ACT Research says the trailer market is easing into its order season as it exits its seasonal low point of the year.
Seasonally adjusted orders, at 14,700 units, contracted about 6% sequentially last month, says Jennifer McNealy, director of CV market research and publications at ACT Research. "With orders still in seasonal retreat, coupled with the recent near-record order backlogs, this month’s intake met expectations on a consolidated level. As expected, production outpaced orders again in August, dropping trailer backlogs 14% compared to July and 23% versus August 2022, to nearly 136,000 units, leaving them at diminished but still strong levels."
McNealy also notes fleet commitments were somewhat mixed last month but "overall weaker" in August than July.
"Total cancels increased to 3.2% of the backlog, from July’s 1.7% level, returning to the May and June levels," she says. "OEMs are still reporting that most cancellations are coming from dealers; although, we have been told about model-year cancellation-rebooks as 2024 orderboards begin to open and slots get pushed from the old to the new model year."