November saw steady freight movement and rising industrial activity even as retail vehicle sales moderated from October’s festive peak.
Diesel demand surged to a six-month high, agricultural vehicle categories remained resilient, and EV three-wheelers continued to expand despite the seasonal dip, as per recent Bulletin for November.
Truck rentals remained broadly stable across key trunk routes in November. The sharpest month-on-month increases were seen on the Guwahati–Mumbai–Guwahati and Kolkata–Guwahati–Kolkata corridors.
Diesel consumption rose 12 per cent m-o-m and 4.7 per cent y-o-y, reaching its highest level since May 2025. The increase was driven by GST rate cuts, higher industrial offtake, and steady goods movement. Petrol consumption decreased 4 per cent m-o-m, said the bulletin.
Goods carrier sales declined 16 per cent month-on-month, though they remained 22 per cent higher year-on-year, indicating strong underlying freight sentiment.
Three-wheelers (goods) fell 12 per cent m-o-m, while e-rickshaws with cart recorded a 17 per cent m-o-m increase, supported by sustained last-mile delivery demand in urban centres.
Agriculture-linked segments
Commercial tractor sales rose 8 per cent m-o-m, and agricultural tractor sales also increased 80 per cent m-o-m, aided by robust farm credit availability, stable MSPs, and favourable post-harvest activity. Agricultural trailer sales showed a strong 24 per cent MoM rise.
The EV segment displayed mixed trends in November but continued to show strong structural growth. E-two-wheelers declined 19 per cent m-o-m after the festive high, yet remained 29 per cent higher y-o-y, underscoring expanding adoption.
Electric three-wheelers defied the usual post-festive slowdown, growing 18 per cent m-o-m and achieving an impressive 414 per cent y-o-y increase, driven by strong demand in passenger and cargo applications. Electric cars contracted 23 per cent m-o-m but more than doubled on a yearly basis with 112 per cent growth, reflecting rising consumer acceptance and model availability.
“November 2025 saw truck rentals climb further on the back of increased domestic consumption. With lower GST rates and peak economic activity, rentals are expected to remain firm heading into winter. However, early signs of stress are emerging in export-oriented manufacturing sectors, largely due to US tariffs—a situation that could improve once a trade deal is finalised,” an industry expert said.
