Class 8 Orders Weaker but Still Strong in December 2022
December 2022 marks the third month in a row of continuous decline for big rig orders, but when four months ago was a record month for sales, the industry still has plenty of diesel fuel left in its tank. FTR and ACT Research have the numbers.
December 2022 Numbers
ACT Research has their preliminary numbers at 30,300 and FTR estimates orders to be around 28,300. These counts are a decrease from November but show promise compared to December 2021, as well as August 2022, which was the month before the massive boom in sales that we are seeing now.
As usual, industry analysts pin the changes on supply not being able to match pace with demand, a trend that has been plaguing the trucking industry for well over a year.
“Backlogs are still elevated but not at such a level that they can sustain significant deterioration without impacting production output. Despite these concerns, essentially all the production slots for the first half of the year are full and the second half of the year is starting to fill up as well,” FTR CEO Jonathan Starks said in a statement regarding the numbers.
He continues. “The heavy vehicle market remains strong despite economic and financial uncertainties, and production will still be limited to some extent by supply chains and labor.”
With the holiday season over and the infamous slow season beginning for the trucking industry, it will be interesting to see what trucking sales are like in the months to come. 2022 had a mediocre slow season with monthly orders slightly above 20,000 for each month in January, February, and March. Unless month-over-month sales take a sharp decline, 2023 should show better promise than the year prior.
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