FTR: Truck orders exceed recent trends in May; vocational sales stand out

FTR: Truck orders exceed recent trends in May; vocational sales stand out

Not only are orders up m/m and y/y, FTR said this level is above recent demand trends and 2% above the average for May over the past decade.

FTR reported that Class 8 preliminary net orders for May totaled 18,900 units, which is up 25% month-over-month and 37% year-over-year. Class 8 orders for the past 12 months totaled 273,900 units.

According to FTR, this level of orders is above recent demand trends and 2% above the average for the month of May over the past decade. The company adds the levels seen this month further abate worries of any rapid demand decline, and the market is performing moderately above replacement level for orders. After maintaining an average level of around 20,700 units over the previous three months, FTR said orders have continued to slow at a seasonally typical rate, averaging 17,900 units in the last three months.

“OEMs are actively filling build slots at a steady pace. Along with the month-over-month increase, the fact that orders were up significantly from the May 2023 level indicates that the market remains on a solid footing despite near-term challenges,” said Dan Moyer, FTR senior analyst for commercial vehicles. “While all OEMs experienced order growth, vocational markets stood out as particularly strong compared to on-highway. Despite the trend of stagnant freight markets, fleets remain willing to invest in new equipment. Order levels slightly exceeded historical averages and seasonal expectations, and we still anticipate a replacement level of output by the end of 2024.”

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