According to ACT Research, May’s net U.S. trailer orders of 3,107 units were a much-needed improvement from April, but still remained below May 2019’s numbers by 71%. Before accounting for cancellations, new orders of 7,400 units were up 29% versus April.

“Although up from April’s record low, May’s net orders will still rank as the second weakest in industry history,” said Frank Maly, director of commercial vehicle transportation analysis and research at ACT Research. “There is little incentive for fleets to invest in new equipment right now.”

Maly went on to explain that while the re-opening of the U.S. economy has generated some surges in the economy, the industry is still continuing to be cautious.

“Significant apprehension is being expressed about small-to-medium fleets, and the concern is that the PPP lifelines many may have grasped will runout before a post-lockdown economy generates freight at sufficient volumes and profitable rates, which will have serious implications for both trailer OEMs and dealers,” he added.