COLUMBUS, Ind. — Final January Class 8 net orders, at 27,125 units, were up 45% year-over-year, according to the latest information from ACT Research.
Total Classes 5-7 orders were up 14% year-over-year at 19,954 units, as published in ACT Research’s latest State of the Industry: NA Classes 5-8 report.
“U.S. Class 8 tractor orders surprised to an above-replacement level of 16,765 units, up 44% year-over-year,” according to Kenny Vieth, ACT’s president and senior analyst. “Seasonality is one component, but given the state of for-hire truckload rates, we continue to suspect private fleets as the primary driver behind US tractor demand. As well, the LTL segment remains a bright spot relative to TL and is likely also contributing. The US economy’s current strength doesn’t hurt either.”
Medium duty build totaled 20,931 units, up 21% year-over-year.
Inventories remain highly elevated, as medium duty bodybuilder labor challenges persist, totaling 85,330 units nominally, up 31% year-over-year, according to Vieth.
Classes 5-7 retail sales remained strong at 19,950 units.
“Class 8 build decreased 7.3% year-over-year to 26,926 units in January,” Vieth concluded. “Class 8 inventories rose 1,909 units month-over-month to 66,277 in January, up 14.3% year-over-year. Following December’s dash to get equipment finished ahead of regulations starting at the beginning of 2024, Class 8 retail sales totaled 24,500 units in January, up 2.9% year-over-year Amid the weakest period of the year for retail sales, and with still strong production, we continue to see risk in the potential for rapid inventory escalation in early 2024.”
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.
