Don Ake, vice president of commercial vehicles at FTR, said that thanks to an “extremely tight” domestic trucking market, operators are ordering new vehicles in such large volumes that production can’t keep up due to a lack of available components.
The U.S. truck market has seen demand outstrip available capacity for several months now, causing prices to rise considerably as fleets struggled to grow in lock step with demand.
Total North American Class 8 orders have now surpassed 40,000 units in four of the past six months, reaching 411,000 units for the past 12 months.
“There is an enormous demand for trucks due to burgeoning freight growth and extremely tight industry capacity,” said Ake. “However, supply is severely constrained because OEM suppliers cannot provide the needed parts and components required to build more trucks fast enough. This bottleneck is causing fleets to get more orders in the backlog in hopes of getting more trucks as soon as they are available.
“Fleets are desperate for more equipment, but trucks are in short supply due to the supplier constraints,” he added. “This is creating a surge in orders as fleets react to this unusual situation. If OEMs were producing at capacity, the truck build this year could have been as high as 360,000 units. Orders for the last 12 months have now reached 411,000, so there are some excess orders in the backlog.”
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The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now