Trailer Orders

FTR Reports Trailer Net Orders Edge Higher in May to 20,189 units

U.S. trailer demand was resilient in May, increasing 1% month over month (m/m) to 20,189 units, which represented a surge of 249% year over year (y/y) versus a very weak level in May 2025, FTR reported. Orders were far above the 10-year May average of 11,649 units, indicating better-than-seasonal momentum into late spring. Dry van trailers led the strength, but other key trailer types were strong as well, and almost all logged improved orders from a year earlier.

U.S. trailer builds declined 6% m/m in May to 16,553 units and were down 1% y/y, showing that trailer manufacturers remain cautious despite improved orders. Production for the year to date was essentially flat y/y at 79,482 units as net orders continued to outpace build.

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, “Despite the stronger May order intake, the market still does not appear to be entering a broad-based upcycle, especially with seasonally slower order months approaching. Rather than widespread capacity expansion, demand remains concentrated in replacement activity, fleet-specific needs, and dry van normalization with support from solid flatbed demand.

“Cost pressures are building and are reflected in May’s sharp increase in the already-elevated Producer Price Index for truck trailers and chassis. A recent change in how Section 232 tariffs are applied means higher overall tariffs on trailers, and upcoming antidumping/countervailing duty exposure for van-type trailers and subassemblies could add more costs on top of Section 232 tariffs.

“This situation may create opportunities for domestic manufacturers and suppliers, but those opportunities also could tighten build slots, extend lead times, and strain the supply of components or labor. The result could be firmer domestic pricing and less consistent order flow even without a broad increase in underlying trailer demand.”

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.

Don't miss the next trailer orders. Sign up to receive monthly updates.

FTR Reports Trailer Net Orders Edge Higher in May to 20,189 units