According to ACT Research’s latest State of the Industry: NA Classes 5-8 report, current commercial vehicle (CV) market conditions continue to prove resilient in the face of aggressive interest rate hikes. October Class 8 net orders were robust, all the more so when considering September orders set an all-time record.

According to Eric Crawford, ACT Research’s Vice President, Senior Analyst, “For now, business activity in the truck industry rolls on, seemingly unphased by higher interest rates. That said, we expect this dynamic to shift in 1H 2023, as the Fed continues its aggressive push to subdue inflation.” He continued, “Cracks in the economy are becoming more evident: The impact of higher rates has begun to slow activity in the housing sector, and large layoffs have started in the tech sector.”

Crawford highlighted the notable continued strength in Class 8 order activity. On medium duty (MD) and heavy duty (HD) more broadly, he shared, “MD and HD net orders were both robust, each notching their second strongest month of the year, both on a nominal as well as seasonally adjusted (SA) basis. That said, September was the strongest month of the year, so both took a step down sequentially in October.”