Global Hard Asset Equipment Online Auction Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Hard Asset Equipment Online Auction Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Hard Asset Equipment Online Auction market finds that the global Hard Asset Equipment Online Auction market reached a value of USD 9801.18 million in 2022. It’s expected that the market will achieve USD 26691.27 million by 2028, exhibiting a CAGR of 18.17% during the forecast period.

Strong market potential

The strong market potential and development space of hard asset equipment online auction have become increasingly prominent, and the market demand for hard asset equipment online auction services has also shown an unprecedented new trend. But now due to COVID-19, some professional monitors cannot come to provide services due to health and safety considerations. However, in the future life, the rigidity of hard asset equipment online auction will become higher and higher.
Compared with traditional transactions, hard asset equipment online auction has inherent advantages. For sellers, the bidding auction model allows hard asset equipment to be sold at a higher price than local offline transactions. For buyers, hard asset equipment is more abundant, and transaction efficiency and price can also be optimized.

Impact from the Long-term

When the COVID-19 pandemic ends, the risks established by the remote operation model will not end. However, after the outbreak of the epidemic, many governments have introduced a series of policies and programs to help the economy recover, and plan to make key investments and support in their respective fields. This will undoubtedly continue to promote the development of the hard asset equipment online auction market. Because even if there is no remote operation during COVID-19, due to improved security, offices are increasingly transitioning to hard asset equipment online auction. Therefore, the hard asset equipment online auction industry has an immeasurable long-term impact.

Strength

The popularity of online machinery auctions among farmers is rising.
Increasing demand for new and used equipment.
Increase the auction of government surplus assets.

Weakness

Obstacles to globalization.
Uncontrolled cost.
Online auctions do not sell face-to-face equipment that is difficult to identify bidders.

Opportunities

Artificial intelligence-based online platforms will increase the hard asset equipment online auction market.
Adopt second-hand equipment in the agriculture and healthcare industries.

Threat

System obstacles.
Unfinished issues related to laws.
Trust issues.
Fraud and illegal behavior are still rampant.

Region Overview:

In global comparison, a significant portion of the revenue was generated in North America (35.71% in 2022).

Company Overview:

Copart is one of the major players operating in the Hard Asset Equipment Online Auction market, holding a share of 27.5% in 2023.

Copart

Copart, Inc. provides vehicle suppliers, primarily insurance companies, with a variety of services to process and sell salvage vehicles through auctions. The Company offers salvaged vehicles that are primarily sold to licensed dismantlers, rebuilders, and used vehicle dealers.

Ritchie Bros. Auctioneers Inc.

Ritchie Bros. Auctioneers Inc. is the world's leading auctioneer of industrial equipment. Ritchie Bros. Auctioneers Inc. sells an array of used industrial equipment including equipment utilized in the construction, transportation, mining, forestry, petroleum, and agricultural industries. All auctions are unreserved, public auctions.

Segmentation Overview:

As for product types, the Transportation segment held the largest market share in 2022.

Application Overview:

The market's largest segment by application is the segment Enterprise Buyer, with a market share of 55.81% in 2022.

Key Companies in the global Hard Asset Equipment Online Auction market covered in Chapter 3:

Euro Auctions UK Ltd.
Pickles Auctions
Copart
Auction Technology Group
Sandhills Global Inc.
Ritchie Bros. Auctioneers Inc.
MatexNet
Emirates Auction
Machinery Auctioneers
Bidadoo

In Chapter 4 and Chapter 14.2, on the basis of types, the Hard Asset Equipment Online Auction market from 2018 to 2029 is primarily split into:

Construction
Transportation
Agriculture
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Hard Asset Equipment Online Auction market from 2018 to 2029 covers:

Enterprise Buyer
Private Buyer

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)