TRUCK, TRAILER, & OFF-ROAD VEHICLE (TTORV) INDUSTRY UPDATE - Q3 2025
- Kevin Marsh
- Dec 16
- 1 min read
TRENDS & NEWS IMPACTING THE TTORV INDUSTRY
Key Takeaways
Deal activity within the industry increased over the last quarter and over the last year (20 deals in Q3 2025 versus 14 in Q2 2025 and 8 in Q3 2024)
Private equity interest in M&A increased over the last quarter (4 deals closed in Q3 2025 versus 2 in Q2 2025)
Publicly traded valuation multiples were up for all sector participants over Q3 2025
Financial performance was mixed in Q3 2025 versus Q3 2024 with sales increasing for Off-Road Vehicle OEMs and Off-Road Vehicle Suppliers, while EBITDA and EBITDA margins increased for the Truck & Trailer Suppliers and Off-Road Vehicle Suppliers
Capital spending increased across all segments
Balance sheets remain healthy
Strategic buyers continue to have ample dry powder for further acquisitions
