How Online Auctions are Transforming Equipment Sales Growth
Market Transformation Accelerated by Online Auctions
TBAuctions reports over 50% growth in European B2B online auctions between 2021 and 2024.
The European industrial equipment market is experiencing remarkable shifts, driven by the expansion of online auction platforms. TBAuctions, Europe's forefront digital auction house for used B2B goods, has noted a significant increase in hammersales—growing by over 50% to an astounding approximately EUR 1.5 billion over the recent years. Recent insights from the TBAuctions Market Pulse for 2024 reveal this remarkable trend, spotlighting a surge in average prices and quicker equipment turnover across various sectors.
Understanding the Growth of Online Auctions
The global online auction market size was valued at nearly USD 19.6 billion in 2024 and is projected to soar to USD 55.95 billion by 2033, reflecting a double-digit compound annual growth rate (CAGR) during the forecast period. TBAuctions stands at the forefront of this growth in Europe, showing a CAGR exceeding 15%—a clear sign of the auction's increasing role in the secondary equipment market. In this regard, the advantageous aspects of utilizing used machinery are becoming more apparent, as they represent a cost-effective option for numerous companies, promote sustainability, conserve raw materials, and assist in lowering CO2 emissions through recycling efforts.
Insight from TBAuctions Leadership
Tom Christenson, CEO of TBAuctions, states: "Online auctions are becoming increasingly recognized as a strategic asset management tool. With rising production costs, ongoing regulatory changes, and geopolitical uncertainties, businesses must reassess how they handle their assets. The capability to sell surplus or outdated equipment to a global audience provides financial agility, enabling companies to reinvest in up-to-date assets and maintain their competitive edge."
Shifts in Demand and Equipment Turnover
Recent findings from the TBAuctions Market Pulse indicate a positive trend in equipment turnover, characterized by lower median ages and increasing average selling prices across multiple sectors. Noteworthy growth has been observed in key areas such as Agriculture, Construction & Earthmoving, and Transport & Logistics, with year-over-year volume jumps of 15%, 19%, and 25%, respectively.
- In the Agriculture sector, tractor sales reached over 3,200, a 12.1% rise from the previous year, with average prices increasing by 8.1% to around EUR 20,000.
- The Construction & Earthmoving sector experienced the sale of more than 4,100 excavators, a growth of 16.3%, while their average market values improved by 4.9%, now at EUR 30,592. Additionally, the median unit age has decreased by two years.
- Meanwhile, the Transport & Logistics segment reported over 3,100 truck sales (up by 10.9%), with average prices reaching EUR 24,248 and a reduction in median age by one year, supporting ongoing fleet modernization initiatives.
Global Dynamics in Equipment Auctions
The rise of digital auction platforms is significantly reshaping equipment sales on an international scale. Given that regulations differ from country to country, equipment that may not suit one market may still retain value in another, resulting in enhanced cross-border sales. For instance, TBAuctions' brand Troostwijk Auctions has seen an impressive average annual growth of 18% within its cross-border operations, culminating in a total growth of 65% between 2021 and 2024. This trend underscores the dynamic nature of equipment trading and the ongoing evolution of market demands.
About TBAuctions
TBAuctions (TBA) is recognized as Europe's leading platform for B2B digital auctions specializing in used industrial equipment. Collaboratively with its various brands—including Klaravik, Troostwijk Auctions, Surplex, Auksjonen, PS Auctions, British Medical Auctions, Vavato, HT Auctions & Valuations, and Auktionshuset dab—TBA is committed to sourcing products locally and facilitating global sales. Annually, TBA auctions around 2.2 million lots while garnering approximately 177 million visits across its websites, with a unique bidder count of around 750,000 per year. The majority ownership of TBAuctions is held by Castik Capital, with Summa Equity as a minority stakeholder.
Frequently Asked Questions
What is TBAuctions and what do they do?
TBAuctions is a leading digital auction platform for B2B used industrial equipment, facilitating sales across Europe and globally.
How much has the European auction market grown recently?
The European B2B online auction market has seen over 50% growth within a few years, according to TBAuctions.
What industries are experiencing growth through online auctions?
Industries like Agriculture, Construction & Earthmoving, and Transport & Logistics are seeing significant increases in auction volumes and prices.
Why are companies turning to online auctions for equipment?
Companies value the ability to efficiently sell surplus assets while promoting sustainability, as well as the financial flexibility that comes with it.
What future trends can we expect in online equipment auctions?
The online auction market is expected to continue growing rapidly, reaching approximately USD 55.95 billion by 2033, indicating increasing interest and investment.
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