Class 8 truck sales top 309k in 2022

Class 8 truck sales top 309k in 2022

Truck orders continue to roll stronger last year as pent-up demand remains.

According to ACT Research’s (ACT) latest State of the Industry: NA Classes 5-8 report, December Class 8 net orders were healthy, bringing total year-end ordering activity to a strong 159k (Sep-Dec). Classes 5-7 orders declined 3% y/y to 17,464 units (-21% m/m), with seasonal adjustment trimming orders to 16,100.

“For now, business activity in the truck industry rolls on, also seemingly unphased by higher interest rates, as pent-up demand remains for now,” said Eric Crawford, vice president and senior analyst, ACT Research. “We expect this dynamic to shift in 2H’23, as the Fed continues its aggressive push to subdue inflation. Although there have been recent signs of inflation slowing, we do not expect the Fed to begin cutting rates in 2023.”

Regarding retail sales, Crawford added, “Class 8 retail sales in December rose 19% y/y to an all-time record 34,415 units. The strong finish to the year led to a total of 309,615 units sold in 2022.” He concluded, “Classes 5-7 retail sales (SA) rose 3.6% y/y to 19,000 units. Full year retail sales were 229,821.”

ACT’s State of the Industry: NA Classes 5-8 report provides a monthly look at the current production, sales, and general state of the on-road heavy and medium duty commercial vehicle markets in North America. It differentiates market indicators by Class 5, Classes 6-7 chassis and Class 8 trucks and tractors, detailing measures such as backlog, build, inventory, new orders, cancellations, net orders, and retail sales. This report includes a six-month industry build plan, backlog timing analysis, historical data from 1996 to the present in spreadsheet format, and a ready-to-use graph package. A first-look at preliminary net orders is also published in conjunction with this report.

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