Highlights of the Market Vitals Seminar show pent-up demand and economic pressures.

ACT Research recently held its 73rd commercial vehicle outlook seminar, titled “Market Vitals: The Current & Future Health of the Industry,” on August 20-21, 2025. Over the course of two days, industry stakeholders such as OEM executives, economists, fleets, and suppliers gathered to assess the prevailing industry conditions and long-term prospects.

The first day of the event focused on discussions from OEMs and fleets. The OEM panel featured prominent industry figures such as Sean Kenney, CEO at Hyundai Translead; Charles Chilton, VP & GM, IC Bus at International Motors; and T.J. Reed, President and CEO at Daimler Truck Specialty Vehicles. According to ACT Research, the panelists highlighted the prevailing uncertainty in various industry segments. Additionally, they discussed the challenges posed by tariff and policy changes that are disrupting the supply and demand landscape, necessitating careful production management.

A fireside chat on day one between Paul Rosa, Senior VP, Procurement and Fleet Planning at Penske Truck Leasing, and Steve Tam, VP & Analyst at ACT Research, tackled the issue of pent-up demand. Many fleets are delaying their equipment purchases until economic and policy conditions stabilize, resulting in a backlog of thousands of overdue vehicle replacements. The panelists cautioned that once the market rebounds, suppliers and OEMs may face challenges in scaling up production, potentially leading to a surge similar to the one experienced in 2021-22.

The focus on day two shifted towards the economic landscape and freight markets, with a panel featuring David Teolis, Chief Economist at ACT Research; Bob Costello, Chief Economist & SVP at the American Trucking Associations; and Jordan Vickers, VP & Chief Economist at Eaton. The panel, moderated by Jim Meil, Principal & Industry Analyst at ACT Research, highlighted concerns such as weaker growth, rising inflation, and uneven job gains. Discussions also touched upon the prolonged freight recession and the initial impacts of new tariffs.

ACT Research analysts provided updates on heavy-duty trucks, freight, and trailers during the seminar. Notable figures like Kenny Vieth, President & Senior Analyst; Tim Denoyer, VP & Senior Analyst; Jennifer McNealy, Director, Research Analysis & Publications; and Carter Vieth, Research Analyst pointed to factors such as production and labor cuts, regulatory uncertainties, and headwinds in trade policies that have resulted in reduced Class 8 and trailer build forecasts for 2025 and 2026. An August survey by ACT revealed that 80% of for-hire fleets had no plans for trailer purchases in the upcoming years. Despite the current weakness in trailer demand, analysts stressed the accumulation of pent-up demand.

ACT Research conducts two Market Vitals seminars each year for subscribers of its “N.A. CV OUTLOOK” and “Freight Forecast: U.S. Rate and Volume OUTLOOK” publications. The next Market Vitals Seminar is set to take place on February 18-19, 2026.