COLUMBUS, Ind. — ACT Research reports the North American commercial vehicle market is slowly climbing from its Q2 2009 trough.
The industry forecaster is projecting a slow but steady recovery in the third quarter, according to its latest North American Commercial Vehicle Outlook.
Class 8 production reached a low point in the second quarter, down 57% from the prior year, according to ACT. While Class 8 production rates will slowly climb beginning in the third quarter, year-over-year declines will still be posted until the first quarter of 2010, the forecaster predicts.
Medium-duty production will also begin a slow recovery, tempered by continued softness in the construction industry, ACT reports.
“While the body of evidence continues to grow suggesting the worst of the recession has past, the data also show that substantive imbalances remain,” said Kenny Vieth, partner and senior analyst with ACT Research. “The economic retreat has hit particularly hard in key freight generating sectors, triggering the outsized decline in commercial vehicle demand. While we see upward movement from these depressed levels, it will be late in 2011 before the North American market returns to normal replacement level demand.”
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