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Business EconomyPosted at: Aug 13 2024 3:18PM


Truck rentals rise in July, prices of used commercial vehicles witnesssharp increase: Study

Kolkata, Aug 13 (UNI) After remaining tepid for two consecutive months, truck rentals across key trunk routes witnessed a rebound in July in anticipation of a strong festival demand.
Manufacturers have started moving goods to key commercial hubs, thereby pushing up demand for trucks in July, according to data from Shriram Mobility Bulletin on Tuesday.
The fleet occupancy levels have also started rising.
Kolkata-Guwahati-Kolkata route seeing a sharp 3.9 percent increase in trip rentals, the data said.
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 pc followed by a 36 pc growth in the 1.5 to 2-ton category.
Used Passenger Vehicle prices, across the sedans and compact SUVs saw a decline ranging from 6 pc up to 10 pc on a YoY basis. The prices of Maruti Swift and Maruti Ertiga dropped 10 pc in July (YoY), while Mahindra Scorpio and Hyundai Creta lost 6
pc 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 pc and 2 pc respectively in July (YoY).
Sales of new vehicles witnessed an upward movement as discounts entered the market after a long gap. Car sales witnessed an 11 pc MoM rise and a 9 pc YoY rise in July
Two-wheelers sales rose 5 pc on a MoM basis (17 pc increase YoY).
Commercial Vehicle sales also saw an upward swing on a MoM and YoY basis with E-Rickshaw with carts registering an 87 pc increase on a YoY basis and Commercial Tractors registering a 19 pc increase on a MoM basis.
While fuel consumption for petrol remained unchanged in July, diesel consumption dropped by 10 pc 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.
“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 of rural transportation are 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.” according to YS Chakravarti, MD & CEO of Shriram Finance Ltd.
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Tags: #Truck rentals rise in July# prices of used commercial vehicles witnesssharp increase: Study
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