FTR reported that U.S. trailer net orders fell sharply in July, dropping 39% month-over-month (m/m) to 7,794 units. The decline erased June’s dry van-driven rebound, as tariff pressures and freight market uncertainty weighed heavily on the industry.
While orders were still 23% higher year-over-year (y/y) due to weak 2024 comparisons, volumes remain well below the 10-year July average of 14,856. Year-to-date (YTD) 2025 orders total 102,991 units, up 31% y/y and averaging 14,713 per month.
Cancellations and Backlogs
- Order cancellations accounted for 17% of gross orders in July, down from a 39% peak in May.
- Cumulative net orders for the 2025 season (Sept. 2024–July 2025) stand at 181,430 units, down 5% y/y and averaging 16,494 per month.
- Total U.S. trailer build declined 1% m/m and 4% y/y to 17,999 units in July. YTD build is down 23% y/y at 116,826 units.
Backlogs fell by 11,364 units (-11% m/m; -10% y/y) to 92,132 units, reducing the backlog/build ratio to 5.1 months. This shrinking backlog signals potential production headwinds unless orders rebound with the opening of 2026 order boards in September.
Analyst Perspective
Dan Moyer, senior analyst, commercial vehicles, noted the intensifying strain: “The U.S. trailer market is now under mounting pressure as tariff exposure broadens. Higher tariff rates for most major U.S. trading partners kicked in on August 7.”
He added: “The escalating tariff impact could affect the trailer market in both supply and demand. OEMs and suppliers must either absorb margin losses or raise prices.”
Looking Ahead
The combination of shrinking backlogs, cautious fleets, and escalating tariff exposure points to a volatile environment for trailer OEMs and suppliers in the months ahead. The opening of 2026 order boards will be a critical test for gauging demand stability.