FTR reports preliminary North American Class 8 net orders for April fell to 25,500 units

FTR reports North American (N.A.) Class 8 truck/tractor preliminary net orders in April fell 34% month over month (m/m) to 25,500 units; however, growth year over year (y/y) remained in the figurative stratosphere, rocketing 199% versus a very low base in April 2025. April marked the third straight month exceeding 140% y/y growth. Although both on-highway and vocational segments declined sequentially, both contributed to the y/y expansion with on-highway driving the bulk of the increase. Orders totaled 298,105 units over the past 12 months.

While April orders declined from March, the sequential drop largely reflects normal seasonality following March’s elevated level rather than a loss of momentum. Orders for 2026 to date are now up an astonishing 110% y/y, pushing the cumulative 2026 order season growth up to 23%. Demand is being supported by firmer freight rates, tighter capacity, higher utilization, replacement needs, possibly some limited fleet growth among better-positioned carriers, and fleets securing remaining 2026 build slots as part of a moderate EPA 2027 NOx pre-buy to avoid higher equipment costs. However, weak retail truck sales and varied carrier profitability suggest that the recovery is still uneven.

Order boards for 2026 likely will fill earlier than normal as orders are likely to remain significantly elevated y/y until remaining build slots are sold out in the coming months. Public comments from OEMs already suggest build availability is tightening with Q2 slots full at some manufacturers and much of second-half 2026 capacity already spoken for.

Dan Moyer, senior analyst, commercial vehicles, commented, “The abrupt shift in demand in recent months has brought some risks as we have noted previously. One risk is that fleets will act out of ‘fear of missing out,’ or FOMO, to order earlier or in larger quantities than needed to avoid being shut out of 2026 production, thus raising cancellation risks. We still believe that risk is limited unless freight recovery stalls.

“The more notable risk from elevated orders is build execution. Demand is very strong, but OEMs and suppliers must now ramp production from a low Q1 base without creating labor, supply chain, quality, or inventory issues.

“Other risks remain, including uncertainties over regulatory policy and the durability of the freight recovery, elevated financing costs, and geopolitical developments that could keep fuel prices elevated. Overall, April orders reinforce the main message: Class 8 demand remains strong, but the focus is shifting from demand recovery to backlog quality and production execution.”

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.