2018 has been a promising year for the trucking industry. The commercial truck market witnessed surge in sales with class-8 trucks exceeding more than 52,629 units in the month of July. Take a note that this was the weakest month in terms of sales. At least 3.2 million commercial trucks were sold globally in this year. This growth included every class of commercial trucks.
An impressive sales volume is projected in both the USA and China for sales of medium and heavy trucks. In the USA, registrations were increased by nearly 12% in the first half. It experienced a double-digit growth for both class-6 and class-8 trucks. IHS Markitprojected a growth of 11% over the previous year in North America. The first half of 2018 had increased sales up by 14.7 % in comparison to the same period in 2017. Registrations for class-8 are also increasing by 19%.
The strong demands are triggered by factors like robust economic development, proper implementation of ELD mandates, and tight trucking capacity. Larger fleets are placing more orders to keep up the drive. Diesel-powered trucks continue to be the top preference while electric vehicles are also catching up fast.
Even in the small truck segment, growth has been impressive and consistent.
The trucking orders are already past the previous records. There is extreme optimism in the market. The dealers are anticipating delays in supply due to long gaps in equipment building process. As such, they are placing advance orders for 2019. The build is piling up because of an unexpected parts shortage in Q2.
But, the experts are upbeat about trucking orders gaining momentum again with the growing demands for medium and heavy trucks. The full-year build for medium-duty trucks is expected to grow up to 270,500 units in 2019. In fact, it is unlikely to see a downturn in the demands of class-8 trucks before 2020.