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Truck manufacturers are set to raise the prices of new Class 8 tractors as early as May as a result of tariffs on U.S. imports, with further hikes likely on the way.

North American Class 8 truck orders in February remained below year-ago comparisons for a second consecutive month after a short uptick in December, according to ACT Research.

FTR expects contract truckload rates to increase 2.2% on a full-year basis in 2025, adding that by the end of 2025, contract rates will be rising 5% year on year.

Rates will improve in 2025, however, as will volumes, FTR Vice President of Trucking Avery Vise said during the research group’s Q4 2024 Food Industry Economic and Transportation Update.

As carriers await an upturn in the freight environment, executives say they continue to seek efficiencies and prepare their fleets for when the tipping point comes.

FTR Transportation Intelligence expects truckload spot rates to rise 6.5-7% in 2025, Vice President of Trucking Avery Vise said in a presentation.

“We have a massive chess board,” said DTNA Senior Vice President of Sales and Marketing David Carson, and his company is trying to move pieces around while waiting for freight rates to rise.

Demand and consequently output prospects for U.S. trailer manufacturers continue to dim, said Dan Moyer, FTR Transportation Intelligence senior analyst for commercial vehicles.

Speaking at the FTR Transportation Conference 2024 in Indianapolis, Dan Moyer said he would have expected build levels to decline, but that has not happened.

A timeline for a rebound in freight rates and market conditions remains muddy into the second half of 2024, according to executives and analysts.