April Trailer Orders Defy Seasonal Expectations Again

Preliminary net data from ACT Research showed orders rose 126% year over year to 19,400 units. (Utility Trailer Manufacturing Co.)

U.S. trailer orders came in well above seasonal expectations for the second consecutive month in April.

Preliminary net data from ACT Research showed orders rose 126% year over year to 19,400 units, though the report noted that prior-year trailer orders were weak. Orders also topped the 18,800 units reported the prior month by 3%, even though April typically brings a sequential decline. Seasonally adjusted volume at this point in the annual order cycle came in at 26,800 units.

“April traditionally marks the second consecutive month of ‘weakest’ months of the annual order cycle,” said Jennifer McNealy, director of commercial vehicle market research for ACT Research. “That said, this year’s cycle seems to have been delayed a few months.”

McNealy questioned whether more months of unexpectedly strong order intake are ahead, or whether traditional second-quarter weakness will reassert itself as fleet decision-makers continue to hesitate about placing trailer orders.

“Based on the April data, we now know there was at least one more month of improved order intake in the pipeline, but it remains to be seen how the final two months of Q2 will unfold,” McNealy said. “Additionally, concern is mounting about how quickly trailer OEMs will build down the relatively still-thin backlog.”

That concern, McNealy added, is being driven especially by activity in the key freight-generating economic sectors that underpin transportation demand, as well as high oil prices that weigh on purchasing decisions for consumers and fleets. The Iran war, which has slowed traffic through the Strait of Hormuz, has put upward pressure on fuel prices.

“It’s been slowly picking up,” said Dan Taylor, director of sales at Western Trailers. “Even with everything changing as far as fuel went. We’re seeing business slowly coming back, and we’re a little ahead of where we were last year, maybe just a little tiny bit.”

Taylor expects to miss his sales goals for the year because fuel costs have disrupted his trucking customers. The price of fuel has become the first order of business in many recent conversations, he said. Still, he is optimistic the year can finish relatively strong and that recent capacity reductions will help his customers.

“We developed all that capacity during COVID when everybody thought they should buy a truck and get into trucking,” Taylor said. “So with what we’re seeing right now, we’re seeing some capacity reductions, and business is picking up for some of our customers.”

Trailer sales at Western Trailers this year have come primarily from replacements, though fleet growth also has helped. Taylor noted that growth has not been as strong as his customers had hoped, but it has been positive.

“I think we’re going to have some pent-up demand still,” Taylor said. “Trailer fleets are still aging. The flatbed fleets that we deal with are getting into the 10- to 15-year-old range when people didn’t want to go above 10 years.”

Preliminary data from FTR Transportation Intelligence showed trailer orders increased 100% year over year to 19,953 units and rose 11% sequentially compared with March. The report said strengthening demand extended the previous month’s upside surprise, defying the typical spring slowdown in activity.

“Overall, the U.S. trailer market appears to be moving from deterioration toward stabilization and modest improvement,” said Dan Moyer, senior analyst of commercial vehicles at FTR. “Freight conditions are improving in pockets, but the recent rebound remains driven mainly by replacement demand and selective fleet activity rather than broad expansion.”

Moyer added that trailer demand should therefore continue to lag Class 8 tractors in the near term. But he expects improvement to be concentrated among stronger fleets, aged-equipment replacements and dry van normalization. He warned that cost and policy risks remain key overhangs that may already be shaping demand patterns, including metal-related tariffs.

“April trailer demand was better than expected,” Moyer said. “But a durable upcycle will likely require stronger fleet margins, higher trailer utilization, further absorption of excess capacity and clearer visibility into trade-related costs.”