Trailer net order intake in April was just below 9.4k units, down more than 57% from March and about 32% lower than the subdued level of orders accepted in April 2024, according to this month’s issue of ACT Research’s State of the Industry: U.S. Trailers report.
“April’s net order intake puts the year-to-date order tally at 70.5k units, 13% higher than the 62.2k bookings for the first four months of 2024,” said Jennifer McNealy, Director–CV Market Research & Publications at ACT Research. “While appearing to be better news, we caution that the industry’s annual period of seasonally stronger order months has ended, and weaker intake months are expected from now through mid-Q3.”
“After being stable in December and January, cancellations started to escalate, jumping in April to 2.3% of the backlog. Trailer production was more than 8,200 units higher than order placements in April. As a result, backlogs contracted 8% sequentially and remain sharply lower against 2024’s soft backdrop,” McNealy concluded.
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.
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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 plummeted more than 12,500 units from March to April, a contraction of about 57%. At 9,400 units, order intake was nearly 32% lower compared to April 2024. Seasonal adjustment (SA) at this point in the annual order cycle raises April’s tally to 11,400 units, nearly halving March’s seasonally adjusted intake (22.7k SA). Final April results will be available later this month. This preliminary market estimate is typically within ±5% of the final order tally.
“After an upside surprise in March, lower April net order intake was expected, as it is one of the weaker order months of the annual cycle. More concerning given the state of industry backlogs, but again not surprising, was that this April’s net orders were well below last April’s order intake, which itself was a muted year,” said Jennifer McNealy, Director CV Market Research & Publications at ACT Research.
She cautioned, “With weak for-hire truck market fundamentals, low used equipment valuations, relatively full inventories, high interest rates, and the ambiguity of policy shifts still in play, ACT’s expectations for subdued build and order intake levels during 2025 remain intact. While speculative, what we thought may have happened in March was a pull-forward of orders in advance of possible tariff-related cost increases to come. While good news for last month, pull-forward, if that is the case, means orders placed will not need to be placed at a later date, and may be a contributing factor to the greater-than-expected drop in April.”
- Orders: 9.4k, -57% m/m, -32% y/y
- Cancellations: 2.3% of backlog
- Backlog: -8% m/m
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