Deepavali demand and GST Bachat Utsav push led to a strong rebound in India’s mobility ecosystem.
Sales of all vehicle categories are expected to be strong due to festive consumption, rural freight activity, and accelerating electric vehicle adoption. Vehicle sales witnessed sharp month-on-month growth across categories, supported by pent-up demand and improved liquidity in the retail and transport ecosystem, according to Shriram Mobility Bulletin.
Freight and rentals stay firm
Truck rentals remained firm across key trunk routes in October, with the Delhi–Mumbai–Delhi corridor witnessing the sharpest month-on-month increase at 1.9 per cent. On a year-on-year basis, truck rentals were higher by 2–10 per cent across major corridors, led by Bengaluru–Mumbai–Bengaluru, 10 per cent.
Entry restrictions on non-BS VI vehicles into NCR continued to tighten fleet availability, while heavy rains in North India briefly disrupted truck movement, even as the arrival of Kharif crops helped bolster freight demand, the bulletin said.
Vehicle retail sales recorded a broad-based recovery in October, with nearly all categories registering double-digit month-on-month growth. Goods carriers surged 58 per cent MoM and 23 per cent YoY, while three-wheeler (goods) and e-rickshaw sales rose 59 per cent and 16 per cent MoM, respectively, supported by last-mile delivery and urban logistics demand.
Two-wheeler sales soared 144 per cent MoM and 52 per cent YoY as festive buying peaked. Passenger car sales also climbed 83 per cent MoM and 11 per cent YoY, reflecting strong consumer sentiment. Even traditionally cyclical segments like earth-moving equipment and agricultural tractors saw gains, highlighting the spill-over from infrastructure and rural activity, says the bulletin.
EVs set new records
Electric vehicle (EV) sales were among the strongest ever, marking October as a record month across categories. E-2 wheelers jumped 40 per cent MoM and 39 per cent YoY, while E-3 wheelers grew 16 per cent MoM and 324 per cent YoY, reflecting continued traction in passenger and cargo EV adoption.
YS Chakravarti, CEO and Managing Director, Shriram Finance Ltd., said, “Deepavali delivered exceptional results, with truck rental rates remaining firm and automotive sales across all categories achieving record highs. The focus now is on sustaining this momentum, although a moderation in vehicle demand is anticipated in the coming weeks.”
Published on November 5, 2025