Volvo Group - Statistics & Facts
In the 2023 fiscal year, Volvo Group's revenue reached 553 billion Swedish kronor, equivalent to 52 billion U.S. dollars. This 27 percent net sales inflation was a welcome boost for the company considering the revenues in 2020 were 14 percent below pre-pandemic volumes. 2023 was the most successful year for the brand since 2019.
Keeping with the overall increase in the truckmaker's performance, employee numbers also rose in 2022 to 102,155 employees worldwide. This was a noticeable change compared to 2021 when the reduction in employee numbers was caused in part by the challenges brought on by the global automotive semiconductor shortage. The Volvo Group also divested UD Trucks in April 2021, 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 is located in Gothenburg.
The global chip shortage as well as other supply chain issues continued to impact the company, stunting its recovery from 2021 and 2023. With a decline in truck orders in 2022 while production continued to lag, Volvo would continue to see repercussions of these supply chain challenges throughout 2023 and into 2024.
The construction equipment delivery rise—by six percent between 2020 and 2021—did not continue in 2023. The bus segment, however, did see an overall increase and observed a significant rise in deliveries in South America. Asia remained 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 order to maintain a competitive edge in the global market,Volvo Group has been steadily investing in research and development (R&D), reaching over 26 billion Swedish kronor (around two billion U.S. dollars as of December 31st, 2023) in 2023. The primary focus of the company’s R&D has been directed toward zero-emission commercial vehicles. In March 2022, the manufacturer pledged to CALSTART’s Drive to Zero campaign, aiming for full market penetration of zero-emission trucks and buses by 2040. Progress was already underway in 2020 when Volvo represented a quarter of European truck registrations covered under the European Union’s CO2 standards.
Keeping with the overall increase in the truckmaker's performance, employee numbers also rose in 2022 to 102,155 employees worldwide. This was a noticeable change compared to 2021 when the reduction in employee numbers was caused in part by the challenges brought on by the global automotive semiconductor shortage. The Volvo Group also divested UD Trucks in April 2021, 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 is located in Gothenburg.
A slow recovery across segments?
In 2022, trucks comprised Volvo Group’s largest share of net sales at 29.8 billion U.S. dollars, followed by construction equipment at close to 9.6 billion, and buses at nearly 1.8 billion U.S. dollars. Europe remained the leading region in terms of truck deliveries and, additionally, showed a recovery in 2023, 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 as well as other supply chain issues continued to impact the company, stunting its recovery from 2021 and 2023. With a decline in truck orders in 2022 while production continued to lag, Volvo would continue to see repercussions of these supply chain challenges throughout 2023 and into 2024.
The construction equipment delivery rise—by six percent between 2020 and 2021—did not continue in 2023. The bus segment, however, did see an overall increase and observed a significant rise in deliveries in South America. Asia remained 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.
Market competition heading toward zero-emission vehicles?
In 2022, the Volvo Group ranked fourth among the leading manufacturers for construction equipment worldwide, a market dominated by Caterpillar with a market share of 16.3 percent. Of the European manufacturers, Volvo Group was joint first with Liebherr of Switzerland, followed by Sandvik. Overall, European construction manufacturers have made small gains in market shares year-over-year, with Volvo rising from seventh to sixth in the ranking. That same year, Daimler was the leading truck manufacturer worldwide, with 55.8 billion U.S. dollars in revenue, trailed by the Volvo Group with a revenue of 51.75 billion U.S. dollars.In order to maintain a competitive edge in the global market,Volvo Group has been steadily investing in research and development (R&D), reaching over 26 billion Swedish kronor (around two billion U.S. dollars as of December 31st, 2023) in 2023. The primary focus of the company’s R&D has been directed toward zero-emission commercial vehicles. In March 2022, the manufacturer pledged to CALSTART’s Drive to Zero campaign, aiming for full market penetration of zero-emission trucks and buses by 2040. Progress was already underway in 2020 when Volvo represented a quarter of European truck registrations covered under the European Union’s CO2 standards.
