Class 8 truck orders were “phenomenal” in October, marking the second strongest month ever, according to industry forecasters.
FTR reported preliminary numbers of 45,795 Class 8 orders, up 87% month-over-month and 76% year-over-year. Class 8 orders for the last six months amount to an annualized rate of 354,000 units, a big increase over the previous six months, FTR reported.
“The huge amount of orders was driven by several very large fleets placing orders to be built throughout 2015,” said Don Ake, FTR vice-president of commercial vehicles. “This is the result of the industry operating near full capacity and fleets having confidence that freight growth will remain strong for the entire year in 2015. They want to lock in their orders now to guarantee future deliveries. We will be evaluating the second half of the 2015 forecast in light of the confidence reflected in this large order volume.”
ACT Research reported North American Classes 5-8 truck orders totaled 67,900 units in October, up 50% from a year ago. Over the past 12 months, Classes 5-8 net orders totaled 563,000 units, representing the strongest 12-month period since the 12 months ending January 2007.
“The 46,200 North American Class 8 net orders in October represent the convergence of a number of trends that continue to drive healthy order activity,” said Kenny Vieth, ACT’s president and senior analyst. “Those trends include pent-up demand amongst small and medium fleets, superior new truck fuel economy, improved economic activity in key freight sectors, and most importantly, rising freight rates and fleet profitability.”
Classes 5-7 orders in October were the strongest since April and 14% stronger than last October.
Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry. All posts by Truck News