India’s freight and logistics activity remained subdued in January 2026 even as consumer mobility surged, driven by strong growth in passenger vehicles and two-wheelers, according to the latest Shriram Mobility Bulletin.
Truck rentals across key corridors were largely flat month-on-month, signalling a pause after a strong pickup in the previous quarter. Rates on the Delhi–Mumbai–Delhi route held steady at ₹1.68 lakh, while the Delhi–Kolkata–Delhi route inched up 1.2% to ₹1.67 lakh, pointing to cooling freight movement.
“Following the announcement of the Indo–US trade pact, we expect vehicular movement to pick up across key export hubs and ports,” said Sudarshan Holla, Joint Managing Director and COO (Commercial Vehicles) at Shriram Finance. He added that easing winter conditions should normalise logistics in the Himalayan region, where heavy snowfall disrupted truck movement.
However, transporters continue to face headwinds from geopolitical tensions along the Indo–Bangladesh border, which have constrained trucking activity.
In contrast, consumer mobility remained buoyant. Passenger vehicle retail sales jumped 37% month-on-month to 4.88 lakh units in January, while two-wheeler sales surged 45% to 18.6 lakh units. On a year-on-year basis, car sales rose 11% and two-wheelers 25%.
Electric vehicles sustained strong momentum. E-two-wheeler sales rose 26% month-on-month to 1.12 lakh units, up 45% year-on-year, while e-three-wheelers clocked a sharp 338% annual jump to 35,498 units, driven by urban mobility and last-mile delivery demand.
Goods carrier registrations increased 37% month-on-month to 97,306 units, indicating continued investment in commercial vehicles despite soft freight rates. Three-wheeler goods vehicles also posted a 33% rise.
Fuel consumption mirrored the mixed trends. Petrol demand fell 1% month-on-month to 3.49 million tonnes and diesel declined 6% to 7.98 million tonnes, though both recorded year-on-year growth of 5.6% and 3%, respectively.
FASTag transactions remained largely flat at 373.4 million, while collections rose 1.1% to ₹7,232 crore, reflecting higher average transaction values.
With the sector entering its peak quarter, industry watchers expect freight activity to normalise as weather disruptions ease and cross-border constraints abate.
