2024 Class 8 Production and Sales Forecast Bumped Up

ACT Research reports 2024 Class 8 production and sales expectations up in February

After essentially holding the line on the forecast since last July, ACT Research pushes 2024 Class 8 production and sales expectations up in February, as published in the latest release of the North American Commercial Vehicle OUTLOOK.

“In addition to an improving economic outlook, the decision to boost the forecast, despite near-term inventory risks, reflects the industry’s ability to more aggressively sell into Mexico and export markets, while maintaining strength in domestic vocational,” according to Kenny Vieth, ACT’s President and Senior Analyst. “The 2024 market is atypically bifurcated: considerable strength remaining in US and Canadian vocational markets and Mexico helps offset otherwise weak demand in US and Canadian tractor markets, LTL excluded.”

He added, “With more time-sensitive manufacturing loads to haul, pent-up demand, and a strong peso, the forecast anticipates Mexico-bound Class 8 production will rise considerably in 2024.”

Vieth concluded, “We think the economy’s cooperation, plus the OEMs’ desire to ensure supply-chain integrity by making sure the industry’s labor supply remains largely intact through 2024, adds upside to our higher forecast. While we view upside as more likely than down, we remain concerned that the largest piece of the North American market, US for-hire truckload, is unlikely to be helpful in driving volume this year.”

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