Surge in Truck Rentals Amid Festive Season and Post-Election Activities

Truck rentals spiked for the second month in a row in August 2024, driven by the festive season's approach and post-election activities. Fleet utilization improved significantly in the India-Bangladesh border region. The reopening of bilateral trade between India and Bangladesh further boosted rentals on specific routes. Motor car sales declined due to excessive rainfall, while the used commercial vehicle market saw robust growth.

Truck rentals experienced a marked increase for the second consecutive month in August 2024. The festive season's approach and post-election activities significantly pushed up demand across major transportation routes.

In the India-Bangladesh border region, fleet utilization jumped to nearly 60% from the previous 40%, driven by the resumption of bilateral trade. Key routes like Kolkata-Guwahati-Kolkata saw a 3.0% surge in rentals, with similar boosts observed on the Delhi-Kolkata-Delhi and Delhi-Hyderabad-Delhi routes.

Notably, the Srinagar region recorded a 10% hike in freight rates due to apple harvesting and political activities. In contrast, the Wayanad region faced higher freight rates due to truck shortages for rehabilitation work. Motor car sales dipped by 6% due to excessive rainfall, while used commercial vehicle prices rose healthily.

(With inputs from agencies.)