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Bakar North American truck orders are expected to remain in line with last year’s orders.
In North America, Class 8 retail sales for the industry in 2023 were about 297,000 units, according to the earnings presentation — in line with expectations of between 270,000 and 310,000 units as of January 2023.
This year, that forecast has been lowered slightly to between 260,000 and 300,000 units, according to the earnings report.
“In 2024, the U.S. economy is expected to expand within the truck segment, with medium-duty and less-than-truckload segments experiencing strong demand and customers benefiting from the superior performance of new Kenworth and Peterbilt truck models,” CEO Preston Figt said on an earnings call last week.
This is in line with independent analysis. Research firm FTR recently pointed to a North American annual run rate of 302,000 orders based on the past six months and a three-month annual run rate of 362,000 units.
However, Paccar deliveries in the first quarter of 2024 are expected to be around 48,000 units globally, down from 51,000 units in the first quarter of last year.
Key markets in North America will not see a slowdown in orders, and Paccar sees “good order appetite and good visibility,” Feigt said.
In contrast, he pointed out that Europe is expected to witness a decrease in registrations by between 15% and 20%, after recording a record increase.
While contract and spot freight rates are struggling, forward-thinking truckers continue to buy trucks with new emissions standards for the 2027 model year in mind, Fayette said.
