Class 8 truck orders in North America in May “continued to show exceptional strength,” according to FTR, who reported preliminary truck orders 35,200 for the month.
Orders have averaged over 40,000 units for the past six months, FTR notes, with “volumes never seen before in the industry,” with Class 8 orders totaling 386,000 in the past 12 months.
“This is the tightest capacity crunch ever,” says FTR’s Don Ake, vice president of commercial vehicles. “Long-time veterans in this industry are saying this is the best freight market they have ever seen. Fleets cannot add capacity fast enough and as long as the economy and manufacturing are going great, this capacity crisis will continue.”
Truck makers, however, have been “slow to deliver,” says Ake, due to a shortage of parts and components.
“This just exacerbates an already bad situation. Fleets are now grabbing every available build slot, hoping to get some more trucks by the end of the year. Some orders now are even spilling into the first quarter of next year. It is a red-hot market.”