Supply chain issues continue to restrict the production of new trucks by original equipment manufacturers (OEMs), creating a shortage of new vehicles and generating pent-up demand as the industry watches economic trends heading into 2022, according to the transportation analysis firm FTR Transportation Intelligence.
The preliminary count of North American net orders for Class 8 trucks in June was 26,700 units, marking a rise of 13% from last month and 71% from the same month last year.
According to Bloomington, Indiana-based FTR, that June order total is very positive because it indicates this order cycle bottomed out at 24,000 orders in May, almost double the typical low point. The firm now expects a surge of orders when all the OEMs start booking for 2022.
“Supply chain issues continue to restrict OEM production, creating a shortage of new trucks and generating a great deal of pent-up demand,” Don Ake, vice president of commercial vehicles for FTR, said in a release. “Fleets are still in desperate need of new trucks to handle the surge in freight growth. The full opening of the economy continues to strain deliveries, with service levels falling at some of the most reliable carriers. Spot freight rates remain highly elevated, an indicator that freight capacity is being greatly stressed.”
That analysis echoes other recent reports that supply chain companies are working to meet sustained consumer demand in the wake of the pandemic, as a sharp rebound in logistics triggers capacity challenges and rising prices.