September trailer orders were up month over month, preliminary data shows.
FTR Transportation Intelligence says September trailer orders are up 30% month over month at 10,142 units, but that's still down 19% year over year. ACT Research has orders up 25% at 11,300 units.
"September's tally brings the Q3 net order total to 29,200 units, or 8% more net order than were accepted in Q3 '24. Data show the year-to-date net order total at nearly 121,200 units, about 20% better than the nine-month order intake of 2024," says Jennifer McNealy, director of commercial vehicle market research and publications at ACT.
Orders continue to lag the 10-year September average of 29,890 units, buffeted by weak freight demand, tariff pressure and pricing uncertainty. Cancellations also climbed month over month, hitting 25% of gross orders, mainly pushed by the dry van segment, FTR says.
[RELATED: ACT’s Ken Vieth gives trailer market forecast at NTDA]
"The U.S. trailer market faces mounting cost pressures and policy uncertainty amid rising global trade tensions, especially with China," says Dan Moyer, senior analyst for commercial vehicles. "Separate from a threatened 100% tariff on all imports from China, the U.S. is imposing, effective Nov. 9, a 100% tariff on imports of certain port cargo handling equipment from China, including intermodal chassis and parts."
The year over year decline this month suggests some buyers are holding off until freight market conditions improve or there is greater clarity regarding trade policy and input costs.
"The Section 232 tariffs on steel, aluminum and copper — explicitly expanded in August to include non-U.S. content in trailers and components — are driving higher input costs, margin compression and consolidation pressures," Moyer says. "Larger, vertically integrated OEMs are better positioned to manage the impact while smaller firms face growing financial strain. Many fleets are delaying replacement, extending equipment life cycles and slowing or stopping expansion."
To date, 2025 net trailer orders total 120,750 units, up 23% year over year and averaging just more than 13,400 units per month, FTR says. It attributes the strength to backloaded demand post-presidential election.
"Looking forward, concern continues that moderating economic activity, ongoing weak for-hire carrier profitability and ambiguous governmental policy, especially around the EPA low NOx rule, remain as challenges to stronger trailer demand," McNealy says. "However, two potential positives for trailer demand are in sight; pent-up demand is building, and with Section 232 tariffs risking cost increases for power-unit expenditures, fleets may be willing to divert capex to trailing equipment purchases deferred over the past few years. At this point, ACT's expectations are for an improving but still subdued trailer industry outlook."
