Global Truck Production REPORT
St. Paul, MN (October 24, 2022)— The Power Systems Research Truck Production Index (PSR-TPI) dropped from 110 to 101, or 8.2%, for the three-month period ended September 30, 2022, from Q2 2022. The year-over-year (Q3 2021 to Q3 2022) loss for the PSR-TPI was, 117 to 101, or 13.7%.
The PSR-TPI measures truck production globally and across six regions: North America, China, Europe, South America, Japan & Korea and Emerging Markets.
This data comes from OE Link™, the proprietary database maintained by Power Systems Research.
All Regions. Medium and heavy commercial vehicle production will be mixed this year due to a variety of issues. In China, truck overcapacity continues to hinder demand while the Russian-Ukraine war is significantly impacting demand and production in Eastern Europe. The global supply chain will remain a problem through at least the end of this year for all regions. There is serious concern about a major slowdown in the North American and European economies as a direct result of higher fuel and energy prices and overall inflation which doesn’t appear to be going away anytime soon.
Global Index. Global medium and heavy vehicle production is expected to decline by 13% this year primarily due to a significant drop in heavy truck demand in China. A slowing global economy along with continued supply chain disruptions will continue to place pressure on demand moving forward.
North America. Medium and heavy commercial vehicle production is expected to increase by 9.3% this year over 2021 as the OEMs continue to struggle with the supply chain disruption that is expected to continue well into next year. Freight demand continues to remain healthy but is expected to cool as the economy in general slows down primarily due to high inflation and energy costs along with higher interest rates and continued disruption within the overall supply chain. Within the class 8 truck segment, PSR expects truck demand to remain strong into the first part of next year as a result of significant pent-up heavy truck demand. PSR
Jim Downey is Vice President – Global Data Products at Power Systems Research and
Chris Fisher is Senior Commercial Vehicle Analyst at Power Systems Research
