U.S. trailer net orders dropped 34% in May to 6,738 units—well beyond typical seasonal softening—according to the latest data from FTR. While the year-over-year comparison was slightly positive (+3%) due to weak orders in May 2024, the broader trend signals a challenging environment for trailer OEMs and fleets alike.

Key Metrics at a Glance

• May Net Orders: 6,738 units (–34% m/m; +3% y/y)
• Order Cancellations: 37.6% of gross orders, the highest in 12 months
• Trailer Builds: 16,958 units (–4% m/m; –24% y/y)
• Backlogs: Down 11,376 units to 108,955 (–9% m/m; –16% y/y)
• Backlog/Build Ratio: Now at 6.4 months

The sharp rise in cancellations—nearly doubling from April’s 20%—highlights growing fleet hesitation in response to mounting uncertainty. Net orders for the current 2025 order cycle (Sept–May) now total 161,657 units, down 10% from the prior year.

Tariff Shock and Cost Pressures Weigh on Fleets

Senior Analyst Dan Moyer points to rising tariffs as a key disruptor: “The ever-evolving tariff environment continues to disrupt the U.S. trailer market. The increase in tariffs on steel, aluminum and fabricated components to 50% on June 4 will significantly increase production costs for OEMs/suppliers, putting further downside pressure on trailer demand.”

While recent reductions in Chinese import tariffs may offer some relief, country-specific tariffs and emergency powers-based duties add layers of complexity.

Moyer continues: “OEMs and suppliers face pressure to either absorb rising costs or pass some or all of them on to fleets, potentially impacting fleet expansion and maintenance strategies. As a result, some fleets may delay new trailer purchases or turn to refurbished and alternative options. Potential consequences include heightened market price sensitivity, extended trailer lifecycles and a shifting of some demand toward used equipment or alternative configurations.”

Context and Implications

Fleets are navigating a turbulent mix of macroeconomic pressure, legal uncertainties around tariffs and production cost spikes. The May figures offer a stark reminder that policy changes can ripple quickly across the freight equipment landscape.