Truck rentals remained largely unchanged across major trunk routes, even as toll charges rose by 5–10%. According to the April 2025 edition of the Shriram Mobility Bulletin, a modest uptick in freight demand, buoyed by post-Rabi season goods movement and the transportation of summer fruits, created a mildly positive undercurrent in the market.
Among key corridors, the Delhi–Chennai–Delhi route saw a 2.5% month-on-month (MoM) rise in rentals, while Delhi–Bengaluru–Delhi slipped by 1.6%. Year-on-year (YoY), several corridors posted solid growth: Kolkata–Guwahati–Kolkata rentals jumped 14% and Mumbai–Chennai–Mumbai rose 8%.
In rural markets, improved connectivity contributed to a 12% MoM increase in two-wheeler sales. Bus sales grew 4% on continued momentum, while e-rickshaws with carts recorded a standout 77% YoY growth. However, commercial vehicle sales faced pressure from muted infrastructure spending, with tractors down 13%, construction equipment off 9%, and earth-moving equipment slipping 19% MoM.
The electric vehicle (EV) segment presented a mixed picture. EV three-wheeler sales rose 5% MoM, while two-wheeler and car sales dipped by 30% and 4% respectively. On a YoY basis, though, the segment remains robust, with EV car sales up 58%, three-wheelers 49%, and two-wheelers 40%.
Petrol consumption declined 2% MoM, while diesel consumption rose 2% driven by industrial and commercial activity. FASTag usage continued to climb, with a 0.9% rise in transaction volumes and a marginal 0.03% increase in value. E-way bill generation in March saw healthy growth, with intra-state bills up 12% and inter-state bills rising 11% MoM.
Commenting on the trends, Y S Chakravarti, CEO & MD, Shriram Finance Ltd., said, “Truck rentals remained subdued in April despite the toll hikes. However, the undercurrent improved following a good Rabi harvest. With heatwaves predicted in the coming months, trucking activity could face fresh challenges.”
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