FTR reports preliminary North American Class 8 net orders soared in October to 40,100 units.
This is the first 40,000+ unit month for Class 8 orders since October of 2018, adding to the already increased order activity from September. Orders were up 26% m/m and up 83% y/y. Class 8 orders for the past twelve months now stand at 215,000 units.
Fleets continue to order Class 8 trucks in large quantities for 2021 delivery. The freight markets are holding up well after coming out of the lockdown stage of the pandemic. Consumer retail sales remain vibrant, necessitating frequent restocking which has kept freight rates elevated, capacity tight, and generating the need for more trucks.
The order volume in October indicates the market is beginning to return to its traditional order cycles. If the pace holds up, the fourth quarter of 2021 should look similar to the surge that took place in Q4 2014, although it won’t be quite as strong.
Final data for October will be available from FTR later in the month as part of its North American Commercial Truck & Trailer Outlook service.