COLUMBUS, Ind. – Preliminary numbers from ACT Research reveal that Class 8 vehicle orders for the month of November was 16,600 units, plummeting nearly 60% compared to a year ago.
Overall, a total of 35,300 Class 5-8 vehicles were booked in November, down 26% from October’s numbers and 37% from November 2014, with Class 8 orders down 37% year-over-year.
“Unfortunately, little of the decline can be accounted for by seasonality,” said Steve Tam, ACT’s vice-president for the commercial vehicle sector. “November was the weakest Class 8 net order month since August 2010 on a seasonally adjusted basis and September 2012 on an actual basis. A glut of inventory in the broader economy has led to slowing freight and lower freight rates. This, in turn, has caused truckers to hit the pause button on truck orders.”
ACT said despite a decline from October, Class 5-7 orders were solid for the month, totalling 18,700.
“More prevalent direct exposure to facets of the economy other than those that generate freight has allowed demand for medium-duty vehicles to remain more stable,” said Tam. “Despite falling 15% month over month, the year-over-year and year-to-date comparisons reveal growth in the mid-single-digit percentage point range.”
ACT Research publishes new and used commercial vehicle industry data, market analysis and forecasting services for the North American and Chinese markets.