COLUMBUS, Ind. – Final November Class 8 net orders, at 41,732 units, were up 28% year-over-year, with tractor orders up 20% and vocational equipment orders up 60% on ongoing pent-up demand, as published in ACT Research’s latest State of the Industry: North American Classes 5-8 report.
“There may be some pent-up demand remaining for tractors. If so, and given freight rates, it remains largely with private fleets,” according to Kenny Vieth, ACT’s President and Senior Analyst. “An increasingly important contributor to strong order numbers is vehicle demand coming out of Mexico, where tractor orders were up over 150% year-over-year. Truck demand remains red hot, as vocational markets have been underserved the past few years.”
Despite two less days in November, Vieth said Class 8 build increased 4% year-over-year to 28,400 units, while classes 5-7 production benefited from some make-up activity following October’s strike-constrained output, rising 11% month-over-month to 24,200 units.
“Class 8 inventory levels remained in a very narrow band for about half of 2023 but have risen in each of the past five months,” he said. “Totaling 67,209 units, inventory was up 12% year-over-year. The increased inventory tracks with lower tractor retail sales, particularly in the U.S. market where weak freight volumes have started to constrain for-hire fleet demand. Classes 5-7 inventories remain highly elevated at 82,969 units, as medium-duty bodybuilder labor challenges persist.”
Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.
