ACT Research ups 2024 Class 8 production and sales expectations

ACT Research ups 2024 Class 8 production and sales expectations

Looking at demand, activity, orders and backlogs, ACT Research expects an Class 8 production and sales to rise for the first time since last July.

After holding steady on the forecast since last July, ACT Research has pushed 2024 Class 8 production and sales expectations up in February, as published in the latest release of ACT’s North American Commercial Vehicle Outlook.

“In addition to an improving economic outlook, the decision to boost the forecast, despite near-term inventory risks, reflects the industry’s ability to more aggressively sell into Mexico and export markets, while maintaining strength in domestic vocational,” said Kenny Vieth, ACT’s president and senior analyst. “The 2024 market is atypically bifurcated: considerable strength remaining in U.S. and Canadian vocational markets and Mexico helps offset otherwise weak demand in U.S. and Canadian tractor markets, LTL excluded.”

“With more time-sensitive manufacturing loads to haul, pent-up demand, and a strong peso, the forecast anticipates Mexico-bound Class 8 production will rise considerably in 2024,” he added.

Vieth concluded, “We think the economy’s cooperation, plus the OEMs’ desire to ensure supply-chain integrity by making sure the industry’s labor supply remains largely intact through 2024, adds upside to our higher forecast. While we view upside as more likely than down, we remain concerned that the largest piece of the North American market, US for-hire truckload, is unlikely to be helpful in driving volume this year.”

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