COLUMBUS, Ind. – Current commercial vehicle market conditions continue to prove resilient in the face of aggressive interest rate hikes, according to ACT Research’s latest State of the Industry: NA Classes 5-8 report.
October Class 8 net orders were robust when considering September orders set an all-time record.
“For now, business activity in the truck industry rolls on, seemingly unphased by higher interest rates,” Eric Crawford, ACT Research’s vice president and senior analyst, said. “That said, we expect this dynamic to shift in 1H’23, as the Fed continues its aggressive push to subdue inflation. Cracks in the economy are becoming more evident: The impact of higher rates has begun to slow activity in the housing sector, and large layoffs have started in the tech sector.”
Crawford highlighted the notable continued strength in Class 8 order activity. On medium duty and heavy duty more broadly.
“MD and HD net orders were both robust, each notching their second strongest month of the year, both on a nominal as well as seasonally adjusted basis,” Crawford said. “That said, September was the strongest month of the year, so both took a step down sequentially in October.”
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