It was the same story every month for Class 8 orders: supply chain constraints affected volumes, and will probably continue to. Reporting on industry analysis of the order numbers each month, HDT’s headlines included words such as: frozen, weak, subdued, moderate, cautious, controlled… and the most optimistic? “Modest gain.”
ACT Research’s Class 8 Tractor Dashboard, a report that paints a comprehensive picture of trends impacting the industry, suggests a “gradual erosion” of the Class 8 market demand into the second half of 2022.
But, Kenny Vieth, ACT’s president and senior analyst, says this is not a “cliff event.”
“With a recession in 2023 now our base case, we think the dashboard reading, while negative, still suggests a better outcome for Class 8 than was the case in our last two recessions [COVID 2020 and the 2008-09 Great Recession], as supply constraints have kept the industry from overbuilding in the leadup to the downturn,” Vieth wrote in a July press release.
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This data and analysis first appeared in the August 2022 special Fact Book issue of Heavy Duty Trucking.