Trailer Orders

U.S. Trailer Net Orders Fell Sharply in May to 6,738 Units

U.S. trailer net orders fell 34% month-over-month (m/m) to 6,738 units – exceeding typical seasonal declines – as tariff volatility and ongoing uncertainty in economic and truck freight markets persisted. Despite the sharp decrease, May net orders were up 3% year-over-year (y/y), benefiting from comparison against a weak performance in May 2024. Year-to-date (YTD) net trailer orders for 2025 reached 83,218 units, a 24% increase y/y, averaging 16,644 units per month.

Order cancellations surged to 37.6% of gross orders in May – the highest rate in 12 months and significantly above April’s 20% figure. Cumulative net orders for the 2025 ordering season (September 2024–May 2025) totaled 161,657 units, down 10% y/y, averaging 17,962 units per month.

During May, total U.S. trailer build fell 4% m/m and 24% y/y to 16,958 units. 2025 YTD trailer build was down 29% y/y to 80,729 units, an average of 16,146 per month. With total trailer net orders significantly below build, backlogs decreased by 11,376 units (-9% m/m; -16% y/y) to 108,955 units. The larger decrease in backlogs compared to build lowered the backlog/build ratio to 6.4 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

Connect with Dan on LinkedIn

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 Fell Sharply in May to 6,738 Units

Dan Moyer