U.S. Trailer Orders Hold Strong Despite Market Uncertainty

February Sees Stable Trailer Orders Amid Economic Challenges

U.S. trailer net orders in February reached 20,874 units, reflecting an 18% month-over-month (m/m) decline but a 3% year-over-year (y/y) increase, according to FTR. This marks the fourth consecutive month with orders exceeding 20,000 units and positive y/y growth. However, the slow start to the 2025 order season (September 2024–February 2025) has left cumulative net orders down 14% y/y at 124,737 units.

Despite many fleets prioritizing power unit purchases in 2024, trailer orders for 2025 to date (46,298 units) have outpaced U.S. Class 8 net orders by 9,554 units. However, future trends remain uncertain.

Production and Backlog Trends

• February trailer production rose 23% m/m to 15,800 units but remains down 34% y/y.
• Increased production is likely due to stronger recent orders and OEM efforts to build inventory ahead of potential tariffs.
• Backlogs grew by 4,298 units (4% m/m), with the backlog-to-build ratio easing slightly to 7.8 months.

Tariff Concerns and Fleet Strategy Shifts

Dan Moyer, senior analyst at FTR, warns that pending U.S. tariffs could disrupt the North American trailer market. “New and pending U.S. tariffs, along with retaliatory measures, pose significant risks,” he said. These tariffs could drive up production costs, tighten margins, and slow demand. Fleets may face higher trailer prices and longer lead times, potentially shifting investment back toward power units.

Additionally, the Environmental Protection Agency’s (EPA) plan to revisit 2027 truck NOx emissions regulations may alter fleet equipment strategies, adding another layer of uncertainty to the market.

For a visual breakdown of the data, check out FTR’s full report here.