Construction equipment deliveries increased despite the pandemic
In 2020, trucks composed Volvo Group’s largest share of net sales in at some 25 billion U.S. dollars, followed by construction equipment at close to 10 billion, and buses at 2.4 billion U.S. dollars. With the company’s headquarters located in Sweden, Europe made up 40 percent of the Group’s net sales and was the leading region in terms of truck deliveries. Due to the economic uncertainties of 2020, deliveries to this main market fell by 23 percent compared to an overall decline in truck deliveries of 28 percent. The slump in truck sales was partly offset by rising construction equipment deliveries which increased by eight percent between 2019 and 2020. 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.
The European leader in construction equipment
In 2019, the Volvo Group ranked sixth as construction equipment manufacturer, a market that was dominated by leading manufacturer Caterpillar, which had a market share of just over 16 percent. The Volvo Group was the first European manufacturer in the ranking, followed by Liebherr of Switzerland in the eighth position. That same year, Daimler was the leading truck manufacturer worldwide, with some 49.6 billion U.S. dollars in revenues compared to the Volvo Group’s 30.7 billion U.S. dollars.