The rise of Class 8 truck orders in February represent a solid level of order activity, FTR said, suggesting that there may be a stabilizing in the low 20,000-unit range.
"This type of activity by fleets indicates that they are not overly concerned about an economic recession and continue to lock in build slots for the second half of 2023," FTR officials said.
At first glance, the fall of Class 8 orders might suggest some weakening in demand. Find out what factors actually put order intake as a solid end to 2022.
While component shortages continue to be an issue for Class 8 truck builds, manufacturers seem optimistic that improvements will be made.
September order activity is further testimony that there remains a tremendous level of pent-up demand for Class 8 trucks, FTR officials said.
North American Class 8 net orders for August jumped 98% month-over-month to 21,400 units, according to FTR.
Check out this year's HDT Fact Book, which dives into the industry's most important numbers on truck orders, trade cycles, the used-truck market and more.
OEMs are working to increase Class 8 truck build rates, however key components remain in short supply and continue to limit production.
"The prevailing theme in trucks is largely unchanged: Long backlogs and supply-chain constrained production continue to keep new orders trending within a narrow range.”
With backlogs largely full for the year, OEM’s have yet to open their order boards for 2023.
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