Trailer orders grow in December, but 2024 total drops amid weak market

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U.S. trailer net orders in December rose 11% month-over-month and 7% year-over-year, totaling 25,334 units, according to FTR Transportation Intelligence  – the highest monthly figure since October 2023.

ACT Research’s preliminary data pegged an increase in net railer orders of about 3,500 units from November to December 2024, reaching 24,300 units. However, that is still 3% lower than December 2023.

Though the traditional peak order period has passed, Jennifer McNealy, director of CV market research and publications at ACT Research, said it’s still in the early stages of the order season, so the small increase was expected.

It’s also not surprising that orders are lower than last December due to weaker demand throughout the year, she added.

Though there’s been some improvements in recent months, net trailer orders in the fourth quarter of 2024 were down about 24% compared to the same period in 2023, McNealy noted. This brings the 2024 net order tally to 163,500, a nearly 31% drop from 2023.

FTR data also indicated that the 2025 order season will remain underwhelming despite two consecutive months of positive year-over-year growth. From September to December 2024, total trailer net orders for the 2025 season dropped 32% year-over-year to 75,976 units, averaging just 18,994 units per month. For the full year 2024, trailer net orders reached 157,085 units, marking a 27% decline from 2023.

ACT Research’s expectations for trailer demand going into early 2025 remains weak.

McNealy said ongoing challenges like a struggling for-hire truck market, low used equipment prices, high dealer inventories, and high interest rates dampen activity.

[Related: How healthy is the used truck market going into 2025?]

“An order uptick showcasing demand, or the lack thereof, depends not just on the first few months of the new order cycle but on order volumes through Q1 2025 and beyond,” McNealy said.

Trailer production also declined, FTR reported, falling 10% month-over-month in December to 11,827 units, a typical seasonal drop. However, production was down 40% year-over-year and 43% below the five-year December average, marking the lowest monthly output since 2010. Overall, 2024 trailer production totaled 223,375 units, a 29% year-over-year decrease.

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Net trailer orders far outpaced production in December, increasing backlogs to 104,725 units, said Dan Moyer, senior analyst of commercial vehicles at FTR. The rising backlog, along with reduced production pushed the backlog-to-build ratio to 8.9 months – the highest since January 2024.

“While this increase is largely attributed to exceptionally low production levels, it also suggests easing pressure on OEMs to further scale back production in the near term,” Moyer said.

FTR data indicated that in 2024, North American Class 8 orders rose 11% year-over-year while U.S. trailer net orders declined by 27% year-over-year. Moyer said that for-hire and likely private fleets appear to be focusing on upgrading power units rather than trailers, potentially due to lower profits or changes in equipment replacement cycles.

“This trend looks like it is continuing as North American Class 8 net orders are up 8% year-over-year during the 2025 order season, so far,  while U.S. trailer net orders for the same period fell 32% year-over-year,” Moyer added. 

Pamella De Leon is a senior editor of Commercial Carrier Journal. An avid reader and travel enthusiast, she likes hiking, running, and is always on the look out for a good cup of chai. Reach her at [email protected]