Truck rentals surged in August 2024 for the second consecutive month, driven by heightened trade activities and the approaching festive season, according to the latest Shriram Mobility Bulletin. Key routes saw notable increases, with Kolkata experiencing the highest rise at 3% due to a rebound in trade with Bangladesh. The Delhi-Kolkata-Delhi and Delhi-Hyderabad-Delhi routes also saw increases of 2.7% and 2%, respectively.
Fleet utilization in the India-Bangladesh border region improved to 60%, up from 40% previously. The Srinagar region saw a nearly 10% increase in freight rates due to the apple harvest and election-related activities, while the Wayanad area faced higher rates due to a truck shortage.
Y S Chakravarti, MD and CEO of Shriram Finance Ltd, noted that the festive season and increased production efforts are boosting truck rentals. However, floods in Gujarat are creating logistical challenges, with a cautious eye on recovery in Andhra Pradesh and Telangana.
In the automotive sector, motor car sales dropped 6% to 280,151 units in August, attributed to excessive rainfall affecting showroom visits. Conversely, two-wheeler sales fell 8% month-on-month but rose 6% year-on-year. The used commercial vehicle market showed strong year-on-year growth, with significant price increases in various weight categories.
Petrol consumption rose 2% month-on-month and 8% year-on-year, while diesel consumption fell 10% month-on-month. Toll collections saw a slight increase, and electric two- and three-wheelers experienced declines of 26% and 3% year-on-year, respectively. E-way bill generation increased in July 2024.
