An extremely strong 2018 for truck orders has continued with the May numbers. According to both FTR and ACT Research, May Class 8 orders exceeded 35,000 units, making for one of the best months of May on record.
FTR’s preliminary number for Class 8 orders is 35,200 units, the third-highest May on record. FTR noted that orders have averaged over 40,000 units for the past six months; volumes never seen before in the industry. Class 8 orders exceeded expectations again as fleets order in huge numbers attempting to keep up with burgeoning freight demand. North American Class 8 orders for the past twelve months have now totaled 386,000 units.
“This is the tightest capacity crunch ever,” said Don Ake, FTR’s vice president of commercial vehicles. “Long-time veterans in this industry are saying this is the best freight market they have ever seen. Fleets cannot add capacity fast enough and as long as the economy and manufacturing are going great, this capacity crisis will continue.”
“There is a shortage of truck parts and components, so OEMs have been slow to deliver. This just exacerbates an already bad situation,” he continued. “Fleets are now grabbing every available build slot, hoping to get some more trucks by the end of the year. Some orders now are even spilling into the first quarter of next year. It is a red-hot market.”
According to ACT Research’s numbers, preliminary Class 8 orders came in at 35,600 units, up 110% year-over-year.
“Preliminary net order data indicate that demand for Class 8 trucks continued in robust fashion in May,” said Kenny Vieth, ACT’s president and senior analyst. “Seasonal adjustment begins to inflect positively this month. When adjusted, May’s Class 8 net order volume rises to 39,800 units.”
