India’s mobility and logistics sector witnessed relatively stable trucking activity in February, with truck rentals across major trunk routes remaining largely rangebound month-on-month, according to the latest industry data.
Despite the stable month-on-month trend, several key routes recorded notable year-on-year growth. The Delhi–Mumbai–Delhi corridor led the growth with an 8% increase in truck rentals, followed by the Delhi–Kolkata–Delhi and Mumbai–Chennai–Mumbai routes, each posting 6% growth. The Bengaluru–Mumbai–Bengaluru route recorded a 5% rise, while the Guwahati–Mumbai–Guwahati corridor saw a 4% increase compared to the same period last year.
Vehicle sales across several segments moderated on a month-on-month basis in February, in line with the typical seasonal pattern observed in previous years. Passenger vehicle sales declined by 28% while two-wheeler sales dropped by 8%, a trend that analysts attribute to customers postponing purchases in anticipation of festive offers expected during the upcoming Gudi Padwa and Ugadi celebrations in March.
However, certain segments continued to show resilience. Bus sales increased by 34 % month-on-month, while maxi cab sales rose by 21 %, reflecting sustained demand for passenger mobility and institutional transportation services.
On a year-on-year basis, the commercial vehicle segment maintained strong momentum. Goods carrier sales grew by 32%, while three-wheeler goods vehicles also recorded a similar growth rate of 32 %. Commercial tractor sales increased by 33% and maxi cab sales rose by 35%, highlighting continued demand from logistics, agricultural and utility transport sectors.
Electric vehicle segments also posted impressive year-on-year growth despite a month-on-month dip in sales. Electric two-wheeler sales increased by 66 %, electric three-wheelers surged by 246 %, and electric passenger cars grew by 116 %. The growth in EV adoption continues to be driven by urban mobility needs and the rapid expansion of last-mile delivery fleets across cities.
Commenting on the market trends, Mr. Sudarshan Holla, Joint Managing Director and Chief Operating Officer – Commercial Vehicles at Shriram Finance, noted that logistics activity remained somewhat subdued during the month.
“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,” he said.
Supporting this cautious outlook, FASTag transactions declined by 26.1 % in volume and 25.1 % in value during February. Fuel consumption data also indicated moderation, with both petrol and diesel consumption dropping by around 4 %, pointing to relatively slower freight movement and highway traffic across several corridors.
Industry observers attribute this moderation to seasonal factors and cautious freight movement across certain trade routes.
Looking ahead, logistics activity is expected to pick up with the onset of the Rabi harvest season. Increased movement of agricultural produce is likely to boost truck demand and improve rental trends by March. Additionally, the upcoming Kharif sowing season could drive stronger demand for agricultural equipment and related transport services, providing further support to the mobility and logistics ecosystem.
