Physical Utilization (US)

Physical utilization in 2024 has remained relatively flat, peaking at 68.1% in late September, but marking the lowest utilization level since 2020. The disparity between the year-over-year (YoY) increase in fleet size (rental supply) and the slower growth of YoY units on rent (demand) continues to suppress utilization rates.

Note: Limited to independents and dealers in the USA. Physical Utilization is computed from daily fleet snapshots from Rouse participants, calculated as “Average Daily Cost on Rent” divided by “Average Daily Cost in Fleet.”

Retail Sales Volumes for Lift Trucks

In 2024, the number of lift trucks sold via retail channels has seen strong year-over-year (YoY) growth of 9% year-to-date (YTD), with the most substantial increases occurring in the first half of the year. Sales growth began to taper off in June (-5%), rebound in July (12%), and then decline again in August (-25%) of 2024 compared to 2023. While year-to-date volumes remain elevated, the growth rate has moderated slightly as the year progresses.

Note: Limited to independents and dealers in the USA. Used Equipment.

Retail and Auction Values

In 2024, both Auction and Retail values for lift trucks have continued to decline. As of August, Auction values have dropped to 78% of their January 2019 levels. Retail values, while also declining, remain more stable, now sitting about 8% above their January 2019 levels. The slight uptick in Retail values observed in July and August 2024 could signal the beginning of a stabilization phase, though it remains to be seen if this trend will continue in the coming months.

Note: Focus on Used Equipment (three to eight years old). Retail and Auction Values Indexed to January 2019, USA only.