Trailer Orders

U.S. Trailer Net Orders Sharply Decline in April to 10,669 Units

U.S. trailer net orders in April faced significant pressure amid escalating headwinds, including substantial tariff volatility and increasing uncertainty over the economy and the truck freight market. Consequently, net orders sharply declined to just 10,669 units, down 50% month-over-month (m/m) and 23% year-over-year (y/y). This monthly decline surpassed typical seasonal patterns by a wide margin. Even so, U.S. trailer orders exceeded North America Class 8 net orders for a third straight month. Despite April’s sharp drop, year-to-date (YTD) trailer net orders for 2025 totaled 76,901 units, representing a 27% increase compared to the same period last year.

Total trailer build in April decreased 1% m/m and 26% y/y to 17,619 units. 2025 YTD trailer build fell 30% y/y to 63,756 units, an average of 15,939 per month. With total trailer net orders well below production, backlogs decreased by 6,562 units (-5% m/m; -19% y/y) to 120,350 units. The larger m/m decrease in backlogs compared to build lowered the backlog/build ratio to 6.8 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, “U.S. tariffs and potential retaliatory measures will significantly impact the U.S. trailer market, raising costs for imported materials and affecting domestic production. OEMs and suppliers can expect higher production costs, reduced margins, and potentially softer demand, prompting some potential shifts toward local sourcing or domestic manufacturing.

“Some fleets may delay new trailer purchases – reflected in the sharp decline in April net orders – and extend equipment lifecycles, boosting aftermarket activity. Rising costs might also encourage limited industry consolidation, creating acquisition opportunities for larger manufacturers. Trailer industry participants that proactively manage supply chain disruptions and pricing pressures may gain a competitive advantage.”

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 Sharply Decline in April to 10,669 Units

Dan Moyer