Class 8 Sales Mark Second Year-Over-Year Increase of 2024
[Stay on top of transportation news: Get TTNews in your inbox.]
U.S. Class 8 retail sales in November outpaced year-ago levels for only the second time in 2024, according to data from Wards Intelligence.
Sales increased 3.3% to 19,658 units from 19,027 during the same time last year. They decreased 5.8% from the 20,859 units reported in October. The last year-over-year increase was a slight 1.8% rise in July. Otherwise, the year has been marked by year-over-year declines. Year-to-date sales are down 10.4% to 217,872 units from 243,253.
“We’re still not, at least from a production perspective, as optimistic as the manufacturers are,” ACT Research Vice President Steve Tam said. “We’re pretty happy with where demand is [and] really haven’t made much in the way of changes. It’s moved around between equipment types and geographies and that sort of thing, but top line, really, things seem to be reasonably steady.”
Tam noted that inventory levels are playing a key factor in sales, and also present a challenge on the manufacturing side. He suspects that inventory levels helped lift the better-than-expected annual gain for November, but also noted that the lower-than-expected sequential dip could indicate that the broader market is gaining traction.
Kriete
“Inventories remain heavy, but with customer sentiment building post-election and into the new year, these high-level inventories may continue for several more months,” said David Kriete, president of Kriete Truck Centers. “November was a so-so month, but showed growth over last year. As the longhaul segment returns to normalcy, the total volumes will really begin to rebound overall. We’re excited for the next few months as well as year-end.”
Tam is interested to see how market factors will drive December sales.
Tam
“We need to see something like 30,000 units in sales in December to get to our full-year forecast,” Tam said. “We think there’ll be a pretty strong push in December to try to get anything that’s even remotely salable out the door, and get that transaction reported, and make market share look as bright and shiny as it can be.”
Tam noted the vocational side has suffered amid supply chain and labor issues that are slowing throughput among upfitters. Near-finished trucks are sitting in inventories awaiting upfit work, he noted.
Among truck brands, Freightliner, a brand of Daimler Truck North America, claimed the largest market share with 7,550 trucks, accounting for 38.4% of all sales. That was also a 30.3% rise from the 5,796 reported the prior year. Western Star, also a DTNA brand, experienced the largest year-over-year percentage increase in sales at 44.7% to 1,032 units from 713.
Carson
“We are extremely satisfied with our strengthening performance amid continued robust customer demand and a 43.7% share of market for our Freightliner and Western Star brands,” said David Carson, senior vice president of sales and marketing at Daimler Truck North America. “Our vocational Western Star 47x and 49x models, in particular, continue to meet exceptional demand, with November year-to-date sales up 38% compared to last year.”
Mack Trucks sales decreased 9.5% to 1,196 from the 1,321 units reported during the year-ago period. Volvo Trucks North America sales decreased 22.4% to 1,536 units from 1,980. Mack and VTNA are brands of Volvo Group.
Randall
“November Class 8 retail sales showing a 2% year-over-year increase demonstrates sustained market activity, even with typical seasonal patterns affecting month-over-month figures,” said Jonathan Randall, president of Mack Trucks North America. “While freight-related sectors continue to navigate rate and capacity challenges, the consistent strength we’re seeing in vocational markets continues to be a key driver of overall market performance.”
International Motors saw a 10.9% drop in sales to 2,630 units from 2,952. Peterbilt Motors Co. sales fell 10.1% to 2,875 units from 3,198. Kenworth Truck Co. saw sales fall 7.9% to 2,809 from 3,050. Peterbilt and Kenworth are Paccar Inc. brands.
Bowles
“The increase in Class 8 heavy-duty truck sales in November can be attributed to several key factors,” said Charles Bowles, director of strategic initiatives for Commercial Truck Trader. “First, the conclusion of the presidential election has likely eased some of the uncertainty surrounding the industry’s regulatory and economic outlook.” He noted that this clarity is critical for fleet operators and owner-operators when making investment decisions.
But Bowles also highlighted two factors that could affect buyer activity going forward: proposed impending tariffs on vehicle prices and an expected gradual and steady rise in freight rates.
“While the November sales figures are a welcome boost for the industry, they may not necessarily signal sustained growth into 2025,” Bowles said. “New unit orders remain subdued compared to prior years, reflecting cautious optimism among buyers. Additionally, insights from Commercial Truck Trader’s proprietary website visitor behavior data indicate a slight decline in buyer interest in November compared to October. This trend could foreshadow softer sales.”
Want more news? Listen to today's daily briefing below or go here for more info:
