Improving orders for specialty trailers mostly account for two consecutive months of improving equipment bookings. The pace of dry and refrigerated trailers orders lagged.
October U.S. trailer net orders rose by more than 6,000 units over September, their highest level since December 2022. Still, the 34,400 orders reported by FTR Transportation Intelligence were down about 21% compared to October a year ago.
Manufacturers built about 4% more trailers in October than September. But trailing net orders mean backlogs rose for the second consecutive month and for only the second time this year. Orders over the past 12 months totaled 294,000 units, FTR said.
“Order increases in October for most specialized trailer types greatly outperformed dry van and refrigerated van trailers,” FTR Chairman Eric Starks said.
Backlog-to-production levels in line overall
Backlogs relative to production levels overall are in line with normal levels historically. But the backlog-to-build ratios for dry and reefer van trailers remain elevated and should support current production levels, Starks said.
Lower ratios for specialty trailers like tankers and flatbeds could portend future production cuts.
ACT Research said preliminary October orders of 35,300 point to the backlog growing by about 7,300 orders to 146,100 units when complete counts are in for the month. That equates to a five-month wait for delivery of a new trailer.
“The data continue to provide mixed messages, with cancellations remaining elevated, driven primarily by the platform and tank segments, even as backlogs remain at healthy levels in general and particularly in the specialty segments,” said Jennifer McNealy, ACT director of commercial vehicle market research and publications.
ACT’s preliminary order figure of 35,300 came in slightly lower than FTR, but adjusted for seasonal factors, the estimate was just 26,200 units. ACT pegged the year-over-year order decline at 26%.
“While this certainly continues the positive momentum for the industry that began last month, two months of robust orders does not guarantee the full year,” McNealy said. “It’s still early in the new year order season to call.”
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