As we move further into 2023, it’s important for businesses to understand the trends and insights that shaped the previous year.
Satterly’s Fourth Quarter Asset Remarketing Report offers some valuable insights.
Growth in the mining and construction machinery manufacturing industry
According to the report, the mining and construction machinery manufacturing industry is expected to grow at an annualised rate of 4.9% over the next five years, indicating a positive outlook for heavy equipment sales. This growth reflects the ongoing investment in the resources sector, with many large-scale projects underway nationwide.
One of the standout findings of the report is the growth in the Australian heavy truck industry, with a record-breaking 44,379 units sold in 2022. This represents a 7.2% increase from the previous year.
Another significant highlight from the report is Caterpillar’s revenue, which increased by 20.3% to $16.6 billion in the fourth quarter. This is a positive indication of the company’s ability to adapt and pivot in the current market.
The report also highlights a 9% increase in tractor sales in December 2022 compared to the same period in the previous year. This is a promising sign for the agricultural industry, which has been under pressure due to climate events and supply chain disruptions.
Increasing new vehicle and EV sales
Despite ongoing supply chain issues, new vehicle sales grew by 3% in 2022. This indicates that the demand for vehicles remains strong, despite the challenges faced by the industry.
Another notable trend highlighted in the report is the rise of EVs. Battery electric vehicles accounting for 3.1% of total sales and hybrid vehicles accounting for 7.6% of total sales for the year representing significant growth compared to previous years. This trend is expected to continue as consumers embrace the EV market, new vehicles are introduced to the Australian market, and governments introduce incentives to promote sustainable modes of transport.
If you’d like to learn more about the report, you can access it here.
At Ledge Finance, we’re committed to helping our clients achieve their financial goals, whether securing funding for a new asset or growing their business. Contact us today to see how we can help you.