ACT Research is upping its outlook for commercial vehicle demand, as strong freight markets have driven higher-than-expected commercial vehicle build rates.
“If you don’t work in a consumer-facing economic sector, there is much to like about the current U.S. economic outlook,” said Tim Denoyer, ACT’s vice-president and senior analyst.
“In a nutshell, the sectors that are propelling the economy forward are those with the greatest contribution to freight, and many of those sectors are just starting to ramp into multi-year growth cycles.”
ACT is projecting that U.S. trucking companies will generate record profits in 2021, driving stronger demand for new trucks.
“That said, the list of known unknown risks has grown longer recently, including the post-holiday rise in Covid cases, a slower-than-expected roll-out of the vaccine, supply chain shortages in steel and microchips, and even the peaceful transfer of power,” Denoyer added.