October trailer demand improved but still well below average

The firm noted that the order volume is still far below its 10-year October average of 37,116.

“The U.S. trailer market continues to experience meaningful pressure from volatile trade policy, elevated material costs, and weakening fleet sentiment,” Dan Moyer, senior analyst on commercial vehicles with FTR, 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.”

Research firm ACT Research said that the trailer market in October remained in “stay afloat” mode.

Both firms found that trailer cancellation rates declined in October. FTR reported that cancellations eased to just above 5% as fleets postponed their 2026 commitments. ACT reported cancellation rates as a percentage of backlog, which fell to 1.3%, with the highest level of cancellations from tank segments.

According to ACT, backlog-build ratios remained at 3.3 months. ACT’s current count of Q3 ratios has seen some of the lowest from the firm in the last decade. FTR’s measure of the backlog-build ratio was 4.1, the firm’s lowest point since mid-2020.

“October’s build rate and the current backlog commit the industry into mid-Q1’26. Overall, backlog remains at rock-bottom levels with the new year’s orderboards opening,” Jennifer McNealy, director of CV market research and publications for ACT Research, said.