Preliminary North American Class 8 truck orders see annual increases in February

Preliminary North American Class 8 net truck orders saw annual gains in February, according to data recently issued by freight transportation consultancy FTR and ACT Research, a provider of data and analysis for trucks and other commercial vehicles.  

FTR reported that preliminary February net orders, at 25,700 units, were down 9% compared to January and headed up 11% annually. FTR said that this tally is in line with recent demand trends and also above seasonal expectations, with orders over the last 12 months coming in at 263,700 units. The firm explained that these numbers serve as a counter to what it called a rapid easing of demand in 2024. And it added that after hitting a monthly high of 36,000 units in November, orders have stabilized at a level that is around 10,000 units lower over the last three months.

“Build slots continue to be filled at a reasonable rate,” said Eric Starks, FTR chairman of the board, in a statement. “With February orders coming in at a rate that was comparable to December 2023, the market is still performing at a solid level. It was a mixed market for OEMs this month with some seeing increases and others seeing decreases in orders. Despite the weakness in the freight markets that has persisted for more than a year, fleets continue to be willing to order new equipment. Order levels were above the historical average and above seasonal trends, but our expectations for replacement output by the end of this year remain unchanged.”

ACT data: ACT reported that February preliminary North American Class 8 net orders, at 27,700 units, saw a 600-unit gain over January, while posting a 16% annual increase. The firm added that with the fourth largest seasonal factor of the year at 8%, seasonal adjustment reduces February’s Class 8 intake to 25,600 units (307k SAAR), up 5% from January.

“Weak freight and carrier profitability fundamentals, and large carriers guiding to lower capex in 2024, would imply pressure in US tractor, the NA Class 8 market’s largest segment,” said Kenny Vieth, ACT’s President and Senior Analyst, in a statement. “While we do not yet have the underlying detail for February order volumes, Class 8 demand continuing at high levels again this month suggests that US buyers continue as strong market participants.”