Paccar anticipates that North American truck orders will maintain a trajectory similar to the previous year. In 2023, Class 8 retail sales for the industry reached 297,000 units, aligning with the 270,000–310,000 unit projection made in January 2023. The current projection for this year has a slight adjustment, ranging from 260,000 to 300,000 units, as indicated in a recent earnings report.
“In 2024, the U.S. economy is projected to expand within the truck sector, the vocational less than truckload and medium-duty segments are experiencing strong demand and customers are benefiting from the superior performance of new Kenworth and Peterbilt truck models,” said Preston Feight, Paccar CEO.
This forecast aligns with independent analyses, with research firm FTR noting an annualized run rate of 302,000 orders in North America over the past six months and a three-month annualized rate of 362,000 units. However, Paccar’s global deliveries for Q1 2024 are expected to be 48,000 units, down from 51,000 in the same period last year.
Despite this, major markets in North America are not expected to experience a slowdown in orders, with Paccar expressing confidence in “good order intake and good visibility,” according to statements from Feight.
On the other hand, Europe is projected to see a 15% to 20% decline in registrations following a previous record high.
While contract and spot rates face challenges, forward-thinking carriers are actively purchasing trucks, taking into consideration both current market conditions and the upcoming emissions standards for 2027 models, Feight said.
Source: Trucking Dive
