Shriram Mobility Bulletin Reports Stable Truck Rentals In February 2026

According to the latest Shriram Mobility Bulletin, India’s mobility and logistics sector saw subdued activity in February 2026, while truck rental rates remained largely stable across major freight corridors. Despite soft overall movement, year-over-year growth was observed in several commercial vehicle segments and important transportation routes.

Freight Corridors Show Modest Year-on-Year Rental Growth

Truck rental rates across key trunk routes were mostly range-bound month-over-month but recorded notable year-on-year growth.

Rental Rates Across Major Routes

• Delhi-Kolkata-Delhi and Mumbai-Chennai-Mumbai routes saw truck rents increase by 6% YoY.
• Delhi-Mumbai-Delhi corridor rose by 8% YoY.
• Guwahati-Mumbai-Guwahati and Bengaluru-Mumbai-Bengaluru corridors reported increases of 4% and 5%, respectively.

These trends indicate that, while sequential movement is flat, long-term rental rates continue to reflect steady demand across important freight lanes.

Commercial Vehicle Sales Highlight Mixed Performance

Vehicle sales in February were mixed, with some segments showing strong momentum despite overall moderation.

Goods Carriers And Three-Wheelers Lead Growth

• Sales of goods carriers rose 32% YoY.
• Three-wheeler goods vehicles also increased by 32% YoY.

Passenger EV Segment Shows Significant Annual Gains

• Electric passenger vehicle sales surged 116% YoY.
• Electric two-wheelers grew by 66%, and electric three-wheelers jumped 246%.

Other Vehicle Segments

Passenger mobility continued to perform steadily, with bus sales up 34% month-on-month, maxi taxis increasing 21%, and commercial tractors rising 33% YoY. These figures suggest sustained demand from utility transport and institutional operators despite muted overall logistics activity.

Economic Factors And Fuel Consumption

Slower logistics activity during February was reflected in highway traffic and fuel consumption trends.

Highway Traffic Indicators

• FASTag transaction volumes and values fell by 26.1% and 25.1%, respectively, pointing to softer highway traffic.

Fuel Consumption Trends

• Petrol and diesel consumption dropped by 4% each, indicating reduced freight movement on several key routes.

Outlook For March 2026

Sudarshan Holla, COO of Shriram Finance, noted that trucker sentiment remains cautious amid geopolitical uncertainty in West Asia, affecting logistics activity. However, the approaching Rabi harvest season is expected to drive increased agricultural freight, supporting demand for trucks, tractors, and other farm equipment. While fuel price fluctuations could pose a risk, truck rentals are likely to remain firm in March.

Conclusion

February 2026 reflected a month of subdued logistics activity in India, yet key commercial vehicle segments and freight corridors exhibited modest year-on-year growth. Stable truck rentals, softer fuel consumption, and sector-specific demand from agricultural and institutional freight highlight a mixed but resilient market ahead of the Rabi harvest-driven spike in March.