The work truck industry should remain strong, outperforming the US economy next year, according to Steve Latin-Kasper, director of market data and research for the National Truck Equipment Association.
Speaking at the newly reformatted NTEA Executive Leadership Summit, NTEA’s Steve Latin-Kasper said that as good as business has been in the truck equipment industry this year, 2015 should be even better. He told his Executive Leadership Summit audience that accelerating growth in the US economy will further strengthen an already robust truck equipment industry.
Latin-Kasper is convinced that there is still room for growth as a large number of older trucks remain in service. Customer groups such as state and municipal governments continue to grow. Demand should remain high as both consumers and businesses have plenty of cash to spend. The industry should benefit from a relatively low interest rates and available credit. Inflation is expected to remain low, even with a possible uptick in 2015.
He added that cost for the raw materials used for producing truck bodies and equipment should remain favorable, at least through the first half of next year.
A major challenge next year will be the continued shortage of qualified technicians. Other than that, most of the downward pressure will be on those who export work trucks. One reason—the strong US dollar is making American goods more costly for customers in other countries.
Latin-Kasper was one of a series of speakers at the Executive Leadership Summit. Previously held immediately prior to the NTEA Truck Product Conference, this year’s event was expanded to a day and a half, with concurrent workshops further adding to the content. A complete report on the event will appear in the December issue of Trailer/Body Builders.