Cancellations provided some relief, easing to 16% of gross orders, down significantly from May’s 39% peak. However, the rate remains slightly above long-term norms, keeping overall activity restrained.
For the full 2025 order season (September 2024–August 2025), net orders totaled 188,519 units, down 5% year-over-year. By contrast, 2025 to date has been much stronger: net orders reached 110,080 units, up 28% year-over-year, averaging just over 13,750 per month.
This strength largely reflects backloaded orders following the November 2024 election, which drove a surge of activity in the first quarter of 2025.
Trailer production also slipped in August:
Year-to-date output is off 22% compared to last year, averaging just 16,731 units per month. Backlogs fell to 81,926 units (-11% m/m; -7% y/y), pushing the backlog-to-build ratio down to 4.8 months — the weakest level since June 2020.
Dan Moyer, Senior Analyst for Commercial Vehicles at FTR, noted: “With builds continuing to outpace new orders, OEMs face mounting pressure to balance production against a thinning pipeline. Unless order activity strengthens with the opening of 2026 order boards, the industry may confront additional headwinds heading into next year.” He added: “For trailer manufacturers and their suppliers, tariffs are producing costs, tighter margins, and increased risk of consolidation. Larger, integrated players are more resilient, while smaller firms are vulnerable. Many fleets are delaying replacements, relying more on used trailers and curbing expansion. The 2026 order season may start later than September for some OEMs with subdued bookings as policy uncertainty and structurally higher costs weigh on demand.”
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To access the full chart accompanying this release, visit: https://www.ftrintel.com/trailer-orders
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