October Class 8 Orders Soar to Second-Highest Total Ever
New Class 8 truck orders skyrocketed in October to 46,200 units, the second-highest level in history, ACT Research reported.
Last month’s supersize total represented a 76.5% spike from the 26,178 orders placed in October 2013. On a sequential basis, the latest tally leaped 86% from September’s 24,842 orders.
The only larger monthly total on record came during the height of the 2006 pre-buy event, when orders peaked at 52,200 units that March. At the time, fleets ordered a record number of new trucks ahead of the tighter federal emission standards that went into effect in 2007.
In contrast, last month’s historic order strength was driven not by a unique situation in the market, but by a surge in demand for new equipment amid a strong freight environment, said Kenny Vieth, ACT’s president and senior analyst.
“The economy is growing in a lot of the right spots for freight,” he said. “Freight rates are rising, trucker profitability is rising, and also, the OEMs are delivering great value with the fuel economy of today’s trucks.”
During October, many large fleets placed orders for trucks to be built throughout 2015, Vieth said.
The October count boosts 2014’s net order total to 295,458 units, a 37.6% gain from the 214,765 orders in the first 10 months of 2013.
With two months to go, this year’s order intake already has surpassed the 267,700 orders placed in 2013.
If order levels remain strong in November and December, 2014 would be the industry’s best year for new orders since 2004, ACT said.
