Truck Rentals Hold Steady in March Amid Toll Hike Pressures and Festive Demand: Shriram Mobility Bulletin

Mumbai, April 8th, 2025: The Shriram Mobility Bulletin released today reveals that truck rentals remain steady in March 2025, following a dip in February. Despite stable rental rates, the sector remains under pressure with increased toll charges implemented from April 1, 2025.

Truck operators bemoan excise duty increase, which does not pass on lower crude prices to pumps. However, they expect the tyre prices to drop.

Among key freight routes, Delhi–Bengaluru–Delhi registered the highest rental hike at 5% month-on-month (MoM), followed by Delhi–Mumbai–Delhi at 1.3% and Delhi-Hyderabad-Delhi at 1.1%. Alternatively, the Delhi–Chennai–Delhi route registered the steepest fall at -5.2% MoM and Delhi-Kolkata-Delhi rentals dropping by 1.3%.

Vehicle Sales witnessed a bounce back in March, thanks to festive events such as Chaitra Navratri, Gudi Padwa, and Eid. Dealers provided attractive discounts, while new model launches, and enhanced variant availability gave further push. The spur in infrastructure development gave a massive boost to earthmoving equipment sales which grew by 24% MoM, followed by sales of buses growing by 23% (MoM) and maxi cabs sales growing by 17% (MoM). The onset of Kharif sowing saw a 12% (MoM) increase in tractor sales, 17% growth (MoM) in Commercial Tractors and 23% growth (MoM) in agriculture trailers.

EV two-wheeler sales increase 2% MoM, three-wheelers sales grew by 4% (MoM), and EV car sales saw a significant 23% MoM growth. However, the sector continues to struggle as YoY sales drop.

Petrol consumption also grew, up 11% MoM and diesel up 10% MoM. FASTag transaction volumes fell marginally by -1.2%, though transaction value rose 3% MoM.

Major ports registered a 16% MoM growth in bulk cargo volumes. Deendayal Port led the pack having handled 16.32 MMT cargo, while Kolkata Dock System handled the lowest cargo.

Mr. Y S Chakravarti, CEO and Managing Director, Shriram Finance Ltd. said, “Industry is cautiously optimistic for new vehicle sales in April as the benefits of lower income tax for the new fiscal coupled with local festivals like Tamil New Year, Vishu, Akshaya Tritiya may prop up demand. The falling stock markets is impacting sentiment in urban pockets. Truck operators feel the need for reduction in fuel prices and tyre prices consequent to a drop in international crude prices.”