Air Freight News

FTR reports preliminary North American Class 8 Net orders at 28,300 units in October

Nov 05, 2024

FTR reported that preliminary North American Class 8 net orders in October totaled 28,300 units, marking a 14% month-over-month (m/m) decline but a 2% year-over-year (y/y) increase. This figure falls somewhat short of seasonal expectations as the average October order level over the last seven years is 33,940 units. Given the continued stagnation in the truck freight market, this is a healthy order number, but it suggests that some fleets are being cautious as they order new trucks for 2025. Orders in October typically increase slightly from the prior month.

Year-to-date (YTD) performance remains at replacement demand levels with an average of 21,211 net orders per month. 2024 YTD net orders in October were up 11% y/y. North American Class 8 orders have now totaled 274,174 units for the last 12 months.

Dan Moyer, senior analyst, commercial vehicles, commented, “This month, OEMs saw a drop m/m in total market demand, but there was inconsistency, as some experienced increases in orders and others saw declines. The on-highway market showcased a notable jump in demand, softening the blow from the declines observed in the overall vocational sector.

Despite a sluggish freight market, fleets have sustained their investments in new equipment, albeit primarily at replacement demand levels thus far in 2024. We anticipate a slight uptick in October backlogs once the final Class 8 market data is released later this month. With inventory levels remaining close to record highs, we also foresee continued downward pressure on production rates through the remainder of 2024.”

Preliminary orders may be estimated and are subject to revision when FTR releases final data mid-month as part of its North American Commercial Truck & Trailer Outlook service.

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