U.S. trailer net orders firmed on a seasonal basis in October, climbing 77% month-over-month to 15,916 units but coming in 5% below year-ago levels, FTR reported. The sharp rebound points to “renewed fleet engagement”—and fewer cancellations—but order volumes remain far below the 10-year October average of 37,116 as operators continue to grapple with soft freight demand, weak profitability, elevated input costs, and persistent uncertainty over trade policy and macroeconomic conditions.
“The U.S. trailer market continues to experience meaningful pressure from volatile trade policy, elevated material costs, and weakening fleet sentiment,” Dan Moyer, FTR senior analyst, commercial vehicles, said. “Although a Supreme Court ruling could eliminate country-specific tariffs depending on the outcome, the main tariff cost for the trailer industry comes from the 50% Section 232 tariffs on steel, aluminum, and copper that will be unaffected.”
ACT Research reported slightly different figures. Preliminary net trailer orders in October were 5,700 units higher than September’s 11,300 level, a 51% month-to-month increase. At 17,100 units booked in October, order intake was 3% above last October’s level. Seasonal adjustment (SA) at this point in the annual order cycle lowers the monthly tally to about 12,600 units.
“Sequentially, October’s higher net order intake was expected, as it is usually one of the strongest order months in the annual cycle initiated at the end of Q3 when the industry begins opening next year’s orderboards,” said Jennifer McNealy, director CV market research and publications at ACT Research. “October’s tally brings the year-to-date net order total to 138.3k units, or 17% more net orders than were accepted through year-to-date October 2024.”
Cancellations ease
Cancellations eased to just above 5%, suggesting some stabilization, according to FTR. However, many fleets “remain cautious” and are postponing 2026 commitments until market conditions and pricing visibility improve. The modest year-over-year (y/y) decline underscores that ordering behavior is still primarily replacement-driven with limited evidence of fleets adding growth capacity.
Indeed, with the majority of 2025 “in the rearview mirror,” the U.S. trailer market remains in “stay afloat” mode, as fleets continue their wait-and-see strategy, according to this month’s issue of ACT Research’s State of the Industry: U.S. Trailers report.
“October’s trailer cancellation rate, as a percentage of backlog, was a more subdued 1.3% versus last month’s overstated 5.6%. Data continued to show elevated cancellations in reefer and tank segments,” McNealy said. “The largest level of cancels came from the tank segments, attributed to a decline in oil/gas activity, in general.”
With higher build rates, lower backlogs, and two more production days in October, the industry BL/BU ratio remained at 3.3 months for the second consecutive month, ACT Research noted.
“October’s build rate and the current backlog commit the industry into mid-Q1’26,” McNealy said. “Overall, backlog remains at rock-bottom levels with the new year’s orderboards opening.”
Trailer YTD, production, backlogs
