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Updated On: 12-Mar-2026 01:00 PM
India's logistics sector saw steady yet muted activity in February, with truck rental rates up 6–8% YoY on key routes. Goods carrier sales rose 32% YoY, while electric vehicle sales posted strong annual growth despite a monthly decline.
India’s mobility and logistics sector experienced steady but subdued activity in February, according to the latest Shriram Mobility Bulletin. Truck rental rates on major trunk routes remained mostly stable month over month, but showed notable year-over-year increases. The Delhi-Kolkata and Mumbai-Chennai routes saw truck rental rates rise by 6% compared to the previous year, while the Delhi-Mumbai-Delhi route recorded an 8% increase.
Truck rental rates increased year over year across several important corridors. The Guwahati-Mumbai-Guwahati route saw a 4% rise, and the Bengaluru-Mumbai-Bengaluru corridor experienced a 5% increase. Despite these annual gains, rental rates remained largely range-bound on a sequential basis in February.
Highway traffic indicators pointed to softer freight movement. The volume and value of FASTag transactions dropped by 26.1% and 25.1%, respectively. Petrol and diesel consumption each fell by 4%, suggesting reduced highway activity on several routes.
Sales of goods carriers and three-wheeler goods vehicles both increased by 32% year over year. Maxi cab sales rose by 35%, and commercial tractor sales grew by 33% YoY, reflecting ongoing demand from utility transport and logistics sectors. Bus sales increased by 34% month over month, while maxi taxi sales rose by 21% over the same period.
The electric vehicle segment showed strong annual growth despite a sequential decline in February. Sales of electric passenger vehicles jumped by 116%, electric two-wheelers by 66%, and electric three-wheelers by 246% year over year.
Sudarshan Holla, Joint Managing Director and Chief Operating Officer of Commercial Vehicles at Shriram Finance, noted that logistics activity remained subdued in February. He cited cautious trucker sentiment due to ongoing conflict in West Asia and its impact on economic activity. Holla expects truck rentals to remain firm in March with the fiscal year-end and increased agricultural freight movement. However, he warned that a potential rise in fuel prices could affect freight economics.
The report suggests that agricultural activity may support logistics demand in the coming months. The Rabi harvest season and the approach of Kharif sowing are expected to boost the movement of farm products and agricultural commodities. This could lead to increased demand for tractors and other agricultural equipment.