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June 24, 2010 8:30 AM, EDT

Global Truck Market Demand Remains Weak, Report Says

The global market for commercial trucks is showing signs of recovery, but demand over the next few years is likely to stay far below the peak levels of 2006 in North America and 2008 in Europe, Standard & Poor’s Ratings Services said.

“In the U.S. market, we expect sales of Class 8 heavy-duty trucks to increase by about 10% for the full year 2010, although this would still be very weak by historical standards,” the report said.

Standard & Poor’s credit analyst Werner Staeblein said that low truck production in North America and Europe “will leave the industry in a position of persistent, rather than temporary, overcapacity, in spite of truck makers’ ongoing cost cuts that are likely to improve financial results,” Bloomberg reported.