In the 2021 fiscal year, Volvo Group’s revenue reached 372 billion Swedish kronor, equivalent to 41.1 billion U.S. dollars. This 10 percent net sales inflation was, however, the sign of a slow recovery for the manufacturer, with 2021 revenues still close to 14 percent under pre-pandemic volumes. 2019 was the most successful year for the brand since 2008.
Despite an overall increase in the truckmaker's performance, employee numbers still dropped in 2021—in part due to the challenges brought on by the global automotive semiconductor shortage. The Volvo Group also divested UD Trucks in April of that year, generating a 2.3 billion U.S. dollar payout from the sale.
The Volvo Group is a multinational Swedish company that produces, distributes, and sells trucks, buses, construction equipment, and financial services. Its headquarters are located in Gothenburg.
A slow recovery across segments
In 2021, trucks comprised Volvo Group’s largest share of net sales at 25.5 billion U.S. dollars, followed by construction equipment at close to 10.2 billion, and buses at 1.5 billion U.S. dollars. Europe was the leading region in terms of truck deliveries and, additionally, showed a recovery in 2021, as did most other regions, except for Asia, Africa, and Oceania. In these latter regions, the Volvo Group had yet to recover from the slump generated by the COVID-19 pandemic.
The global chip shortage further impacted the company, stunting its recovery through 2021. Truck production slowed or halted across the group’s various brands. With an uptake in truck orders in 2021 while production lagged, Volvo could continue to see repercussions of these supply chain challenges throughout 2022.
The construction equipment delivery rise—by eight percent between 2019 and 2020—was still observable throughout 2021. The bus segment, however, did not fare as well, and was the only segment of the group which recorded a drop in sales. Asia was the leading market for construction equipment, dwarfing all other markets, in part, due to the popularity of the Volvo Group’s subsidiary SDLG, headquartered in China.
In 2020, the Volvo Group ranked seventh among the leading manufacturers for construction equipment worldwide, a market dominated by Caterpillar with a market share of 13 percent. Of the European manufactuers, Volvo Group was the first, followed by Liebherr of Switzerland. Overall, European construction manufacturers lost market shares year-over-year, with Volvo dropping from sixth to seventh in the ranking. That same year, Daimler was the leading truck manufacturer worldwide, with 42.5 billion U.S. dollars in revenue, trailed by the Volvo Group with a revenue of 27.7 billion U.S. dollars.
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