ACT Research analysts expect higher trailer build numbers in 2023 and 2024, but there are clouds, while Class 8 2023 build backlogs will continue to decline, as the rebalancing of the freight market is being drawn out.
Preliminary analysis of Class 8 tractor orders for July seems to show an upswing, beating expectations, according to both ACT Research and FTR Transportation Intelligence.
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.
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