On a month-on-month basis, Goods Carriers sales saw a significant 41 per cent growth in January. Three-wheelers (goods) and Passenger Buses sales each saw a 32 per cent increase, while Maxi Cabs registered a massive 59 per cent growth in sales. Additionally, the rabi harvest season contributed to a 15 per cent increase in agricultural trailer sales. Motor Car sales witnessed a 54 per cent growth, and Two-wheeler sales grew by 27 per cent on a month-on-month basis. In the electric vehicle (EV) sector, January saw a 21 per cent month-on-month increase in EV 2 wheeler sales and a 16 per cent increase in EV car sales. E-way bill generation in the month of December 2024, both intra-state and inter-state, showed consistent growth, with intra-state bill generation rising by 8.7 per cent and inter-state by 12 per cent on a month-on-month basis.

The cold wave across the country resulting in lesser number of commercial vehicles on the road can be seen from the fact that diesel consumption reduced by 4% on a month-on-month basis and FASTag transaction volume and value, on a month-on-month basis, also decline by 0.4 per cent.

Y S Chakravarti, Managing Director and CEO, Shriram Finance Ltd. said, “The rise in rental rates is a positive sign for the logistics sector. This increase can be attributed to the arrival of winter fruits and vegetables, which has boosted the need for transportation and storage services. However, the cold wave conditions prevailing in most parts of the country have adversely affected vehicle movement, causing some disruptions in the supply chain.

As we move into a busy quarter, the logistics sector is expected to see heightened activity. The recent union budget has laid out a comprehensive roadmap for the economy, which is likely to further stimulate growth in this sector. Additionally, sales of two-wheelers, passenger cars, and commercial vehicles have shown significant growth, reflecting increased consumer confidence and economic activity. Overall, despite the challenges posed by the cold wave, the logistics sector is poised for a strong performance in the coming months, driven by seasonal demand and supportive economic policies.”

As India moves into the next quarter, the outlook for the truck rentals and sales of vehicles across all categories remains positive. The upcoming Kharif sowing season is also expected to boost the sales of agricultural vehicles. The EV segment, while facing challenges, is likely to see further growth with new policy measures and potential price reductions.