Trailer Orders

Trailer Orders Falling Sharply in February to 13,305 Units

Following back-to-back months of 24,000-plus orders in December and January after a delayed start to the 2026 order season, U.S. trailer net orders fell sharply in February. The sequential decline far exceeded normal seasonality, dropping 45% month-over-month (m/m) to 13,305 units. Orders were down a concerning 31% year-over-year (y/y) and came in well below the 10-year February average of 25,172 units. Orders for the 2026 U.S. trailer order season (September 2025-February 2026) are now down 19% y/y.

Total U.S. trailer builds in February increased 20% m/m to 15,199 units, roughly in line with February 2025 production levels, and build was flat y/y. However, with orders for 2026 production trending notably lower y/y, OEMs are likely to remain conservative in their 2026 build plans.

Trailer demand remains largely at replacement levels as fleets still have sufficient capacity and are prioritizing Class 8 purchases. Meanwhile, trailer demand continues to face several headwinds – elevated steel and aluminum costs, ongoing tariff uncertainty, persistently high financing costs, constrained capital spending, etc. – that are keeping orders subdued despite notably improving truck freight fundamentals.

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 U.S. trailer market remains under pressure from elevated input costs and ongoing trade uncertainty. Section 232 tariffs on steel, aluminum, and derivative products remain in place. Despite the U.S. Supreme Court’s February ruling striking down the administration’s country-specific tariffs that relied on emergency powers, replacement tariffs of 10% under other authority took their place. Trade pressures are also intensifying in the van segment due to an ongoing antidumping and countervailing duty investigation.”

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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Trailer Orders Falling Sharply in February to 13,305 Units