Quarterly Report – Q3 2023
Posted 15 December 2023Experience the Difference with Slattery Asset Advisory – Your Trusted Australian Family-Owned Auction, Valuations and Asset Advisory leader. Dive into our comprehensive Quarterly Report for in-depth insights and trends that are happening right now across all industry sectors.
The quarter in short:
- Road Transport sales are set for another record-breaking year in new truck sales, with a 10% increase to 35,452 sales by Q3 and heavy-duty trucks leading the growth at 19.8%.
- Volvo and Kenworth have seen significant sales increases, while brands like Western Star, Freightliner, and Hino have faced declines.
- Extended wait times for new trailers are around 12 months, with a market slowdown expected due to economic challenges.
- The secondary market for trucks is normalising, with prices for aged vehicles returning to pre-COVID levels amidst rising interest rates and cost of living pressures.
- Caterpillar reports a 22% global increase in sales for new units, with the mining sector showing strong performance and demand for support services.
- Innovations in earthmoving and mining equipment are highlighted by Volvo and Hitachi’s introduction of hybrid and fuel-efficient machinery.
- The agriculture sector anticipates a 41% decrease in the national average farm cash income, with tractor sales down by 23% year-to-date.
- The automotive industry has seen a surge in new car sales, especially in electric and hybrid vehicles, with a forecasted cool down in 2024.
- Tesla’s dominance in the EV market is evident with the Model Y leading as the best-selling passenger vehicle, while hybrids still outsell EVs overall.
- The secondary market for EVs and hybrids is strong, but economic factors are starting to influence market dynamics and vehicle values.