Net trailer orders were higher than usual in July, totaling 16,862 units  — up 22% from June and 23% above the 10 year average of 13,665 units.

"The rebound from June points to a firmer demand backdrop, although order activity likely will be choppy until the 2027 order season begins around September," FTR said in a monthly report.

Net orders through the current trailer order season — September 2025 through July 2026 — were up 5% from the prior season and orders year-to-date are running 25% ahead YoY, per FTR.

Despite July typically being the weakest order month of the annual ordering cycle, activity outperformed seasonal expectations, ACT Research said in a blog post. The industry’s backlog remained virtually unchanged from June and grew more than 13% YoY, ACT Research noted.

“Trailer quotation activity has been brisk, with many in the industry noting that order boards for 2027 are opening earlier than usual, even as pricing for next year remains unsettled due to tariff-related uncertainty,” Jennifer McNealy, director of CV market research and publications at ACT Research, said. 

Dan Moyer, FTR senior analyst for commercial vehicles, said while freight fundamentals are improving, trailer demand remains more replacement-driven than expansionary. He added tightening capacity is supporting firmer rates. FTR projects that contract rates will continue rising well into 2027 even as overall freight demand remains modest.

Meanwhile, trade-related cost pressures continue to build on multiple fronts, including April’s changes on how Section 232 tariffs on steel and aluminum applied, Moyer said. The ongoing investigations into antidumping and duties connected to van equipment sourced from Mexico, Canada and China also could impact future orders. 

“These developments could benefit domestic trailer manufacturers, but fleets likely will see higher costs,” he said. “Overall, these actions are more likely to change where trailers and components are sourced, what they cost, and when fleets order than to create additional underlying demand.”

Class 8 truck orders totaled 22,000 in July, down 31% from June, FTR reported in a monthly update.

However, despite the monthly drop, orders were up 75% year over year, fueled by surging replacement demand, improving utilization and better freight rates, FTR said. The firm added that orders are also being driven by a “moderate pre-buy” to avoid looming emissions changes. 

Carter Veith, research analyst at ACT Research, noted the monthly order decline didn’t reflect a sudden drop in demand for new equipment but was more an indicator of limited 2026 build slots as orders encountered Class 8 backlogs. 

“Lack of EPA clarity, at least until the end of August, may also be impacting orders, as OEMs and customers both await finality regarding regulations/penalties/pricing before 2027 orderboards open,” Veith said in a blog post.

FTR reported that net orders for 2026 to date were up 120% compared to the same period last year. Class 8 orders totaled 344,823 the past 12 months, FTR said.

Dan Moyer, FTR senior analyst of commercial vehicles, noted that with 2026 production mostly sold out, attention will be shifting toward the 2027 model year.

“Almost all model year 2027 engines are expected to carry manufacturer upcharges tied to compliance with the Environmental Protection Agency’s 2027 NOx regulation,” Moyer said. 

However, the EPA’s proposed revisions to the oxides of nitrogen emissions standards rule, introduce considerable flexibility for truck and engine manufacturers to address fleet demand, Moyer said. Moyer added that under the EPA’s proposed changes, manufacturers could continue building current-technology engines beyond 2026 indefinitely, subject to the payment of nonconformance penalties, which could be passed along to truck buyers.

Meanwhile, July’s preliminary order volume suggests Class 8 orders remain healthy, he said. 

“The next phase of the cycle will depend more on production-related factors than on overall demand, including whether EPA’s proposed flexibility delivers a smoother transition and a longer, shallower post-pre-buy decline in the market,” Moyer said.

Class 8 truck orders totaled 30,500 units in June, a 16% increase from May, FTR reported in a monthly update. 

FTR said orders were up 241% year over year in June against a “very weak” prior year comparison, adding the last five monthly YoY comparisons have exceeded 100%. 

Orders have been 68% above the 10-year average in June and represented the second largest June net order total since FTR began tracking the metric. The sequential gain in demand suggests momentum is intact despite tightening 2026 build availability. 

Volvo Trucks reported in its Q2 earnings that meeting the ramp-up for trucks in North America was a key priority for the company. The company added its net order intake for the quarter nearly doubled when compared to a year ago and reaffirmed its full-year guidance to sell 265,000 trucks in North America this year. 

FTR said year-to-date orders are up 125% YoY and are running 36% ahead of last season, noting that build slots likely will fill up in July. Class 8 orders totaled 334,160 units the past 12 months.

FTR said demand continues to be supported by replacement needs, firmer rates, tightening capacity and increasing utilization. It is possible changes in emissions rules and policy developments starting in 2027 could influence fleet decisions, FTR said.  

Dan Moyer, FTR senior analyst of commercial vehicles, said the United States-Mexico-Canada Agreement also adds another layer of uncertainty in future demand. 

“For now, USMCA remains in place, which continues to limit the effective impact of Section 232 truck and parts tariffs,” he said. 

However, June orders confirm the Class 8 cycle remains constructive, Moyer said.

“The bigger question now is not demand but how much of the 2026 backlog converts to production before uncertainty over EPA, tariffs, and USMCA reshapes fleet timing for 2027,” he said.

Net trailer orders totaled 14,474 units in June, down 28% from May, an indicator that the April to May intake was temporary rather than a new run rate, FTR said in a monthly report. 

Despite the month-to-month drop, orders rose 14% year over year and were 8% above the 10-year June average of 13,379 units, FTR said. 

FTR said refrigerated van and flatbed orders drove most of June’s YoY growth while dry van demand weakened after several solid months of orders. 

It’s unlikely demand will improve due to typically weak summer demand, the firm said, adding that market improvement is unlikely until the 2027 order board begins filling in September. But low cancellation rates point to stable order commitments. 

FTR said the market remains in a selective, replacement-driven recovery rather than a broad capacity expansion cycle. However, stronger freight rates are supporting fleet confidence, though fleets are still rebuilding margins. 

Dan Moyer, FTR senior analyst of commercial vehicles, said cost pressure on the trailer market continues to mount from Section 232 steel and aluminum tariff changes announced in April.

“OEMs and suppliers with U.S.-based production could gain share and pricing power, but a sharp pullback from affected imports could tighten availability, extend lead times, and raise costs,” he said. “The trade actions are, therefore, more likely to change where trailers are sourced and when fleets order, at least near term, than to create meaningful new demand.”

A 1% increase in net trailer orders from April to May to 20,189 units suggests demand remains focused on replacement activity versus the market entering a broad-based upcycle, according to FTR’s monthly report.

While the April to May increase represented a 249% year-over-year surge, U.S. trailer builds fell 6% month-over-month to 16,553 units, an indicator that trailer manufacturers remain cautious, despite improved orders, FTR said. Trailer manufacturers, including Wabash, idled two plants earlier this year as it leaned on cost control to mitigate a net loss in Q1 amid soft demand.  

ACT Research’s May report noted net orders have outpaced build orders in four of the past five months this year, adding that over 4,000 more trailers were ordered than built. This helped build backlogs of more than 5% month over month, which Jennifer McNealy, director of commercial vehicle research analysis and publications at the firm, noted is still in the early stages of market recovery.  

“It appears the end of the road is in sight, but there is a little more traveling to do before the industry is again standing in the sunlight of healthier times,” she said. 

Dan Moyer, FTR senior analyst for commercial vehicles, said cost pressures are building and a recent change in how Section 232 tariffs are applied means higher overall tariffs on trailers. This could explain steady gains in trailer orders. 

“This situation may create opportunities for domestic manufacturers and suppliers, but those opportunities also could tighten build slots, extend lead times, and strain the supply of components or labor,” Moyer said. “The result could be firmer domestic pricing and less consistent order flow even without a broad increase in underlying trailer demand.”

Net orders for Class 8 trucks reached 26,600 units in May, a 4% increase from April, FTR reported in a monthly update. 

FTR said orders are up 124% year over year, adding the April-to-May increase marked four straight months of YoY monthly growth exceeding 120%. Orders the past 12 months totaled 312,902 units. 

Through May, order intake year-to-date is 112% higher compared to last year, while the 2026 order season to date is up 28%, FTR said. This indicates improved backlog visibility for truck manufacturers and suggests the remaining build slots could fill up ahead of the typical August timeframe, the firm said. 

Truck manufacturers, including Daimler Truck, Volvo Group and Paccar, noted during Q1 earnings calls last month the market was showing signs of a gradual recovery as freight conditions appeared to be improving.

Dan Moyer, FTR senior analyst of commercial vehicles, said May’s numbers reinforce that demand remains healthy supported by replacement needs, improving freight rates and tightening capacity. 

However, Moyer expects orders to slow as “normal summer seasonality takes hold.” He added the trucking environment, given financial, regulatory and geopolitical risks, also could be unpredictable.  

“The next test is whether manufacturers can convert the stronger backlog into production while limiting cancellations, deferrals, and bottlenecks,” Moyer said.

Trailer orders in April were better than expected for the month at 19,953 units, a market indicator of stabilization, according to FTR’s monthly report.

Net orders represented an 11% month-over-month increase and are double the amount from a year ago, per FTR. Orders were also above the 10-year April average of 15,474 units.

While April order numbers were strong, FTR said U.S. trailer builds were flat month over month at 17,576 units, up 1% year over year. Builds year-to-date were also flat at 62,929 units, which indicate continued production discipline among trailer manufacturers, the firm said. 

ACT Research’s April report noted the U.S. trailer industry remained mired in the “same challenging environment in which it operated throughout 2025.” 

Jennifer McNealy, director of research analysis and publications at ACT Research, said April cancellation rates stood at 1.4% as a percentage of backlog and remained in elevated territory. However, it was an improvement from 2.3% in March, she said.  

Dan Moyer, FTR senior analyst for commercial vehicles, said the trailer market “appears to be moving from deterioration toward stabilization and modest improvement.” 

However, he noted the recent rebound remains driven by replacement demand and selective fleet activity rather than broad expansion. 

“April trailer demand was better than expected, but a durable upcycle will likely require stronger fleet margins, higher trailer utilization, further absorption of excess capacity, and clearer visibility into trade-related costs,” Moyer said.

Net orders for Class 8 trucks fell to 25,500 units in April, a 34% drop compared to March — but were still higher on a year-over-year basis, FTR reported in a monthly update.

FTR said the month-over-month drop reflected normal seasonality following elevated activity in March, when orders reached 38,200. Orders were also elevated in the previous three months, with February recording 47,200 orders, the most at that time since September 2022. 

So while orders fell from March to April, overall order volumes are still soaring: April 2026's results are 199% higher than the same month a year prior, when only 7,400 Class 8 trucks were ordered. April was also the third-straight month where orders surpassed 140% year-over-year growth, FTR said. 

FTR said on-highway and vocational segments contributed to YoY expansion with on-highway contributing to a bulk of the increase. Orders the past 12 months totaled 298,105 units. 

The improving freight market is driving demand, FTR said. Tightening capacity, higher utilization and replacement needs are also contributing to production growth. 

However, Dan Moyer, FTR senior analyst of commercial vehicles, said market risks remain — including uncertainty over regulatory policy and the durability of the freight recovery. He added that higher financing costs and geopolitical developments that could keep fuel costs elevated may also impact production. 

“Overall, April orders reinforce the main message: Class 8 demand remains strong, but the focus is shifting from demand recovery to backlog quality and production execution,” Moyer said.

Trailer orders in March were stronger than expected at 18,045 units with fleets focused on replacing equipment, according to FTR’s monthly report.

The gain represented a 36% month-over-month rise in net orders, which FTR said was counter to typical seasonality. Net orders tend to drop 20% month-to-month in March, per the firm.

Jennifer McNealy, director of CV market research and publications at ACT Research, noted in an April 16 blog post that “this year’s cycle seems to have been delayed a few months, as the order upticks that should have started in September or October of last year didn’t actually happen until December.”

Compared to previous years, though, March's orders remained subdued. Per FTR, the month's orders were below the 10-year March average of 20,276. In addition, orders between September and March were down 19% YoY and year to date were down 15%. 

Dan Moyer, senior analyst for commercial vehicles, said headwinds in the U.S. trailer market continued to affect equipment buying patterns.  

“Elevated steel and aluminum costs, ongoing trade uncertainty, high financing costs, and constrained capital spending are limiting incremental demand and keeping orders subdued,” Moyer said.

Preliminary net Class 8 truck orders in March increased by 137% year over year, according to FTR’s monthly report.

That also marked the fourth straight month orders exceeded 20% YoY growth.

Meanwhile, orders from February to March fell 19% to 38,200 units. But that decline came after an unusually high month.

March order activity suggests a market on “very solid footing” and supported by an improving freight market, FTR said. Orders for the month, which exceeded expectations, remain significantly elevated.

FTR said vocational demand increased sequentially, while on-highway orders fell month over month. However both segments contributed to order totals reaching 280,457 units the past 12 months. 

FTR said the order surge may partially reflect deferred replacement demand re-entering the market. The firm added that sustained strength in orders suggests momentum is being fueled by improving freight volume and firmer rate expectations. 

“The 2026 order season from September 2025 through March 2026 is now up 15% y/y, representing a clear inflection from the double-digit declines seen earlier in the cycle and reinforcing the view that the industry has entered the early stages of recovery,” Dan Moyer, FTR senior analyst for commercial vehicles, said in the report. 

However, Moyer said monthly variability is likely to persist due to elevated financing costs, policy uncertainty and geopolitical factors influencing fuel prices.

The industry's yearslong freight recession is showing signs of change amid a supply-driven shift, as opposed to demand. Financial, regulatory and tariff pressures have clawed away at carriers' ability to continue business as they have been.

Trailer orders for February nosedived 45% month over month to 13,305 units, FTR said in its monthly report, raising concerns over the health of the market.

The order figure marks a significant drop off after two consecutive months of orders exceeding 24,000 units, per FTR. While analyzing the figures, the research firm expressed concern that February’s orders also fell 31% year over year and came in well below the 10-year February average of 25,172 units. 

Trailer demand suggests fleets are only replacing what they need and are prioritizing Class 8 purchases, FTR said. Demand is also facing headwinds from elevated steel and aluminum costs as well as tariffs and high financing costs. 

“The U.S. trailer market remains under pressure from elevated input costs and ongoing trade uncertainty,” said Dan Moyer, FTR senior analyst of commercial vehicles. He noted that Section 232 tariffs of the Trade Expansion Act on steel, aluminum and derivative products remain in place.

Meanwhile, trailer production levels suggest 2026 orders are trending lower year over year as OEMs are likely to remain conservative in their 2026 build plans.

February’s preliminary Class 8 truck orders soared 47% month over month to 47,200 units, according to FTR’s monthly report. It was the highest order total since September 2022. 

The latest figures reflect a 159% year-over-year increase and marked the third consecutive month of YoY order growth exceeding 20%, per the report. 

FTR said the on-highway market represented most of the gains. Orders over the past year have totaled 258,466 units. 

The 2026 order season — which runs from September through February — reflects 4% YoY growth, FTR said. Improving freight conditions suggest the market is stabilizing and may be in the early stages of recovery. 

However, risks persist, according to FTR. Uncertainty still surrounds the long-term strength of the market recovery, which could be influenced by tariffs, regulatory shifts and now the escalating conflict in the Middle East.

But Dan Moyer, senior analyst, commercial vehicles with FTR, said February’s orders reflect a “firmer tone that has been building since late last year.” He added the latest order figures suggest “deferred replacement purchases reentering the market.” 

“Order patterns increasingly suggest a structured replacement cycle and forward-looking fleet planning rather than short-term catch-up buying, underscoring healthier underlying demand,” Moyer said.

Trailer orders for January were flat month over month at 24,206 units, according to FTR’s monthly report. 

Despite the steady pace, orders were down 4% year over year and below the 10-year January average of 26,340 units, per FTR.

Stable month-to-month orders likely reflect the ongoing release of deferred orders from September through November and firmer freight rates and tighter capacity, FTR said.

FTR said fleets making purchases ahead of further tariff-related cost pass-throughs and improved regulatory clarity may also be influencing orders.

Dan Moyer, senior analyst of commercial vehicles at FTR, said positive indicators from the freight market and regulatory clarity provided much-needed boosts to the U.S. trailer market.

However, “manufacturers and fleet purchasers still must deal with cost inflation and trade uncertainty that continue to shape pricing and demand,” he added.

The Supreme Court’s ruling on Friday, which struck down the president’s use of tariffs based under the International Emergency Economic Powers Act, may also influence future orders. But experts, including Mike Short, president of global freight forwarding for brokerage C.H. Robinson Worldwide, noted that despite the court’s decision, significant unknowns remain and replacement tariffs could emerge.

Preliminary January Class 8 net orders reached 32,500 units, up 27% year over year, according to FTR’s monthly report. It marked the second straight month of order growth, the first time consecutive months have recorded increases since April and May 2024.  

FTR cautioned that the back-to-back growth was likely driven by orders placed as fleets sought to replace aging trucks versus growing market demand. Tariff-adjusted pricing and regulatory clarity likely influenced fleets to move forward with purchases that were delayed in the fall, FTR said. 

Low demand was reflected in orders placed between December and January, which fell 24% from a year ago, according to FTR. Meanwhile,  cumulative orders from September through January fell 13% year over year.

Dan Moyer, senior analyst of commercial vehicles at FTR, said market stability and the improving freight market provided a slight lift. However, fleets maintained “capital discipline.”

“A durable recovery would require notable and sustained y/y order growth as 2026 progresses and meaningful improvement in freight demand, freight pricing, and overall economic conditions,” Moyer said.

Trailer orders rose 86% from November to December, according to FTR’s monthly report. Orders likely benefitted from a late fall surge by carriers hoping to avoid higher manufacturing costs from tariffs.  

Net trailer orders for the month totaled 24,282 units, FTR said, noting that the dry van segment led the rebound. The antidumping and countervailing-duty investigations into van trailers imported from Canada, China and Mexico may also have played a factor, FTR added.  

Similarly, clarity around Class 8 tariffs and EPA emissions rules provided stability for capital equipment planning by fleets, FTR said, adding that signs of stabilizing spot freight markets may also have provided a boost. 

FTR cautioned that strong December orders were not a sign of sustained demand recovery, even as trailer orders for the year increased 5% to 173,144 units. 

Dan Moyer, senior analyst of commercial vehicles at FTR, said the U.S. trailer market continued to be strained by policy-driven cost inflation and trade uncertainty. Section 232 tariffs on steel, aluminum and other components have established a higher cost base with little prospect of relief in the near term, he said. 

“Overall, entrenched tariffs and unresolved trade actions are likely to keep demand cautious and costs elevated, reinforcing selective purchasing and a stronger focus on total cost of ownership,” Moyer said.

Improved visibility on tariff policy and emissions regulations is credited for driving North American Class 8 orders to 42,220 units in December, according to FTR’s monthly report. It’s the highest level since October 2022, reflecting a 108% month-over-month increase and a year-over-year gain of 21%. 

Despite the strong end-of-year performance, FTR said cumulative 2026 season net orders from September through December were down 22% year over year, indicating broad market headwinds. 

FTR said orders likely benefitted from less onerous Section 232 tariffs on Class 3-8 trucks than expected, as well as a clearer timeline for the EPA’s proposed emissions revisions.

However, weak freight demand and market uncertainty will likely continue to constrain orders, according to Dan Moyer, FTR senior analyst for commercial vehicles.

“A more durable recovery in equipment demand will require a sustained improvement in underlying economic and freight market conditions,” he said in the report.

FTR reported U.S. net trailer orders fell 19% month-over-month in November to 13,071 units. 

The drop followed a short-lived seasonal lift in October, reflecting the market’s fragility, FTR said. November 2024 orders were nearly 24,000 units.

Order volumes remain below historical norms, weighed down by tariffs, soft freight demand and limited confidence in near-term rate recovery, according to FTR.

As of November, net trailer orders were up 7% year over year to 148,862. However, FTR said the yearly gains were buoyed by higher demand earlier in the year. 

Although U.S. trailer production pulled back in November,  production continued to exceed demand, per FTR’s monthly report. 

Trade policy will continue to weigh on the trailer market, according to Dan Moyer, FTR senior analyst, commercial vehicles. 

“Policy-related actions are now a central driver of both cost inflation and demand uncertainty,” he said. “Limited visibility on trade outcomes continues to complicate pricing, sourcing, and capital allocation decisions across the industry.”

A persistently weak freight market contributed to a 44% year-over-year drop in North American Class 8 truck orders in November, according to a monthly report from FTR.

November orders totaled 20,200 units, down 17% month over month, well below the 10-year November average of 28,910 units, as fleets prioritized cost control, FTR said. 

Fleets continued to defer replacement and expansion plans amid weak freight demand, persistent excess capacity and economic uncertainty, per FTR’s report.  

The cautious approach is escalating concerns for the 2026 order cycle. FTR said cumulative net orders from September through November were down 36% YoY. 

Although the market now has more clarity regarding tariffs on heavy-duty trucks and potential changes in emissions standards, it may still not be enough to spur orders, according to FTR Senior Analyst of Commercial Vehicles Dan Moyer. 

“For truck manufacturers and suppliers, forward visibility remains limited, and order activity is likely to remain uneven until freight volumes and rates show a sustained recovery,” he said.

U.S. net trailer orders in October fell 5% year over year to 15,916 units, according to FTR’s monthly report. 

However, renewed fleet engagement and fewer order cancellations propelled net orders to a 77% month-over-month increase.

Still, last month’s surge was not enough to improve order volumes, which remain well below the 10-year October average of 37,116 as carriers continue to face soft freight market demands and weak profitability, FTR said. 

Persistent uncertainty over trade policy and macroeconomic conditions also continue to weigh on orders, per the report. 

“The U.S. trailer market continues to experience meaningful pressure from volatile trade policy, elevated material costs, and weakening fleet sentiment,” FTR Senior Analyst of Commercial Vehicles Dan Moyer said in the report. 

He said OEMs and suppliers are adjusting to higher costs and softer demand through selective price increases, tighter cost controls and sourcing shifts.

“Fleets are extending equipment life cycles, prioritizing maintenance, and limiting new capital commitments as elevated costs and policy uncertainty continue to weigh on near-term trailer demand,” Moyer said.

Preliminary U.S. net truck orders fell 22% year over year in October to 24,300 units, per FTR’s monthly report, continuing a YoY sluggishness for every month of 2025.

A change to more sustained orders will need better rates and freight volumes, the forecasting and analysis firm said.

“For the industry, the new tariffs on heavy-duty trucks that are taking effect this month will raise costs but are less severe and more targeted than expected," FTR Commercial Vehicles Senior Analyst Dan Moyer said in the report.

He noted that U.S.-Mexico-Canada Agreement carve-outs, offsets and a delayed parts tariff "create a measured policy that encourages reshoring and strengthens North American supply chains."

But such reshoring can be very lengthy, with site selection frequently taking a year to unfold and factory construction lasting 18 to 24 months or more, American Trucking Associations Chief Economist Bob Costello said during the group’s 2025 Management Conference & Exhibition.

Beyond the truck tariffs that went into effect Nov. 1, Costello said the broader trade policy situation is complex and also involves duties enacted under:

• Section 232 of the Trade Expansion Act of 1962 for national security matters 
• Section 301 of the Trade Act of 1974 regarding unfair trade practices such as the dumping of products from other countries
• The International Emergency Economic Powers Act, enacted in 1977, which is undergoing a challenge and review by the Supreme Court

"Although we probably won't get a decision for quite a while, I actually am a little worried that we're in a no-win situation with that," he said, suggesting that a Supreme Court decision supporting the president's use of IEEPA could lead to more tariffs enacted under the statute, while a decision against the use could cause an estimated $100 billion or more in refunds and an eventual rise in interest rates.

U.S. net trailer orders in September declined 19% year over year to 10,142 units, according to FTR’s monthly report.

FTR said orders continue to lag behind the 10-year September average of 29,890 units amid the weak environment and tariff pressures and threats.

That September order dip could signal a delay in the 2026 order season as buyers wait for more certainty, given multiple tariffs, including an additional 100% levy on all imports from China, the firm noted.

"Moreover, 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," FTR Senior Analyst of Commercial Vehicles Dan Moyer said in the report.

Those 50% steel tariffs are one of the tools the Trump administration has to influence international trade policy. Tariffs have continued to pressure the trucking industry and supply chains with rising costs of imports.

The U.S. Supreme Court is also reviewing the White House's interpretation of the International Emergency Economic Powers Act as a method to enact tariffs. Two federal courts have already ruled against the interpretation, with the Supreme Court set to review the issue again next month.

At the same time as legal questions loom, larger OEMs are better positioned to manage the impact from tariffs compared to smaller firms, Moyer said. In response, many fleets are stepping away from replacement, extending lifecycles and either slowing or stopping expansion, he said.

Preliminary U.S. net truck orders were down 41% year over year in September to 20,500 units, per FTR's monthly report.

The figures represent a tally well under the 10-year average of 29,499 units for that month — a hit to the opening of the 2026 order season, the firm noted.

President Donald Trump said on Truth Social that imported trucks would face a 25% tariff Nov. 1. The looming change, previously threatened for Oct. 1, has created stress on the market.

The tariff will apply to imported Class 8 trucks and possibly U.S-built models if imported parts are affected, noted FTR's Dan Moyer, senior analyst of commercial vehicles. The White House has yet to issue an official order or documentation on what the tariff covers.

Moyer also said that fleets could delay or cancel orders and lean into the used truck market. Reshoring of OEM production might also accelerate, he noted.

U.S. net trailer orders in August rose 3% year over year to 7,261 units, according to FTR’s monthly report.

For the September 2024 to August 2025 order season, net orders were down 5% YoY, but they increased by 28% to 110,080 units for 2025 year to date, the firm noted.

"This strength reflects backloaded orders following the November 2024 election, which inflated activity in the first quarter of the year," per the report.

But tariffs are increasing costs, and fleets are delaying decisions, using used trailers more frequently and pulling back on expansion, FTR Senior Analyst of Commercial Vehicles Dan Moyer said in the report.

Steel, aluminum, copper and related tariffs at 50% are increasing costs in the U.S. by 13% to 21% for trailers, and other tariffs are making cumulative impacts 16% to 28% higher, Moyer noted at FTR's annual conference in early September. That's because the U.S.-Mexico-Canada Agreement doesn't appear to shield the trailer manufacturing industry from those tariffs, he said.

"The steel and aluminium tariffs are really driving the estimated cost increases for both van trailers and more notably for the vocational segments," he said.

Preliminary U.S. net truck orders in August totaled 13,000 units, marking a long-term low for that month, according to FTR’s monthly report.

The 10-year August average total was 23,135 units, but the most recent month represented an increase of 4% compared to July.

"For the 2025 order cycle (September 2024-August 2025), cumulative orders fell 15% y/y," FTR wrote. "Absent a rebound in freight fundamentals, fleet order activity is expected to remain muted as the 2026 order boards open this month."

Tariffs, near-record inventory, regulatory uncertainty and weak freight demand are leaving the new truck market subdued, FTR Senior Analyst of Commercial Vehicles Dan Moyer said in the report. That's leaving fleets to extend truck lifespans and incur higher maintenance costs, he noted, while OEMs face supply chain rumblings.

OEMs such as Paccar and Volvo Trucks noted downward pressure on volumes amid a struggling market, U.S. tariff policy and uncertainty over 2027 Environmental Protection Agency emissions regulations.

U.S. rulemaking has subsequently left carriers adopting a wait-and-see approach, Volvo wrote in a Q2 report. But subsections of the market have fared better. According to Volvo, the refuse truck market has witnessed stability, with Mack Trucks in a strong position. Paccar noted good demand in LTL and vocational trucking.

U.S. net trailer orders in July rose 23% year over year to 7,794 units, according to FTR’s monthly report.

While June orders skyrocketed to nearly 13,000 units, cumulative net orders for the 2025 season (September 2024 to July 2025) totaled 181,430 units. That was down 5% YoY, the firm said.

Higher tariff rates kicked in Aug. 7, and expanded steel and aluminum tariffs on Aug. 18 appear to affect key components of trailers as well as fully assembled imports, FTR Senior Analyst of Commercial Vehicles Dan Moyer said in the report.

"OEMs and suppliers must either absorb margin losses or raise prices, possibly accelerating industry consolidation and favoring larger, vertically integrated players," Moyer said. "Meanwhile, many fleets are extending replacement cycles – leaning more heavily on used trailers – and deferring expansion, thus dampening demand for new build," he said.

The market uncertainty is leaving OEMs like Wabash with fewer shipments and a decline in net sales, but the company's CEO suggested conditions could improve in 2026.

U.S. net truck orders in July totaled 12,700 units, a 42% increase from June but down 7% year over year, according to FTR’s monthly report.

That total is significantly below July's 10-year average of nearly 20,000 units, signifying “persistent caution among fleets amid trade tensions, fluctuating tariffs, and ongoing economic uncertainty impacting freight demand,” FTR said in its summary of results.

Economic uncertainty has plagued trucking executives all year, and several carriers have told investors trade turbulence is particularly muddying shippers' outlook for the year.

Similarly, the threat of potential tariffs is affecting truck orders, too, according to FTR. But the on-highway market drove the YoY decline, “highlighting particular vulnerability among carriers focused on longer-haul operations,” FTR said.

"Class 8 market uncertainty is further elevated due to the potential imposition of Section 232 tariffs specifically targeting Class 4-8 trucks, tractors, and related components," Dan Moyer, FTR's senior analyst of commercial vehicles, said in a statement.

Additionally, in recent weeks, multiple carriers have lowered capital expenditure plans. J.B. Hunt Transport Services tightened its budget to $550 million to $650 million, while Werner Enterprises revised its outlook to be below its previously stated low end of $185 million.

U.S. net trailer orders in June reached 13,827 units, a big improvement from dismal comparative months in recent years, based on data from FTR’s monthly report.

But June’s total still fell below a 16,134-unit monthly average for the year, the firm noted.

“Cumulative net orders for the 2025 ordering season (September 2024–June 2025) totaled 175,242 units, down 5% y/y,” the firm reported.

Uncertainty tied to U.S. tariff policies, consumer spending shifts and volatile demand are creating further challenges for the industry. 

June’s Class 8 truck net orders of 8,900 units were down 36% year over year, FTR reported, citing ongoing tariff volatility along with economic and freight uncertainty.

That was significantly below the 10-year average of 19,213 units for June and the lowest amount for a June since 2009, the firm noted in a monthly report.

"Market uncertainty is further heightened by the potential implementation of Section 232 tariffs on Class 8 trucks and their components along with anticipated revisions to EPA 2027 NOx emissions standards," Dan Moyer, senior analyst of commercial vehicles, said in the report.

U.S. trailer orders fell in May as economic uncertainty continues to affect the trucking industry, FTR said in its monthly order report.

The research firm recorded 6,738 units of net trailer orders, a 34% decrease from the previous month. FTR suggested the decrease exceeded typical seasonal declines.

"The ever-evolving tariff environment continues to disrupt the U.S. trailer market," FTR's Dan Moyer, senior analyst of commercial vehicles, said in the monthly report. "The increase in tariffs on steel, aluminum, and fabricated components to 50% on June 4 will significantly increase production costs for OEMs/suppliers, putting further downside pressure on trailer demand."

Such pressure on the supply chain could mean fleets delay new trailer purchases or resort to used equipment, Moyer said.

On that note, order cancellations "surged to 37.6% of gross orders in May — the highest rate in 12 months," FTR said.

The high rate of cancellations come as U.S. tariff policy leaves many businesses, including trucking companies, uneasy.

Earlier this month, ACT Research VP and Senior Analyst Tim Denoyer said a prolonged freight recession is likely to extend due to the trade war.

May's Class 8 truck net orders of 12,000 units were 47% down year over year and well below the seven-year average of 18,319 orders, FTR noted.

Nevertheless, the orders rose sequentially, following a "very low level" in April when they were a mere 7,400 units, FTR reported.

FTR said the improvement from the past month could be a result of a temporary reduction in U.S. tariff rates on imports from China.

Compounding the difficult market, federal policy clashes over previously set 2027 NOx standards are disrupting purchasing decisions for many fleets, FTR Senior Analyst of Commercial Vehicles Dan Moyer noted.

Trailer orders faced significant pressure from tariff volatility and uncertainty over the economy in April, FTR reported.

Net trailer orders took a sharp dip to 10,669 units in April, a 50% month-over-month and 23% year-over-year drop. This monthly decline surpassed typical seasonal patterns by a wide margin.

"U.S. tariffs and potential retaliatory measures will significantly impact the U.S. trailer market, raising costs for imported materials and affecting domestic production," Dan Moyer, senior analyst of commercial vehicles, said.

OEMs and suppliers may also expect higher production costs, Moyer said. Rising costs could encourage limited industry consolidation, creating acquisition opportunities for larger manufacturers, he added.

Some fleets may delay new trailer purchases as can be reflected in the sharp decline in April net orders. This could mean an extension to equipment lifecycles, boosting aftermarket activity.

"Trailer industry participants that proactively manage supply chain disruptions and pricing pressures may gain a competitive advantage," Moyer said.

Class 8 truck net orders plunged 54% sequentially and annually to 7,400 units in April, FTR reported, as tariff concerns continue to influence demand.

The latest figures mark the lowest order total since May 2020, when COVID-19 shutdowns drove a sharp decline, per FTR. Orders were also far below the seven-year April average of 18,963 units.

Continued tariff and economic concerns have significantly dampened fleet investments in Class 8 trucks and tractors in 2025. FTR said some fleets appear to be holding off on truck and tractor purchases until market conditions improve or stabilize.

Ongoing uncertainty could further suppress the near-term demand within the Class 8 segment, Dan Moyer, FTR senior analyst for commercial vehicles, said in a statement.

"This will very likely reduce industry volumes, complicate production planning, and negatively affect profitability and stability for OEMs and suppliers in the North American Class 8 truck market," Moyer said.

Trailer orders surged in March, defying seasonal and market expectations, per FTR.

Net trailer orders increased to 21,516 units in March, rising 3% month-over-month and 70% year-over-year increase.

"So far this year, U.S. trailer net orders have outpaced total North America Class 8 net orders by 7,900 units," Dan Moyer, senior analyst, commercial vehicles said.

Whether the sustained strength will continue depends on the ongoing level of uncertainty around the economy, tariffs and demand in truck freight demand, Moyer said.

March also marked the fifth consecutive month of increases with net orders exceeding 20,000 units and positive year-over-year growth.

However, the industry has seen a weak start to the 2025 order season: Cumulative total net orders came in at 146,253 units from September to March. This was down 8% year over year.

"OEMs will likely face increased manufacturing costs, diminished margins, and possibly softened or stagnant demand," Moyer said.

He added that fleets will likely face higher prices and prolonged lead times that could lead to postponed procurement decisions or a renewed focus on upgrading power units instead.

Class 8 truck net orders fell 14% month over month to 15,700 units in March, a 22% decrease year over year, FTR reported.

The order total fell significantly short of the seven-year March average of nearly 24,760 net orders. The month-over-month decline was slightly larger than expected.

Ongoing U.S. tariff implementations against multiple countries have significantly dampened fleet investment in Class 8 trucks and tractors in recent months, according to FTR.

“Persistent uncertainty in tariffs, the economy, freight, and regulations could notably disrupt fleet replacement cycles – potentially prompting fleets to either accelerate purchases ahead of expected price hikes or, more likely, delay investments until market conditions stabilize,” Dan Moyer, FTR senior analyst for commercial vehicles, said in a statement.

New and pending tariffs from the U.S. are expected to increase costs for North American Class 8 trucks, Moyer said. Moyer added that OEMs and suppliers may consider shifting production to mitigate tariff exposure.

But Moyer warned that “such strategic adjustments are costly, complex, and time-consuming, further complicating industry planning.”

Net trailer orders dropped 18% month over month to 20,874 units in February, a 3% year-over-year increase, FTR reported.

It was the fourth consecutive month with net orders exceeding 20,000 units and positive year-over-year growth, but cumulative net orders since September 2024 are still down 14% year over year — a sluggish start to the 2025 order season so far.

While many fleets prioritized truck purchases over trailers last year, trailer net orders of 46,298 for 2025 to date have outpaced Class 8 net orders by 9,554 units, according to FTR. It’s unclear whether the trend will continue in the near term.

“New and pending U.S. tariffs, along with retaliatory measures, pose significant risks to the North American trailer market,” said Dan Moyer, FTR senior analyst for commercial vehicles. “Tariffs will affect not only imported trailers but also domestic trailers, depending on the extent of imported materials, and the market effects could be broad-based.”

Class 8 truck net orders plunged by 31% month over month and 38% year over year in February, as tariff threats heightened uncertainty among North American trading partners, FTR reported. Customers ordered 17,000 trucks in the month.

Cumulative net orders have decreased for the first time since the 2025 order season began, down 3% from September through February. OEMs across the board experienced a significant decline in order activity last month.

Tariffs on Canada and Mexico goods, which are paused until April 2 for products under the United States-Mexico-Canada Agreement, risk significant disruptions to fleet replacement cycles, said Dan Moyer, FTR senior analyst for, commercial vehicles, in a monthly update.

“Even if those tariffs went away, others affecting costs include those on steel and aluminum, goods imported from China, and perhaps others coming down the pike,” Moyer said.

Trailer net orders in January decreased by 2% month-over-month but soared by 81% year-over-year to a total of 23,966 units, FTR reported.

Trailer orders have declined 21% in the 2025 order season so far, despite three straight months of year-over-year increases — a reflection of fleets continuing to prioritize truck orders over trailers as the Environmental Protection Agency’s 2027 NOx rule looms, FTR said. 

That trend is likely to continue, and tariffs also threaten further disruption, said Dan Moyer, FTR senior analyst of commercial vehicles.

“Trailer OEMs have scaled back production, and prolonged cuts are possible if demand remains weak,” he said. “Tariffs will affect not only fully assembled trailers imported into the U.S. but also domestically produced trailers, which depend on imported materials and components. Expect market volatility as OEMs try to adapt to uncertainty over scope and timing of tariff impacts.”

Class 8 truck net orders fell 28% month-over-month to 24,000 tractors in January, a 15% decrease year-over-year, FTR reported.

Heavy-duty vehicle orders underperformed seasonal expectations and fell short of the seven-year January average of nearly 28,000 net orders amid uncertainty over tariffs.

Tariffs against Canada and Mexico are on hold for a month amid negotiations between the U.S. and its closest trading partners. If they are implemented, they could have major implications for truck orders and prices, according to FTR.

“With roughly 40% of U.S. Class 8 trucks built in Mexico and around 65% of Canada’s Class 8 trucks built in the U.S., tariffs and likely counter-tariffs threaten to disrupt supply chains and drive up vehicle prices,” Dan Moyer, FTR senior analyst for commercial vehicles, said in a statement.

While OEMs and suppliers may explore shifting production to mitigate tariff impacts, such changes would be complex and would take time to implement, Moyer said.

“Ongoing trade negotiations and policy uncertainties may already be influencing investment decisions and long-term planning for fleets, OEMs, and suppliers,” the analyst said.

Trailer net orders rose 11% month-over-month and 7% year-over-year in December, reaching the highest monthly level since October 2023, FTR reported.

The second straight month of positive YoY growth, to 25,334 units, still underperformed 2025 order season expectations due to a sluggish freight market. Total trailer net orders thus far for the 2025 order season, from September to December, are down 32% YoY, at an average of only 18,994 units per month.

Total U.S. trailer net orders in 2024 totaled 157,085 units, down 27% from the 2023 total, according to FTR.

“For-hire fleets (and, probably, private fleets, too) have prioritized investments in new power units over trailers, likely driven by reduced profitability or shifts in trade cycles,” said Dan Moyer, FTR senior analyst for commercial vehicles, in a statement. “This trend looks like it is continuing as North American Class 8 net orders are up 8% y/y during the 2025 order season so far while U.S. trailer net orders for the same period fell 32% y/y.”

Class 8 truck net orders slid 7% month over month — but increased 23% year over year — to 31,900 units in December, FTR reported.

The final month of 2024 slightly outperformed seasonal expectations, surpassing December’s seven-year average of 29,716 net orders, according to FTR. Full-year Class 8 net orders increased 11% year over year in 2024, slightly surpassing replacement demand levels.

“We continue to watch the ongoing discussions and developments related to President-elect 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,” FTR Senior Analyst of Commercial Vehicles Dan Moyer said in a statement. “Tariffs could significantly disrupt supply chains and raise production costs, compounding disruptions already anticipated due to EPA 2027 NOx regulations.”

Class 8 trailer orders reached their highest level in nearly two years in November, but the 2025 order season is shaping up to be below expectations, FTR reported.

Trailer net orders rose 42% month-over-month and 6% year-over-year to 22,745 units, “welcome news given many months of weak orders,” the group said.

President-elect Donald Trump’s planned tariffs could increase the cost of trailers imported from Mexico and Canada, said Dan Moyer, FTR senior analyst for commercial vehicles.

“Slightly elevated trailer dealer inventories might temporarily meet a short-term demand surge as buyers attempt to avoid higher costs,” Moyer said. “But the potential for increased costs for Class 8 tractors might prompt some fleets to continue prioritizing purchasing power units over trailers in the near term.”

Class 8 truck net orders increased 12% month over month to 33,500, a 7% year-over-year decrease, according to FTR Transportation Intelligence.

Orders were above seasonal expectations for November, indicating momentum as fleets invest in new equipment at higher-than-expected replacement demand levels so far this year. It’s too soon to tell whether fleets accelerated purchases ahead of President-elect Donald Trump’s announced plan for 25% tariffs on Mexico and Canada. More than 40% of Class 8 trucks built for the U.S. market are produced in Mexico, FTR noted.

“The announcement presents challenges for the commercial vehicle industry already grappling with preparations for 2027 U.S. EPA NOx regulations, further straining supply chains and costs,” FTR Senior Analyst of Commercial Vehicles Dan Moyer said in a statement. “While the late-November announcement likely had minimal impact on orders for the month, orders over the next month or so could see a boost as fleets aim to preempt potential tariffs.”

Class 8 trailer net orders tanked in October by 55% compared to a year ago, representing the lowest level for the month since FTR began tracking them over a decade ago, the group said.

The 15,970 units ordered reflected a 34% month-over-month increase, reflecting typical seasonal trends. But trailer orders are down by more than a third year to date — well below expectations — as they struggle to build momentum despite the opening of 2025 order boards.

“The steep decline in trailer demand is largely due to fleets prioritizing investments in new power units over trailers, likely influenced by reduced profitability or shifts in trade cycles,” Don Moyer, FTR senior analyst for commercial vehicles, said in a statement. “If 2025 trailer orders fail to rebound soon, some OEMs may need to extend or deepen production cuts into next year.”

Class 8 net orders dropped 14% from the prior month to 28,300 units — a 2% year-over-year increase — in October, FTR reported.

Orders remain short of seasonal expectations, as the industry has averaged nearly 34,000 orders in October over the past seven years. The monthly total is healthy but indicates some fleets are being cautious as they order new trucks for next year.

“With inventory levels remaining close to record highs, we also foresee continued downward pressure on production rates through the remainder of 2024,” said Dan Moyer, FTR senior analyst, commercial vehicles.

Preliminary Class 8 truck net orders reached 30,000 units in September, up from 13,400 units in August, as order boards opened for next year, FTR reported.

Orders were down 4% year over year, but they were generally in line with seasonal expectations.

“Given the current stagnation in the truck freight market from a volume and rate perspective, this is a very balanced order number and suggests an initial, healthy level of demand for new trucks in 2025,” FTR said.

Net trailer orders were down 30% year over year to 6,661 units in August, according to FTR data. But last month’s orders were up 17% from July.

In a monthly report, FTR noted that truck freight fundamentals are stagnant, with total trailer build 30% lower than the average August for the past five years.

“Higher-than-ideal trailer inventories at dealers across most segments, reduced trailer capital expenditures at fleets, and declining backlogs likely will exert downward pressure on build rates for the rest of 2024,” FTR Senior Analyst of Commercial Vehicles Dan Moyer said in the report.

Preliminary Class 8 truck net orders dropped to 12,400 units in July, from 13,100 units in June, according to a report from FTR. That represents a 7% decrease from a year ago.

FTR said orders fell somewhat below seasonal expectations. “The decline is unsurprising given the strong order performance in the first five months of the year and the typically weak seasonal order period,” the firm said.

Preliminary Class 8 truck net orders dropped to 13,100 units in June, down from 18,900 units in May, according to a report from FTR. That was slightly down from 13,800 units a year ago.

FTR said the decline fell within seasonal expectation. “The y/y decrease is the first this year, but it is relatively insignificant because it is modest and because of the strong order performance over the previous five months,” the firm said.

Trailer orders fell both sequentially and year-over-year in May. But Class 8 net truck orders increased to 18,900 units in May, up from 14,000 in April and 13,600 year over year, according to a report from FTR.

"Along with the month-over-month increase, the fact that orders were up significantly from the May 2023 level indicates that the market remains on a solid footing despite near-term challenges," FTR's Dan Moyer, a senior analyst of commercial vehicles, said, noting that vocational markets stood out compared to on-highway equipment.

Class 8 truck orders fell to 14,000 from 18,200 the prior month in April but increased from last year’s low, 12,050, in April 2023, per FTR.

Net trailer orders increased from 11,947 units in March to 13,016 units in April, according to FTR data. That was a 9% month-over-month increase and 45% increase year over year.

"With the truck freight market facing challenges, solid growth in April for both total van and major vocational trailer orders offers a few green shoots of optimism," Dan Moyer, FTR senior analyst of commercial vehicles, said in a monthly report.

Preliminary Class 8 truck net orders decreased 4% year over year in March to 18,200, according to a report from FTR. That's significantly down from February's total of 25,700.

"Order levels in March were below the historical average but remained in line with seasonal trends," FTR Chairman of the Board Eric Starks said in the report.

Preliminary Class 8 truck net orders increased 11% year over year in February, rising to 25,700 units last month, according to a report from FTR.

The figure is above seasonal expectations, but consistent with recent demand trends, according to the intelligence firm. Build slots continue to be filled, and recent demand trends have stabilized at a level 10,000 units lower than November 2023's peak — staving off concerns of a "rapid easing of demand in 2024."

"Despite the weakness in the freight markets that has persisted for more than a year, fleets continue to be willing to order new equipment," Eric Starks, chairman of the board at FTR, said in the report. "Order levels were above the historical average and above seasonal trends, but our expectations for replacement output by the end of this year remain unchanged.

Net trailer orders plummeted 45% year over year to 13,342 units in January, according to FTR data.

With a backlog-to-build ratio remaining at 7.1 months, signs are pointing toward normalization and stability, FTR Chairman Eric Starks said in a monthly report.