U.S. sales of new Class 8 trucks finished 2024 right about where they’d been all year — lower that 2022 and 2023 totals but still about 3% higher than the average for the past decade. For the month of December 2024, manufacturers reported sales of 22,383 new trucks, according to data received from Wards Intelligence. That number is up 13.9% from November sales but 4.3% lower (and nearly 1,000 trucks lower) than December 2023, when 23,390 trucks were reported sold. Declines (mostly) across the board for 2024 During 2024, only Western Star and tiny Hino sold more Class 8 trucks than in 2023. All other major manufacturers saw declines in sales. As a whole, the industry reported sales of 240,349. That’s down 9.7% from the 2023 total of 266,271. Pre-buys impacted December 2024 numbers Buyers are ordering new trucks for future delivery, too. A report from FTR Transportation Intelligence noted new Class 8 preliminary orders on the North American market at 31,900 for December, up 23% from December 2023 orders. For the full year of 2024, FTR reported truck orders were up 11% over the prior year. “Most OEMs performed above seasonal expectations as net orders maintained relatively high levels for what is typically a softer order month,” said Dan Moyer, FTR’s senior analyst/commercial vehicles. “There also wasn’t any notable difference in vocational segment month-over-month order movement performance versus how on-highway performed this month.” ACT Research’s final report on December orders was even stronger at 36,800 units, according to the firm’s monthly “State of the Industry, NA Classes 5-8” report. Variances between analysts is partly due to which manufactures report sales numbers to the different agencies, as well as the timing of those reports. “Despite generationally weak profits in for-hire, large fleets still need to replenish existing/aging equipment,” said Kenny Vieth, ACT’s president and senior analyst. “With the defensive assumption that EPA’s Clean Truck regulation will go ahead as is at the start of 2027, private fleets, who crucially have the budget, are likely continuing to focus on fleet age ahead of the large price increase expected for tractors.” Vieth also commented on the large numbers of orders for vocational trucks — dump, trash, concrete, etc. “We remain firm in our belief that 2025 will be the best year for vocational truck demand since 2006,” he said, citing late 2024 production and higher interest rates this year. Used Class 8 market saw late surge The used Class 8 market finished strong with a surge of 23% in units sold in December, according to ACT Research. The price of the average used Class 8 truck rose by 4% for the month of December, but for the full year 2024 prices declined 4%. “Looking back on 2024, measured progress seems like an appropriate description,” said Steve Tam, ACT vice president. “The used market undoubtedly outperformed typical seasonality, which called for an increase of 8% month over month.” Why the 23% sales increase instead of the expected 8%? “One theory is that better-than-expected sales is (due to) buyers trying to time their purchases ahead of impending value increases,” Tam said, noting that used truck prices tend to follow new truck prices. Anticipated price increases spur buying Prices for new trucks are expected to rise by $30,000 per unit or more for the 2027 model year, when government mandates for longer warrantees and new fuel mileage and emissions requirements hit. For now, President Donald Trump’s administration has called a halt to some of those mandates. Still, 2025 and 2026 models are more in demand by buyers who want to stock up on less expensive equipment. New truck deals will become increasingly hard to find, and many buyers will turn to the used market. OEM reports Individual manufacturers fared differently in comparison to the market in both December and for the full year 2024. Freightliner, for example, saw a 9.3% decline in sales for December, while the total of all manufacturers rose 13.9%. For the year, Freightliner’s sales decline of 10.5% was a little worse than the industry average of 9.7%. Still, the company was far and away the biggest seller, reporting sales of 86,544, good for 36% of all new Class 8 trucks sold in the U.S. in 2024. Western Star showed the largest percentage of sales growth for the year with sales of 1,391 in December bringing its 2024 total to 11,638. The annual number represents a 39.6% increase over 2023 sales, taking the company’s share of the market from 3.1% to 4.8% in 2024. Two other truck builders that increased their market share in 2024 were PACCAR siblings Kenworth and Peterbilt. Both OEMs beat the industry average decline in 2024. Kenworth’s December sales of 3,308 brought the annual total to 36,621, good for 15.2% of sales among manufacturers. Peterbilt did even better, selling 3,469 in December to bring its 2024 total to 37,829. While down 4.8% from 2023 sales numbers, Peterbilt still increased its market share by 0.8% to 15.7% of new trucks sold in the U.S. International (formerly Navistar) ended 2024 with 26,550 trucks sold in the U.S., a whopping 28.6% lower than the 2023 total. The company saw its share of the U.S. Class 8 market slide by 2.9% to just 11% of trucks sold. Volvo, part of Daimler Trucks North America, picked up a tenth of a percent in market share with 24,399 sold for the year, good for 10.2% of the market. Daimler sibling Mack sold 16,567 — down 8.6% from 2023 but good for 6.8% of the market, up 0.1%. Threat of increased tariffs One issue looming large on the horizon is the possibility of tariffs proposed by Trump. “Moyer commented, “We continue to watch the ongoing discussions and developments related to President Trump’s plans to impose immediate tariffs on imports from Mexico, Canada and China, as more than 40% of Class 8 trucks sold in the U.S. are built in Mexico,” said FTR’s Moyer. “Tariffs could significantly disrupt supply chains and raise production costs, compounding disruptions already anticipated due to EPA 2027 NOx regulations.” Tariffs could also impact parts manufactured in China, driving up costs for both new trucks and repair parts for those already on the road. As carriers welcome the possibility of moderately rising freight rates, they’re hoping the rising cost of equipment won’t erase any profitability.
