Trailer Orders

Trailer Orders for January Flat M/M at 24,206 Units

FTR reports U.S. trailer net orders were essentially flat month-over-month (m/m) in January at 24,206 units. The result sustained the stronger momentum seen in December relative to prior months, though orders were down 4% year-over-year (y/y) and were below the 10-year January average of 26,340 units. Despite recent demand stabilization and modest improvement, the 2026 order season (September 2025-January 2026) is down 16% y/y.

The steady order pace likely reflects several factors:

The ongoing release of deferred orders from September through November
Improved carrier fundamentals as reflected in FTR’s Trucking Conditions Index reaching its strongest level since February 2022 in December
Firmer freight rates and tighter capacity utilization
Outsized spot rate increases in December and then, sparked by weather, again in January
Fleets advancing purchases ahead of further tariff-related cost pass-throughs
Improved capital planning visibility amid greater Class 8 regulatory clarity

U.S. trailer production increased in line with seasonal expectations but is still muted at close to the lowest levels since the fourth quarter of 2010. Net orders exceeded build by a wide margin, increasing backlogs, but backlogs were still down substantially versus January 2025.

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, “Positive indicators from the truck freight market and improved regulatory clarity are much-needed boosts to the U.S. trailer market, but manufacturers and fleet purchasers still must deal with cost inflation and trade uncertainty that continue to shape pricing and demand. The Trump administration reportedly is considering a narrower approach to certain Section 232 steel and aluminum tariffs. That move could ease cost pass-through pressures at the margin, though no formal policy change has been announced.

“Trade risk in the van segment has also become more tangible due to the advancement of an antidumping and countervailing duty proceeding. Even though potential changes resulting from that investigation would be months away, it is likely already influencing sourcing strategies and pricing decisions. Overall, existing metals tariffs and the advancing van investigation likely will keep costs elevated and demand selective.”

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.

Trailer Orders for January Flat M/M at 24,206 Units