COLUMBUS, Ind. — Final February Class 8 net orders, at 27,745 units, were up 16% year-over-year, according ACT Research’s latest State of the Industry: NA Classes 5-8 report.
“Given ongoing weak for-hire economics, we believe private fleet capacity additions continue as the driver of U.S. tractor orders above replacement levels,” said Kenny Vieth, ACT’s president and senior analyst.
U.S. tractor orders totaled 17,213 units, up 32% year-over-year. The vocational market remains strong, particularly in the U.S., where nearshoring and government programs have spurred investment
“Coupling a declining U.S. tractor sales trend in 2023, and the seasonally weakest time of the year for Class 8 retail sales in the year’s first trimester, with strong production expectations, conditions were ripe for a large inventory jump in in Q1 2024,” Vieth noted.
Even as sales have remained at seasonally healthy rates, February production pushed Class 8 inventories to a four-year high of 73,900 units, up 7,705 units or 12% month-over-month and 24% year-over-year, according to ACT.
Regarding Classes 5-7, he concluded, “MD inventories remained at highly elevated levels in February, as medium-duty bodybuilder labor challenges persist. Inventories totaled 86,420 units on a nominal basis, up 27% year-over-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.
