September Medium-Duty Truck Sales Fall 9.4% Year on Year
Published: October 19, 2024
U.S. retail sales of medium-duty trucks saw a significant decline in September, particularly within Classes 4 to 6, which experienced double-digit percentage drops. Year-over-year sales for Classes 4-7 decreased by 9.4%, and this marks the fourth monthly decline noted in 2024. Month-over-month, the decline was even more pronounced, with sales dropping by nearly 20% compared to August.
Despite the overall downturn, Class 7 trucks showed a strong performance with a 22.3% increase in sales year-over-year. This discrepancy suggests ongoing demand within specific segments, driven by positive economic conditions, according to Jonathan Randall, president of Mack Trucks North America. However, supply chain challenges and labor shortages are contributing to a backlog in deliveries, hindering the overall sales potential in the medium-duty segment.
Steve Tam from ACT Research highlighted that there is a significant inventory buildup due to production limitations. This situation has exacerbated the marketplace, particularly affecting rental companies and specialists in sectors like delivery, which are struggling to access needed vehicles. Ford emerged as a leader in Class 4 and Class 5 truck sales, while Freightliner topped Class 7 sales.
Experts predict that if the current supply chain issues persist, more businesses may seek alternative vehicle solutions or delay purchases, which could further impact sales and production patterns. This ongoing struggle in the medium-duty truck sector reflects broader challenges facing the transportation industry, including the need for improved production efficiency and adaptability to changing market demands.