LONDON--(BUSINESS WIRE)--The global hard asset equipment online auction market size is poised to reach USD 1.13 billion by 2023, according to a new report by Technavio, progressing at a CAGR of 20% during the forecast period.
Read the 136-page research report with TOC on "Hard Asset Equipment Online Auction Market Analysis Report by equipment (construction, transportation, agriculture, and others) and geographical regions (North America, Europe, APAC, South America, and MEA) 2019 - 2023" at
The market is driven by the rise in government surplus asset auctions. In addition, growth in sales at online auctions is anticipated to further boost the hard asset equipment online auction market during the forecast period.
Online auctions are widely used by governments across the world to sell their surplus inventory, including hard assets such as equipment and vehicles to drive down inventory management costs and procurement costs. Surplus asset auctions offer government agencies to increase their revenue as well. Some of the government agencies are also using commercial auction websites for auctioning their surplus assets. For instance, in September 2018, National Purchasing Partners Government Division in the US announced a new government auction services contract with GovDeals.
Furthermore, the global demand from end-users for new and used equipment has resulted in the increasing need for hard asset equipment online auctions. Some of the hard asset equipment online auction companies have been witnessing a significant rise in sales at hard asset equipment online auctions. For instance, in August 2019, Auction Time, a brand of Sandhills Global, sold over 13 million worth of construction equipment, agricultural equipment, commercial trucks, and trailers in its online-only auction. Thus, such an increase in sales during the hard asset equipment online auctions is likely to fuel the growth of the market during the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Euro Auctions UK Ltd.
- Machinery Auctioneers
- Proxibid Inc.
- Ritchie Bros. Auctioneers Inc.
- Sandhills Global Inc.
Market Segmentation by Category and Product Types:
The Hard Asset Equipment Online Auction Market can be broadly categorized into the following product segments:
Key Regions for the Hard Asset Equipment Online Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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