North American class 8 net truck orders surged to 40,100 units in October, in line with preliminary information given Tuesday by FTR – the first time order intake has cracked 40,000 units since October 2018.
Orders last month were up 26% from September – a point FTR vice president of commercial Vehicles Don Ake referred to as “the turning point for the class 8 market” – and jumped 83% year-over-year. October’s order boon suggests the market is returning to a conventional order cycle and significant truck orders for the past twelve months total 215,000 units.
“Fleets still order category 8 trucks in large quantities for 2021 delivery,” Ake aforementioned.
“The freight markets are holding up amazingly well after coming out of the lockdown stage of the pandemic. Consumer retail sales stay vibrant, necessitating frequent restocking that has maintained freight rates elevated, capacity tight, and generating the necessity for additional trucks.”
As fleets developed a more assured outlook on future freight demand, Ake said carriers not only began putting increased orders to switch older units, but are also increasing to take advantage of tightened capacity.
“There remains some repressed demand from the OEM shutdowns in March and April,” he said, “but there’s also widespread momentum generated after the economic restart that’s continuing to build. Industrial freight continues to be lagging somewhat. If manufacturing starts to rebound, sales go even higher.”