Class 8 Truck Orders Slip Nearly 2% Year Over Year in July
[Stay on top of transportation news: .]
North American Class 8 truck orders continued to trend below prior-year results by slipping nearly 2% in July, according to ACT Research.
Preliminary data showed orders decreased 1.9% year over year to 13,300 units. But they did jump 41.4% from the 9,400 units reported in June. The data has shown orders trending below prior-year results since the start of the year.
“While the economy continues to grow, expanding 3% [quarter to quarter] in Q2, uncertainty, elevated equipment prices and emerging signs of economic softness are all weighing on commercial vehicle demand,” said Carter Vieth, research analyst at ACT. “Solid freight-generating segments like housing and manufacturing are sluggish, with manufacturers shedding labor the past three months. Consumers continue to spend, but tariff-related price increases and a weakening labor market may weigh on goods spending in the near term.”
[August State of the Industry: Classes 5-8 Vehicles Preliminary Update] - Preliminary Classes 5-8 Orders Decline in July
Read more from the preliminary update here: — ACT Research (@actresearch)
FTR Transportation Intelligence reported Class 8 preliminary net orders for July decreased 7% year over year to 12,700 units. This marked the seventh consecutive month that showed a loss from the prior year. But the report also showed a sequential increase of 42%. However, orders remained well below the 10-year average for July, which is 19,974 units.
“Ongoing tariff volatility and broader economic and truck freight market sluggishness continue to negatively impact the Class 8 market, driving a substantial 30% [year-over-year] decline in year-to-date net orders,” said Dan Moyer, senior analyst of commercial vehicles at FTR. “Class 8 market uncertainty is further elevated due to the potential imposition of Section 232 tariffs specifically targeting Class 4-8 trucks, tractors and related components.”
🚛 July Class 8 truck orders hit 12,700 units—up m/m, down y/y. 📉
Tariff uncertainty + EPA NOx standards weigh on fleets.
Dan Moyer: “Many are delaying equipment investments.”
Details + chart: — FTR | Transportation Intelligence (@FTRintel)
Moyer added that the lack of clarity around potential Environmental Protection Agency revisions to its 2027 NOx emissions standards adds to the uncertainty, resulting in many fleets delaying commercial vehicle equipment investments.
"July's net orders of 12,439 units reflect the measured approach fleets are taking in the current market environment," said Jonathan Randall, president of Mack Trucks North America. "While we're seeing typical cyclical patterns consistent with previous market downturns, the combination of continued freight market softness and construction sector steadiness, albeit showing signs of slowing, coupled with regulatory and policy uncertainty, continues to shape fleet purchasing decisions for the remainder of 2024."
Want more news? Listen to today's daily briefing belowor go here for more info:
