February saw a continued resilience in new truck orders despite the ongoing challenges in the trucking market, as reported by leading industry analysts.
According to FTR Transportation Intelligence’s report on preliminary orders for Class 8 vehicles, the seasonally adjusted figure for February stood at 25,700 units. While this represents a 9% decline from January, it marks an 11% increase compared to February 2023, exceeding seasonal expectations. The running 12-month total for new Class 8 orders reached 263,700 units, averaging 21,975 units per month.
Similarly, ACT Research’s analysis, after seasonal adjustment, indicated a slight decrease from a not seasonally adjusted figure of 27,700 units to 25,600 units for February. However, this figure reflects a 5% increase from January.
Kenny Vieth, President, and Senior Analyst at ACT Research acknowledged the challenging conditions in the trucking market but noted that contrary to expectations, order levels remained robust. He highlighted that despite weak freight and carrier profitability fundamentals, demand for Class 8 vehicles remained high, suggesting continued strength among US buyers.
ACT Research also reported on Class 5-7 vehicle orders, which totaled 18,800 units in February, marking a 7% annual increase. However, with seasonal adjustment, the figure dropped to 17,900 units, representing a 13% decline from the previous month, the lowest seasonally adjusted figure in 13 months.
FTR, in its assessment of the market, observed a stabilization in demand, albeit at lower levels compared to previous months. Chairman Eric Starks noted that while concerns of a rapid decline in demand had not materialized, the market was also not significantly outperforming replacement level orders. Despite this, order levels remained above historical averages and seasonal trends, indicating sustained activity in the market.
Looking ahead, FTR projects build rates to align with replacement levels by the end of the year, while acknowledging the current strength in order levels compared to historical trends.
Find the latest updates in supply chain logistics news at The Supply Chain Report. Visit ADAMftd.com for free international trade tools.
#TruckingResilience #NewTruckOrders #LogisticsTrends #TruckingIndustry #MarketAnalysis #SupplyChainResilience #TransportationTrends #EconomicIndicators #TruckingTrends #IndustryInsights #News #TheSupplyChainReport
