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Truck builders to see ‘lower-for-longer’ order levels into 2023: ACT Research

Class 8 orders were “subdued” in April, according to preliminary data from ACT Research, due to constrained production levels and long backlogs.

The industry analyst reported 15,800 Class 8 orders and 19,500 Classes 5-7 orders in April.

“With backlog ahead of the 12-month build plan, combined with constrained industry production, new orders remain largely subdued,” said Eric Crawford, ACT’s vice-president and senior analyst.

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(Photo: John G. Smith)

“Recent commentary from the semiconductor industry is discouraging, with ASML, a key supplier of semiconductor production equipment, pointing to a ‘significant shortage of semiconductor manufacturing capacity this year and next,’ suggesting headwinds to OEM production capacity and by extension, lower-for-longer orders potentially into 2023.”

Crawford added: “With Class 8 backlogs stretching through 2022 and still no clear visibility about the easing of the everything shortage, April’s net orders reflect the ongoing conservative approach by OEMs looking to limit the risk of overbooking and underbuilding that plagued the industry in 2021. Classes 5-7 orders moderated in April, following March’s near all-time level of backlogs.”

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