Preliminary reports indicate that February’s net order volume of 24,200 trailers was up 82% from the same month last year, ACT Research reports. That was also down 21% from January 2021 bookings.

“February’s sequential decline in net orders was a bit larger than seasonal patterns would project, but was directionally correct,” said Frank Maly, director CV transportation analysis and research at ACT Research. “Preliminary results for the month still show that the industry backlog continued to grow in February, reaching the highest point since March 2019. With many OEMs reporting their capacity committed for the year, there may be some reluctance to push the backlog horizon out even further, on both the part of OEMs and fleets.

“The backlog horizon will be pulled forward in response to higher OEM build rates,” Maly added. “February prelims indicate that goal remains elusive, with minimal increases in production rates last month. Our discussions indicate that staffing remains the primary headwind impeding higher production, with component and material supplies also noted as concerns. Fleets want to add more trailers to their operations, but would certainly like more advantageous delivery timeframes.”

Although orders fell month-over-month, they were still 64% above February last year, according to FTR. February order activity is very consistent with seasonal trends, following a record-setting Q4 in 2020. Trailer orders for the past twelve months total 322,000, FTR says.

“2021 will be another fantastic year for the trailer industry once the supply chain stabilizes,” added Don Ake, FTR vice president of commercial vehicles. “Freight growth should continue to be vibrant throughout the year. Consumer freight has been elevated for months and now manufacturing freight is poised to bounce. Demand for trailers will continue at elevated rates, right into 2022. Fleets desperately need more trailers right now and this trend will continue until supply catches up with demand.”