Truck Rentals Rise in July
After remaining tepid for two months, truck rentals across key trunk routes witnessed a rebound in July. In anticipation of strong festival demand, manufacturers have started moving goods to key commercial hubs, thereby pushing up demand for trucks in July, showed data from Shriram Mobility Bulletin. The fleet occupancy levels have also started rising. Kolkata-Guwahati-Kolkata route seeing a sharp 3.9 per cent increase in trip rentals.
Used commercial vehicles (UCVs) showed a healthy YoY growth across all weight categories with the 2 to 3.5-ton 4-wheeler UCVs prices increasing by as much as 47 per cent followed by a 36 per cent growth in the 1.5 to 2-tonne category.
Used passenger vehicle prices, across the sedans and compact SUVs saw a decline ranging from 6 per cent up to 10 per cent on a YoY basis. The prices of Maruti Swift and Maruti Ertiga dropped 10 per cent in July (YoY), while Mahindra Scorpio and Hyundai Creta lost 6 per cent in resale prices. The prices of used two-wheelers saw a rise in most categories except Honda Shine and Bajaj Pulsar, which saw a decline of 3 per cent and 2 per cent respectively in July (YoY).
Sales of new vehicles witnessed an upward movement as discounts have entered the market after a long gap. Car sales witnessed an 11 per cent MoM rise and a 9 per cent YoY rise in July. Two-wheelers sales rose 5 per cent on a MoM basis (17 per cent increase YoY). Commercial Vehicle sales also saw an upward swing on a MoM and YoY basis with E-Rickshaw with cart registering an 87 per cent increase on a YoY basis and Commercial Tractors registering a 19 per cent increase on a MoM basis.
While fuel consumption for petrol remained unchanged in July, diesel consumption dropped by 10 per cent vis-à-vis June 2024 consumption levels. Similarly, Intra-State and Inter-State E-Way Bill generation, number of suppliers, and E-Way bill value all decreased on a MoM basis in June 2024. FASTag toll collections also remained flat as compared to the collection of June 2024.
YS Chakravarti, MD & CEO of Shriram Finance, speaking about the July 2024 Mobility Bulletin said, “With kharif harvest around the corner and copious water stored in reservoirs due to good monsoon rains, rural activity will gain momentum in the coming months. Manufacturers too are ramping up supplies to commercial hubs in anticipation of higher festive offtake across product categories. We are witnessing sentiment turning positive. Two-wheeler sales which form the backbone for rural transportation is expected to do well. Two-wheeler sales in the D2D (Dussehra to Dhanteras) may be in the region of 54 lakh to 55 lakh units, up from nearly 45 lakh last year.”
- With the Kharif Harvest round the corner, Commercial Tractors achieve 19 per cent and Agricultural Tractors achieve 12 per cent growth in Sales on a MoM basis in July 2024
- Inventory levels at vehicle dealerships have reached an all-time high, ranging from 67 to 72 days
- Prices of used commercial vehicles rise between 5 per cent to 47 per cent in July
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