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Class 8 truck orders in North America hit a 14-month high in November 2023, indicating a strong replacement equipment demand despite a slow freight market.
In November 2023, Class 8 truck orders in North America reached a 14-month high, defying the sluggish freight market, with 41,700 units ordered, surpassing both the previous month and year-over-year figures. This surge, the highest since September 2022, suggests a "solid rather than stellar" outlook for 2024, according to ACT Research. The rising backlogs indicate a strong demand for replacement equipment despite the overall weak freight market. FTR Transportation Intelligence reported a slight year-over-year increase in orders, attributing the trend to replacement demand stabilization for 2024. Industry leaders like Paccar Inc.'s CEO note strength in vocational, medium-duty, and LTL markets, signalling an optimistic view for the upcoming quarters.
Source: Freight Waves
Class 8 truck orders continued to outpace the sluggish freight market with November orders surpassing 40,000. It was the best month since September 2022 on a seasonally adjusted basis.https://t.co/lomoBYXZuh
— FreightWaves (@FreightWaves) December 5, 2023
Source: FreightWaves
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