Class 8 truck sales went up 8% despite inflation

Experts say that in June 2022, sales of new Class 8 trucks in America increased by 12.7% compared to last year.

Manufacturers reported 22358 trucks sold in June. This is 1643 trucks more than in May, when it was believed that the maximum number was sold this year.

Among truck manufacturers, Freightliner leads with US sales of 8129 trucks, accounting for 36.4% of Class 8 new vehicle sales in June. Sales increased by 11.2% compared to May 2022.

Kenworth and Peterbilt together took 29.6% of the June US market. Volvo and Mack accounted for 19% of truck sales in June.

International sales reported 2927 trucks in June, up 4.6% from May.

The increase in sales indicates that there are significantly fewer problems with the supply chain.

Kenny Wit, president and senior analyst at industry forecaster ACT Research, believes the truck market will remain strong for some time.

“Demand for cars is stable, even declining from now on, and growing need is expected to remain till 2023,” he explained. “Finally, some pre-purchase is expected before the CARB Clean Truck mandate is implemented, which will help support activity next year.”

It is possible that there may be price increases due to the growth in the cost of spare parts and components. But that will be much later.

Those who are financing new equipment will see the cost of borrowing rise as interest rates continue to rise.

On June 15, the Federal Reserve raised its benchmark interest rate, the largest increase since 1994.

Economists expect a further rise before the end of the year.