According to a recent FTR Transportation Intelligence (FTR) report, orders for Class 8 tractors have hit healthy, sustainable numbers in 2024.
In December 2023, preliminary data revealed that North American net orders for Class 8 tractors amounted to 26,620 units. This marked a 26% decrease from November and a 6% decline year-over-year, as reported by FTR.
Despite the dip in December figures compared to the prior month and year, FTR suggests that these fluctuations align with expected seasonal trends. Eric Starks, FTR’s Board Chairman, emphasized that fleets are actively placing orders for new equipment, indicating ongoing demand within the industry.
“Despite the slight year-over-year decrease in orders in December, the market is still performing at a high level historically,” he said. “Even as the freight markets have been weak for an extended period.”
Starks, an expert in the industry, also noted that fleets are holding steady with the equipment they’re ordering.
“Order levels were above the historical average but continue to follow seasonal trends, reinforcing our expectations for replacement demand in 2024,” he said.
For the entire previous year, Class 8 orders totaled 253,000 units. Recent trends indicate even stronger figures, with an annualized rate of 302,000 units over the past six months and a three-month annualized rate reaching 362,000 units.
Starks’ remarks underscore the resilience of the industry, and despite the month-to-month fluctuations, the broader context of sustained order activity bodes well for the Class 8 sector in the North American market.
Source: The Trucker
