Truck rentals flat in January; EV and CV sales sustain momentum: Report

India's mobility sector opened 2026 on stable footing, with truck rentals holding steady month-on-month, healthy year-on-year growth across routes, and strong demand for EVs, SUVs, freight transport

Truck rentals remained flat month-on-month (M-o-M) in January across key trunk routes, even as year-on-year (Y-o-Y) growth ranged between 5-12 per cent, according to the monthly Shriram Mobility Bulletin. 

 

The onset of the Rabi harvest in January, with increased movement of agricultural produce across regions, kept trucking activity busy. The Delhi-Mumbai-Delhi route recorded the highest Y-o-Y growth at 12 per cent, while the Delhi-Kolkata-Delhi, Mumbai-Chennai-Mumbai, Bengaluru-Mumbai-Bengaluru and Kolkata-Guwahati-Kolkata routes each posted growth of around 10 per cent.

 

Electric vehicle adoption continued to be a key growth driver, with electric two-wheeler demand remaining resilient due to steady urban commuting needs and improving product reliability, while electric car sales benefited from wider model availability and rising consumer comfort with EV ownership. Electric two-wheeler sales increased by 26 per cent M-o-M, while electric motor car sales grew by 29 per cent, underscoring sustained momentum across the segments.

 

Robust demand for SUVs, supported by resilient consumer confidence, underpinned strong sales across passenger vehicles (PV) in January. At the same time, sustained requirements for last-mile delivery and utility transport continued to support healthy retail sales in the light commercial vehicle segment. In contrast, bus retail volumes moderated during January 2026, as slower fleet replacement cycles weighed on fresh purchases, resulting in a decline in sales.

 

Motor car sales recorded a 37 per cent M-o-M increase, reflecting improved consumer sentiment and higher showroom conversions. At the same time, goods carriers and three-wheeler goods vehicles sales grew by 37 per cent and 33 per cent respectively, underscoring sustained momentum in freight and last-mile logistics, highlighting a broad-based recovery across both personal mobility and commercial transport segments.

 

Commercial construction equipment sales rose by 22 per cent (M-o-M), while Earth-moving equipment sales surged by 44 per cent, driven by ongoing investments in highways, urban infrastructure, logistics parks and industrial corridors.

 

"Truck rentals were flat in January following a strong pickup in the previous quarter. Following the announcement of the Indo-US trade pact, we expect vehicular movement to pick up across key export hubs and ports. Rising temperatures should also restore normal logistics activities in the Himalayan region. However, transport operators note that geopolitical tensions along the Indo-Bangla border continue to disrupt goods movement. As we enter the peak quarter, we expect overall normalcy to return to the transport sector," said Sudarshan Holla, joint managing director and chief operating officer, commercial vehicles, Shriram Finance.