Trailer Orders

U.S. Trailer Net Orders Jump to More than 13,800 Units in June

U.S. trailer net orders more than doubled month-over-month (m/m) in June, rising 113% to 13,827 units. Net orders were up 157% year-over-year (y/y) versus a June 2024 level that is one of the lowest since FTR began tracking the data in 2013. Only June 2023 and the lockdown months of April and May 2020 saw fewer trailer net orders than June of last year. Despite the sharp improvement versus May’s net order volume, June still trailed the 16,134-unit monthly average for 2025 to date. The 96,803 year-to-date (YTD) net trailer orders were up 36% y/y.

Order cancellations fell to 17% of gross orders in June – a level that is much more typical than the close to 39% rate in May. Cumulative net orders for the 2025 ordering season (September 2024–June 2025) totaled 175,242 units, down 5% y/y and averaging 17,524 units per month.

During June, total U.S. trailer increased 7% m/m but decreased 13% y/y to 18,071 units. 2025 YTD trailer build was down 26% y/y to 98,773 units, an average of 16,462 per month. With total trailer net orders significantly below build, backlogs decreased by 4,520 units (-4% m/m; -10% y/y) to 104,219 units. The larger decrease in backlogs compared to build lowered the backlog/build ratio to 5.8 months.

In November, total trailer net orders were well above total production, increasing backlogs by 10,124 units (+12% m/m) to 92,213 units. Lower m/m production and growing backlogs pushed the backlog/build ratio up to 7.0 months, the highest reading since February 2024. This indicates some decreasing pressure on OEMs to scale back production in the near term.

The commercial vehicle market continues to see a disconnect between demand for trailers and demand for trucks. North American Class 8 net orders increased 2% y/y in September-November 2024 while U.S. trailer net orders dropped by 42% y/y during the same period. For-hire fleets have been prioritizing investments in new power units over trailers in 2024 YTD, likely influenced by reduced profitability or shifts in trade cycles. OEMs have notably cut back on production, but if 2025 trailer orders remain well below expectations, some OEMs may need to extend or deepen production cuts into next year.

Dan Moyer, senior analyst, commercial vehicles, commented, "The ever-evolving tariff environment continues to disrupt the U.S. trailer market. The increase in tariffs on steel, aluminum, and fabricated components to 50% on June 4 will significantly increase production costs for OEMs/suppliers, putting further downside pressure on trailer demand. Also, while tariffs on Chinese imports have moderated greatly – at least temporarily – other country-specific tariffs add further cost pressures. A further headwind on demand is uncertainty over the legality of the reciprocal and fentanyl-related tariffs that were based on emergency powers.

“OEMs and suppliers face pressure to either absorb rising costs or pass some or all of them on to fleets, potentially impacting fleet expansion and maintenance strategies. As a result, some fleets may delay new trailer purchases or turn to refurbished and alternative options. Potential consequences include heightened market price sensitivity, extended trailer lifecycles, and a shifting of some demand toward used equipment or alternative configurations.”

Dan Moyer

Senior Analyst, Commercial Vehicles

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FTR tracks trailer orders for the transportation industry and reports on preliminary order numbers on a monthly basis.

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U.S. Trailer Net Orders Jump to More than 13,800 Units in June

Dan Moyer