FTR reported that Class 8 preliminary net orders for March came in at 18,200 units, down 34% from February and 4% below March 2023. Orders for the past 12 months have totaled 264,800 units. With March orders comparable to the March 2023 level, FTR says the market is still performing at a solid level.

FTR says March orders, like February’s activity, are consistent with the recent demand trend and are in line with seasonal expectations. After maintaining an average level of around 27,000 units for the last three months, FTR adds that orders appear to be slowing at a seasonally typical rate, while build slots continue to be filled at a healthy rate.

“Despite weakness in the freight markets that has persisted for more than a year, fleets continue to be willing to order new equipment,” says Eric Starks, FTR chairman of the board. “Order levels in March were below the historical average but remained in line with seasonal trends. Demand is not declining rapidly, but neither is the market doing significantly better than replacement level demand. Our expectation for replacement output by the end of this year is unchanged.”