March net trailer orders, at just above 21,000 units, once again defied seasonal and market expectations, coming in up nearly 70% above March last year, according to industry resarchers.
The latest order total was up nearly 21% from February, according to this month’s issue of ACT Research’s State of the Industry: U.S. Trailers report.
“March’s net order intake puts the Q1’25 tally at 62.7k units, 29% higher than Q1’24 bookings,” said Jennifer McNealy, Director–CV Market Research & Publications at ACT Research. “While good news, we caution that the industry’s annual period of seasonally stronger order months is ending, and weaker intake months are expected as we move into the late spring/summer, amid tariff uncertainty that is likely extending the ‘pause’ on ordering decisions.”
Additionally, McNealy noted, order intake outpaced build for only the fifth time in nearly a year, and by about 4,000 units. As a result, backlogs expanded 4.5% sequentially but were down 24% against 2024’s backdrop.
FTR, in its March report, noted the fifth consecutive month with net orders exceeding 20,000 units and positive y/y growth. However, a weak start to the 2025 order season (September 2024 through March 2025) kept cumulative net orders at 146,253 units—down 8% y/y and averaging 20,893 units per month.
Total trailer build in March increased 11% m/m—in line with seasonal expectations—to 17,611 units but decreased 26% y/y. 2025 year-to-date trailer build fell 31% y/y to 46,218 units, an average of 15,406 per month.
However, the larger m/m increase in production compared to backlogs lowered the backlog/build ratio to 7.3 months, FTR added.
“Some fleets appear to be prioritizing adding trailers in lieu of power units. So far this year, U.S. trailer net orders have outpaced total North America Class 8 net orders by 7,900 units,” Dan Moyer, FTR senior analyst, commercial vehicles, said. “Given the increasing level of uncertainty—the economy, tariffs, truck freight demand and pricing, etc.—it remains to be seen if this order strength can be sustained.”
Recently imposed U.S. tariffs, along with retaliatory measures, pose “significant risks” to the North American trailer market, influencing both imported units and domestic production reliant on foreign-sourced materials, Moyer cautioned.
“OEMs will likely face increased manufacturing costs, diminished margins, and possibly softened or stagnant demand,” he said. “Suppliers, meanwhile, likely will experience intensified financial pressures stemming from supply chain disruptions, potentially prompting shifts toward alternative sourcing strategies or domestic partnerships.
“For fleets, higher prices and prolonged lead times may result in postponed procurement decisions or a renewed focus on upgrading power units instead.”
