Trailer orders surged last month, according to ACT Research and FTR Transportation Intelligence.
Total U.S. trailer net orders in March outperformed both seasonal patterns and market expectations, climbing 3% from February and 70% year-over-year to reach 21,516 units, reported FTR.
It is marked as the fifth straight month in which net orders exceeded 20,000 units with positive year-over-year growth. However, despite the strong performance in recent months, FTR noted that the overall pace of the 2025 order season remains subdued. Cumulative net orders totaled 146,253 units, which was an 8% decline from the prior year.
ACT Research echoed similar views, reporting an increase of 21% (approximately 3,800 units), with a preliminary total of 21,100 units. Compared to March 2024, the figure represents a substantial 63% year-over-year jump.
March typically signals the start of the industry’s seasonally slower order period, so this level of activity was unexpectedly strong, said Jennifer McNealy, director of commercial vehicle market research and publications at ACT.
Considering the current unusual market conditions, McNealy cautioned one month doesn’t establish a new trend or reverse an existing one as the broader environment remains challenging.
“With weak for-hire truck market fundamentals, low used equipment valuations, relatively full inventories, high interest rates, and the ambiguity of policy shifts still in play, ACT’s expectations for subdued build and order intake levels during 2025 remain intact,” McNealy noted.
McNealy also suggested that March’s data may have been driven in part by fleets pulling forward orders to get ahead of potential cost increases tied to new tariffs.
If that is the case, McNealy noted that it’s encouraging for March, but it also means that those orders won’t be placed later in the year.
Dan Moyer, senior analyst, commercial vehicles, at FTR, observed that some fleets seem to be focusing on adding trailers instead of power units.
“So far this year, U.S. trailer net orders have outpaced total North America Class 8 net orders by 7,900 units. Given the increasing level of uncertainty – the economy, tariffs, truck freight demand and pricing, etc. – it remains to be seen if this order strength can be sustained,” Moyer said.
Moyer further added that recently enacted U.S. tariffs and retaliatory responses pose a significant threat to the North American trailer market industry, as it influenced both imported units and domestic production dependent on foreign-sourced materials.
“OEMs will likely face increased manufacturing costs, diminished margins, and possibly softened or stagnant demand,” Moyer elaborated. “Suppliers, meanwhile, likely will experience intensified financial pressures stemming from supply chain disruptions, potentially prompting shifts toward alternative sourcing strategies or domestic partnerships.”
[RELATED: Tariff plans could disrupt truck production and pre-buying activity]
For fleets, Moyer pointed out that these pressures could translate into delayed purchasing decisions or renewed interest in upgrading power units instead of trailers.
Looking at trailer production in March, FTR reported it increased 11% from the prior month, aligned with seasonal trends, to reach 17,611 units. However, on a year-over-year basis, production was down 26%. Year-to-date trailer build through March dropped 31% from the same period last year, totaling 46,218 units, an average build of 15,406 units.
With total trailer net orders above production, FTR noted that backlogs rose by 4,564 units (up 4% month-over-month, but down 16% year-over-year), reaching 127,892 units for a fifth consecutive monthly increase. Due to production growth outpacing the increase in backlogs, the backlog-to-build ratio dipped to 7.3 months.
