, and the aforementioned markets reopened and began to return to the routine by the end of 2021. This led to a rise in regional hard asset equipment online auction market growth, which is likely to continue during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Hard Asset Equipment Online Auction Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.65% |
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Market growth 2023-2027 |
USD 2,100.27 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
12.99 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 55% |
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Key countries |
US, China, Germany, UK, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Absolute Auctions and Realty Inc., Alex Lyon and Son Sales Managers and Auctioneers Inc., AllStar Auctions Inc., Auction Technology Group Plc, Bar None Auction, bidadoo Inc., BPI Auctions Ltd., Bruce Schapansky Auctioneers Inc., Euro Auctions UK Ltd., Hess Auction Group, Joey Martin Auctioneers LLC, KAR Auction Services Inc., MachineWeb Inc., NetBid Industrie-Auktionen AG, Ritchason Auctioneers Inc., Ritchie Bros. Auctioneers Inc., Sullivan Auctioneers LLC, and TBAuctions B.V. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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