June's net trailer orders of 6,300 units brings the second quarter trailer orders to 26,000 units, ACT Research says, which is down 14% from last year. The total is just 275 units above May's intake.
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"Despite continual monitoring, little changed in Q2, and despite hopes of the contrary, it was not expected to do so," says Jennifer McNealy, director of commercial vehicle market research and publications at ACT. "U.S. trailer manufacturers and suppliers continue to navigate choppy waters, but unlike the past few years, they are on the ebb tide of weaker demand rather than the flow of congested material supply chains and labor shortages."
More than 74,000 orders were placed in the first half of 2024, ACT says, which is 24% lower than the first half of last year, which featured a faster-paced order environment characterized by pent-up demand and a moderately congested supply chain.
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"Build outpaced orders again in June, by 15,300 units, with backlogs shrinking more than 14% sequentially," says Jennifer McNealy, director of commercial vehicle market research and publications at ACT. "While down considerably month-over-month, the backlog was significantly lower year-over-year, down 48% against 2023's firmer backdrop."
Month-over-month, orders were up 14%, McNealy says, lead by reefers and flatbeds. Dry van orders were down 56% year-over-year. All told, June's seasonally adjusted orders were 8,100 units, compared to a 7,100 seasonally adjusted rate in May.
The numbers were reported in the State of the Industry: U.S. Trailers monthly report. It provides a monthly review of the U.S. trailer market statistics, along with OEM build plans and market indicators divided by major trailer types, including backlogs, build, inventory, new orders, cancellations, net orders and factory shipments.
