Order activity for the U.S. trailer market remains below historical norms.
FTR Transportation Intelligence reported that preliminary net orders totaled 7,261 units in August, while ACT Research’s estimate was slightly up from July, from 8,000 to 9,000 units.
“Sequentially, higher August net order intake was expected, as the annual cycle begins to move toward stronger order months at the end of Q3 when the industry begins opening next year’s order boards,” said Jennifer McNealy, director of CV market research and publications at ACT Research.
August’s tally brings year-to-date totals to 109,800 units, approximately 23% ahead of the same eight-month order intake of 2024.
ACT’s August total showed an increase of 3% month over month and 17% year over year. FTR’s total showed orders were down 4% from July but up 3% year over year. Despite the modest annual uptick, FTR noted that the volume remains significantly below historical norms, falling short of the 10-year August average of 17,568 units, as freight weakness, tariff pressures and pricing uncertainty weigh on demand.
Order cancellations showed improvement, FTR and ACT Research both noted. FTR reported that cancellations dropped to 16% of gross orders, down from May’s peak of 39%. Levels remain elevated compared to historical patterns, keeping order activity constrained.
Meanwhile, ACT showed cancellations moderated to around 1.9% of the backlog, down from June’s elevated 4.2% level, though still above normal ranges.
Trailer production declined in August, FTR reported, as builds declined 5% month over month and 6% year over year to 17,134 units. Year-to-date production has contracted 22% to 133,851 units, maintaining a monthly average of 16,731 units. Order backlogs decreased to 81,926 units (down 11% monthly and 7% annually), pushing the backlog-to-build ratio to 4.8 months – the lowest since June 2020.
According to FTR’s data, the complete 2025 order cycle (September 2024 through August 2025) totaled 188,519 units, down 5% year over year. The first eight months of 2025 saw stronger performance with 110,080 units, a 28% year-over-year increase averaging approximately 13,750 monthly orders.
“This strength reflects backloaded orders following the November 2024 election, which inflated activity in the first activity of the year,” the report said.
Potential challenges on costs ahead
“With builds continuing to outpace new orders, OEMs face mounting pressure to balance production against a thinning pipeline,” said Dan Moyer, senior analyst, commercial vehicles, at FTR. “Unless order activity strengthens with the opening of 2026 order boards, the industry may confront additional headwinds heading into next year.”
He added that tariff impacts are adding pressure points.
“For trailer manufacturers and their suppliers, tariffs are producing costs, tighter margins, and increased risk of consolidation,” he said.
The Trailer Producer Price Index indicated that prices had risen 1.5% month over month, up 3.3% year over year, as did key materials like steel and aluminum.
"It’s quite obviously the effect directly or indirectly of tariffs on material costs, specifically steel and aluminum tariffs, which are still 50%," Avery Vise, VP of trucking, said in a weekly podcast.
While larger companies are more resilient, smaller operators may face significant vulnerability, Moyer said. Many fleets are postponing equipment replacements, increasing their reliance on used equipment and scaling back expansion plans.
“The 2026 order season may start later than September for some OEMs with subdued bookings as policy uncertainty and structurally higher costs weigh on demand,” he noted.
McNealy cautioned that economic moderation, persistent weak for-hire carrier profitability, and policy uncertainty continue to constrain stronger trailer demand.
“Ongoing near-term uncertainty is why ACT’s expectations for subdued build and lackluster order intake levels during 2025 remain intact,” McNealy said. “Simply put, there isn’t enough impetus in the current hesitant environment to support a more robust outlook.”
