COLUMBUS, Ind. — After essentially holding the line on the forecast since last July, ACT Research pushes 2024 Class 8 production and sales expectations up in February, as published in the latest release of the North American Commercial Vehicle OUTLOOK.
“In addition to an improving economic outlook, the decision to boost the forecast, despite near-term inventory risks, reflects the industry’s ability to more aggressively sell into Mexico and export markets, while maintaining strength in domestic vocational,” according to Kenny Vieth, ACT’s president and senior analyst. “The 2024 market is atypically bifurcated: considerable strength remaining in US and Canadian vocational markets and Mexico helps offset otherwise weak demand in US and Canadian tractor markets, LTL excluded.”
With more time-sensitive manufacturing loads to haul, pent-up demand and a strong peso, the forecast anticipates Mexico-bound Class 8 production will rise considerably in 2024, Vieth said.
Vieth concluded, “We think the economy’s cooperation, plus the OEMs’ desire to ensure supply-chain integrity by making sure the industry’s labor supply remains largely intact through 2024, adds upside to our higher forecast. While we view upside as more likely than down, we remain concerned that the largest piece of the North American market, US for-hire truckload, is unlikely to be helpful in driving volume this year.”
Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.