November Mobility & Freight Trends: Diesel Demand Surges, EV 3‑Wheelers Defy Slowdown
India’s freight and mobility ecosystem maintained steady momentum in November 2025, supported by rising industrial activity even as retail vehicle sales eased after October’s festive peak.
According to The Shriram Mobility Bulletin, the month reflected a balanced mix of resilience in core transport categories and strong structural growth in electric mobility.
Freight Activity Remains Strong
Despite a slight moderation in retail sales, freight movement held firm, signaling continued economic activity.
Key Highlights
Truck rentals remained stable across most major trunk routes.
The sharpest rental increases were seen on:
Guwahati ↔ Mumbai
Kolkata ↔ Guwahati
Stability in rentals reflects healthy goods movement and sustained consumption demand.
Diesel Demand Hits a Six‑Month High
One of the clearest indicators of improving industrial movement was the 12% month‑on‑month surge in diesel consumption, reaching its highest level since May 2025.
Drivers of the rise:
Recent GST rate cuts
Higher industrial offtake
Strong logistics and freight flows
In contrast, petrol consumption dipped 4% m‑o‑m, reflecting the post‑festive slowdown in passenger vehicle activity.
Goods Carrier Trends Softened but Stay Strong YoY
Goods carrier sales fell 16% m‑o‑m, but
remained 22% higher y‑o‑y, showcasing healthy underlying freight sentiment.Three‑wheeler goods carriers dropped 12% m‑o‑m.
Yet, e‑rickshaws with cargo attachments surged 17% m‑o‑m, driven by:
Last‑mile delivery demand
Growth in urban logistics
Agriculture & Rural Mobility: Stay Resilient
A strong rural season boosted agri‑vehicle sales:
Commercial tractors: up 8% m‑o‑m
Agricultural tractors: up 80% m‑o‑m
Agri trailers: up 24% m‑o‑m
This is attributable to:
Robust farm credit availability
Stable MSP environment
Active post‑harvest operations
EV Segment: Strong Structural Growth Despite Festive Dip
The EV transition continues accelerating even as volumes normalized after October.
EV Performance in November
E‑2W: ▼ 19% m‑o‑m, but ▲ 29% y‑o‑y
E‑3W: ▲ 18% m‑o‑m and a remarkable ▲ 414% y‑o‑y
E‑cars: ▼ 23% m‑o‑m, yet ▲ 112% y‑o‑y
Electric three‑wheelers stood out by defying the usual November slowdown, signalling strong adoption in urban transport and logistics.
Export‑Sector Caution Amid US Tariffs
While domestic mobility indicators stayed firm, early signs of stress are emerging in export‑oriented manufacturing sectors due to the ongoing US tariff situation.
“November 2025 saw truck rentals climb further on the back of increased domestic consumption. With lower GST rates and peak economic activity, rentals are expected to remain firm heading into winter. Early signs of stress are emerging in export-oriented manufacturing sectors, largely due to US tariffs—a situation that could improve once a trade deal is finalized.”
— Sudarshan Holla Balnad, Joint MD & COO, Commercial Vehicle Vertical, Shriram Finance Ltd
Outlook
With strong domestic demand, supportive policy decisions, and rising freight utilization, the mobility sector is expected to remain stable heading into the winter months. EV penetration continues its structural trajectory, and rural consumption remains a key growth pillar.
A resolution to Indo‑US trade negotiations could provide an important upside trigger for export‑linked segments going forward.
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