According to this month’s issue of ACT Research’s State of the Industry: U.S. Trailers report, with equipment order intake improving, freight rates increasing, policy impacts becoming clearer, and despite concerns remaining, optimism is on the rise.
“Again, counter to cyclical expectations, net order intake in May increased from April, albeit by just 7.6%, logging 20.9k orders placed this month, and although it may seem like it’s been a while, one only needs to go back to this past January to find another 20k+ net order intake. Compared to May 2025, net orders vaulted more than 240% over the lackluster intake of 6.1k last year,” said Jennifer McNealy, Director–CV Market Research & Publications at ACT Research. “May’s cancellation rate of 1.9%, as a percentage of backlog, remained in ‘elevated’ territory, inching a tad higher from the 1.4% rate recorded in April. Like last month, high cancellations were reported in most segments, meaning the situation was broad-based.”
“Net orders have now outpaced build for four of the five months in 2026. In May, about 4.1k more trailers were ordered than built, growing the backlog by more than 5% m/m. However, this was not enough to pump much lifeblood into the anemic backlogs,” McNealy continued. “It appears the end of the road is in sight, but there is a little more traveling to do before the industry is again standing in the sunlight of healthier times.”
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 in May were 20,700 units. While May orders were up only about 1,300 units from April’s 19,400-unit level, a 7% month-to-month increase, they vaulted over the tepid showing in May 2025, up 237% y/y. Seasonal adjustment (SA) at this point in the annual order cycle takes the month’s volume to 36,700 units. Final May trailer industry data will be available later this month. This preliminary order estimate is typically within ±5% of the final order tally.
“A sequential drop in net orders is typically expected, as May traditionally marks the second weakest order month of the annual order cycle,” said Jennifer McNealy, Director CV Market Research & Publications at ACT Research. “That said, this year’s cycle initially looked like it had been delayed a few months, as the order upticks that should have started in September or October of last year didn’t actually begin until December, but now may be buttressed by the rising freight rates. Regardless of the timing, the order upticks certainly are welcome, but caution remains a strategy for some trailer purchasers.”
McNealy concluded, “Given accelerating freight rates and rising carrier confidence, we raised the question for the last two months about whether more high-side surprising order intake months would happen, or whether traditional Q2 order weakness would prevail, as fleet decision-makers continue to hesitate about placing trailer orders while accelerating Class 8 tractor purchases instead in 2026. Based on the May data, we now know there was at least one more month of improved order intake in the pipeline, but it remains to be seen how the final month of Q2, as well as how Q3, will unfold.”
- Cancellation Rate as a % of Backlog: 1.9%
- Backlogs: grew 5% m/m
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