Mobility and Logistics Activity Remains Muted in February as Truck Rentals Stay Range-bound: Shriram Mobility Bulletin
India’s mobility and logistics sector witnessed relatively stable trucking activity during February. Data indicates that truck rentals across key trunk routes remained rangebound month-on-month, even as several routes continued to record year-on-year growth. The Delhi–Mumbai–Delhi route recorded year-on-year growth of 8%, while the Delhi–Kolkata–Delhi and Mumbai–Chennai–Mumbai routes each posted 6% growth. The Bengaluru–Mumbai–Bengaluru route recorded 5% growth, while the Guwahati–Mumbai–Guwahati route increased by 4% year-on-year.
Vehicle sales, on a MoM basis, moderated across several categories during February which also followed the typical pattern for the month of February in previous years. Passenger vehicles and two-wheelers saw a 28% and 8% dip in February which could be a result of customers waiting for special offers expected during upcoming Gudi Padwa / Ugadi festivals in March.
However, select segments continued to record growth, with bus sales increasing by 34% month-on-month and maxi cab sales rising by 21%, reflecting steady demand for passenger mobility and institutional transport requirements.
On a year-on-year basis, multiple commercial vehicle segments continued to record strong growth. Goods carrier sales increased by 32%, while three-wheeler goods vehicles also recorded growth of 32%. Commercial tractor sales grew by 33%, while maxi cab sales rose by 35% year-on-year, highlighting sustained demand from logistics and utility transport segments.
While sales of EVs saw a dip on a month-on-month basis, the sales saw excellent growth on a year-on-year basis with electric two-wheelers growing by 66% year-on-year, electric three-wheelers by 246%, and electric motor car by 116%. The growth in EV segments continues to be supported by urban commuting demand as well as the expansion of last-mile delivery fleets across cities.
"Logistics activity in India remained subdued in February, with truck rentals across key trunk routes largely rangebound. Trucker sentiment continues to be cautious amid the ongoing conflict in West Asia and its impact on economic activity. With fiscal year-end goods movement and a pickup in agricultural freight expected, rentals are likely to stay firm in March, though possible rise in fuel prices remain a key risk," said Sudarshan Holla, Joint Managing Director & Chief Operating Officer, Commercial Vehicles, Shriram Finance.
With Rabi harvest season set to begin, movement of agricultural items and farm produce is expected to gather momentum by the end of February which should reflect in improved truck rentals in March 2026. The upcoming Kharif sowing season is also expected to boost sales of agricultural equipment.
FASTag transactions dropping by 26.1% in volume and 25.1% in value coupled with a 4% drop each in petrol and diesel consumption indicating relatively slower freight movement and highway traffic across several corridors. Seasonal factors and cautious freight movement in certain trade routes also contributed to the moderation.
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