Industry news

The economy and the truck market are more often dependent on each other. When the economy seems to be doing poorly, it affects the truck market. And when the truck market is down, it is a reflection of the economy. At the moment, the economy is not doing so well. However, the truck market seems to be still busy. Demand is still steady, and the backlog has remained just high. The GDP hasn’t been in a good place in the recent past.

The Levels of Demand

In an article by Trucknews.com, Jonathan Randall said that the levels of demand are still very high. The order calling off has also not been there. Mack expects U.S., Canada, and Mexico demand for Class 8 trucks to hit 300,000 units. They also expect the numbers to be even higher next year. The backlog of orders and the average age of trucks gives hope to the industry. Older trucks are more expensive to run. It gives hope that the truck market will remain active. The long-haul market is leading the way with 52% of new trucks. Dealer inventory has gone lower compared to recent times.

Medium Duty

Randall said their decision to work with medium duty came at a good time. This was just before the pandemic hit. Their share in the sector has come from zero to up to as high as 6%. Randall was proud of how they had entered this section of the market. He said that they have been resilient despite how the economy has been a challenge. He was optimistic that there were good times ahead for their business.

There have been many issues facing the truck market. The supply chain has been put to the test from time to time. Driver hiring and retention have also been an issue. And now the economy doesn’t look so good. Despite all these, the truck market seems unshaken. Orders for new trucks are still streaming in, thick and fast. The truck market has remained resilient to all the challenges thrown at it. There is hope that even in the foreseeable future, the truckers will still have something to smile about.

The Economy and the Truck Market
The Economy and the Truck Market

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