According to this month’s issue of ACT Research’s State of the Industry: U.S. Trailers report, with one month of data to collect before the book on 2025 is officially closed, the year was less than stellar.
“November’s cancellation rate, as a percentage of backlog, was 2.5%, with data continuing to show elevated cancellations in dry van and tank segments,” Jennifer McNealy, director – CV market research and publications at ACT Research, said. “The largest level of cancels came from the tank segments, attributed to a decline in oil/gas activity, in general.”
McNealy added, “Despite having moved to the historical start of the order season, build again outpaced orders in November. Trailer production was 1,800 units above orders, with backlogs contracting 2% sequentially and 24% compared to the same period in 2024. Backlogs and build levels, with five fewer production days in November, conspired to carve a little more off the BL/BU ratio. After two consecutive 3.3-month readings, the BL/BU slipped to 3.1 months in November, which still commits the industry into mid-Q1/26 albeit at a somewhat anemic level,” she noted.
McNealy concluded, “U.S. trailer constituents’ concerns remain high entering 2026, given the already low BL/BU already on the books, soft demand fundamentals, the impact of tariffs, higher input costs, weak carrier profit margins, as well as consumers’ financial health and their willingness to spend. Looking beyond the trough, we continue to hear anxiousness about whether or not the industry will be prepared for a possible sharp increase in demand once tariffs and trade stabilize, particularly given the rising replacement demand from an aging fleet.”
