![3 dropped trailers in a dock](https://de20kuyh79gr1.cloudfront.net/Stock-Photos/_725x420_crop_center-center_none/3.png)
June net orders, at 6,300 units, were 19% lower y/y, but a mere 275 units above May’s intake. June’s order tally brings Q2 net orders to 26k units (-14% from Q2’23) and closes the first half of 2024 with 74.5k net orders placed. The first-half tally was 24% lower than the intake of 1H’23, with its faster paced order environment, lingering pent-up demand, and a still moderately congested supply chain, according to this month’s issue of ACT Research’s State of the Industry: U.S. Trailers report.
![Total Trailers: Net Orders](https://de20kuyh79gr1.cloudfront.net/2024-Press-Releases/July/Total-Trailers-Net-Orders-June-2024.png)
“Seasonally adjusted, June’s orders were more than 8,100 units compared to a 7,100 SA rate in May,” said Jennifer McNealy, Director–CV Market Research & Publications at ACT Research. “On that basis, orders increased 14% m/m. Dry van orders contracted 56% y/y, while reefers and flats were significantly higher than their respective tepid net order tallies last June.”
She added, “Build outpaced orders again in June, by 15.3k units, with backlogs shrinking more than 14% sequentially. While down considerably m/m, the backlog was significantly lower y/y, down 48% against 2023’s firmer backdrop.”
McNealy concluded, “Despite continual monitoring, little changed in Q2, and despite hopes of the contrary, it was not expected to do so. US trailer manufacturers and suppliers continue to navigate choppy waters, but unlike the past few years, they are on the ebb tide of weaker demand, rather than the flow of congested material supply chains and labor shortages.”
State of the Industry: U.S. Trailers Report Overview
ACT Research’s State of the Industry: U.S. Trailers report provides a monthly review of the current US trailer market statistics, as well as trailer OEM build plans and market indicators divided by all major trailer types, including backlogs, build, inventory, new orders, cancellations, net orders, and factory shipments. It is accompanied by a database that gives historical information from 1996 to the present, as well as a ready-to-use graph packet, to allow organizations in the trailer production supply chain, and those following the investment value of trailers, trailer OEMs, and suppliers to better understand the market.
ACT Research Overview
ACT Research is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis, and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.
Additional Resources
Preliminary net trailer orders rose slightly from May to June, but at 6,300 units, were lower compared to last June, down 19% y/y. Seasonal adjustment (SA) at this point in the cycle boosts June’s tally to 8,100 units. Final June results will be available later this month. This preliminary market estimate should be within ±5% of the final order tally.
“This month’s data show 26,000 trailers were ordered in Q2’24, a 14% contraction compared to the same quarter in 2023. June’s net orders bring the year-to-date tally to 74,500, a reduction of 23,900 units, or 24% lower, compared to the first half of last year,” said Jennifer McNealy, Director CV Market Research & Publications at ACT Research. She added, “This year’s slower trailer orders are no surprise given the elevated order velocity of the past few years, and with continuing weak for-hire truck market fundamentals, and already-filled dealer inventories, it looks like trailer demand is likely to remain constrained for some time. That said, it is important to remember that for orders, we are now in the weakest months of the annual cycle, minimally suggesting there is no catalyst for stronger orders before the fall and the OEMs’ opening of their 2025 order books.”
She continued, “While we do see fleets starting to make more money later this year, thereby increasing their ability to purchase equipment, the impact likely will be muted for the trailer industry, as we continue to expect their willingness to spend will lean toward the purchase of new power units ahead of the EPA’s implementation of 2027 regulations, which we believe has already begun.”
McNealy added, “Industry anecdotes suggest that the ‘pause button’ is expected to remain pressed through the remainder of 2024. The industry’s largest segments remain under pressure, cancellations remain elevated as dealers and fleets recalibrate their needs, and external forces like the US presidential election, low used equipment prices, and high interest rates add to uncertainly into the near- and medium-term.”
- Orders: 6,300 units (-19% y/y)
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