Highest Retained Value Award Winners | EquipmentWatch

Highest Retained Value Award Winners

Image collage with HRVA 2022 Trophy Logo

EquipmentWatch is pleased to announce the 2022 Highest Retained Value Award (HRVA) winners. There are 30 award categories covering construction, lift/access, and agricultural equipment, all powered by EquipmentWatch’s industry-leading database and more than 9 million market observations. The awards are a culmination of more than 100 analyst hours reviewing and ranking more than 27,000 models.

In addition to announcing the 2022 winners, we’ve put together a primer on what these retained values mean and how to integrate them into your buying decisions.

Retained Value

Retained values are what you can anticipate a piece of equipment to be worth after a given period. For EquipmentWatch’s HRVA awards, the timeframe we have chosen is five years, so the retained values shown here are the anticipated values for a piece of equipment five years from now.

Retained values are often related to the concept of depreciation, which is a measure of how far a piece of equipment’s value decreases over time. Retained values are an integral part of equipment purchase and maintenance. At every step, from the rent/buy decisions to leasing operations and fleet management, knowing and understanding retained values can provide powerful insights into the optimal choice.

EquipmentWatch’s retained values are calculated using market data, depreciation standards, and our proprietary algorithm. For more information on our methodology, click here.

Percentage vs. Dollar value

Depreciation and retained values are inherently reliant upon purchase price. With so many ways to adjust the value of a piece of equipment, which varies based on utilization, region, condition, components, and more, it would be difficult to estimate exact dollar values in this analysis to cover every possible variation. Instead, we measure retained values as the average percentage of initial value retained after five years for equipment purchased new or on the used market. For the HRVAs specifically, we based our analysis on newly purchased, current model year equipment.

This approach provides you with an apples-to-apples way to compare equipment brands and provides us with a clear and unbiased way to choose winners for the HRVA awards. Using percentages eliminates confusion when comparing brands that may have materially different purchase prices and an asset with a higher dollar value at the end of the 5-year-period may have simply started out with a higher original cost.

Award Categories

The EquipmentWatch HRVA awards cover 30 categories across construction, lift/access, and agricultural equipment. The categories capture the most popular types of equipment based on annually observed market activity1. Within each award category, our analysis focused on the most popular brands, again based on observed market activity. The team limited any model-level analysis to models still sold in 2022 to ensure these results can be applied to buying decisions today and throughout the year.

In addition to EquipmentWatch’s HRVAs, our sister brand Price Digests has also announced the winners of their Highest Retained Value Awards for nine categories of commercial trucks. Read more about the commercial truck winners.

EquipmentWatch HRVA Winner Profiles

This year, 21 unique manufacturers claimed the top spots across the 30 award categories. The winners include Kubota, Komatsu, Deere, Hagie, Hyundai, Gehl, and others. Several winners, such as Komatsu, Deere, and Gehl have secured HRVA victories previously, but some, such Wacker Neuson and ASV were new to the awards.

What each winner had in common was that their equipment had the highest retained value. To illustrate this further and give you a better sense of retained value differences in the equipment landscape, we have showcased a few winning manufacturers below.

Award Category: Medium Wheel Loaders

Winner: Case

Within the Medium Wheel Loaders award category, Case’s 5-year retained value was 19 percentage points higher than the overall average for the category. In terms of market share1, Case was not the highest at 18.2%, but their 5-year retained value was 80.4% compared to a category average of 60.9%.

Award Category: Warehouse Narrow Aisle Lift Trucks

Winner: Hyundai

This is the first time Hyundai has won in the Narrow Aisle Warehouse Lift Trucks award category, with the brand making up 4.2% of the used market observations1. Hyundai was a clear winner in this category, with a 5-year retained value nearly 16 percentage points higher than the category average.

Award Category: Track Tractors

Winner: Deere

Deere is a popular name within agricultural equipment overall, the brand had a market share1 of 72.1% for the Track Tractors award category. Deere easily secured the HRVA victory for this category, though, with its 5-year residual value of 67.3% – substantially higher than the award category average of 57.9%.

View the full list of EquipmentWatch’s Highest Retained Value Awards.

EquipmentWatch produces the leading database information products for the construction equipment industry and is the world leader in heavy construction research and intelligence, serving more than 15,000 professional, high-volume contractors, equipment manufacturers, dealers, rental companies, lenders and insurers, and government agencies involved in heavy civil and commercial construction. You can request a custom analysis from our seasoned EquipmentWatch consulting team.


[1] Market share calculations based on observed resale channel activity throughout 2021 and the first half of 2022.