Volvo 2009 Annual Report Download - page 23

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94939291 98 99 00 01 02
03 04 05 06 07 08 09
979695
57455775 33 31 34 32 30
45 43 47 49 43 35 19
545975
90
134116150172 219 245 256 251 229
230 256 277 300 329 319 164
179172171
178
217184139122 252 308 260 171 180
178 249 308 349 208 185 115
214194225
147
77
Europe
Japan
North America
Read about some of the
year’s events
Signicant drop in global
GDP
decreased by 22% to 160,000 vehi-
cles. In South America, the important Brazilian
market decreased by 15% to 67,000 heavy-
duty trucks despite a strong growth in the sec-
ond half of the year.
The construction equipment
market declined
Business conditions continued to be weak in
the markets where Volvo Construction Equip-
ment is present. Measured in units, the total
world market for heavy, compact and road
machinery equipment decreased by 39% during
2009 compared to the preceding year.
In Europe the total market was down 50% and
North America decreased by 49%. In China the
market increased by 25% while Asia as a whole
declined by 9%.
With the exception of China and to some
extent Korea, stimulus packages introduced in
several countries had no signicant impact on
the industry.
Global economic recovery predicted
At the end of January 2010, the International
Monetary Fund (IMF) raised its forecast for
global GDP growth in 2010 from 3.1% to
3.9%. According to IMF, GDP in the U.S. is
predicted to grow by 2.7% while growth in the
Euro zone is predicted at 1.0% and Japan at
1.7%.
High growth rates are predicted to continue
in China, India and Brazil – 10.0% in China,
7.7% in India and 4.7% in Brazil. Russian GDP
is expected to grow by 3.6%.
Heavy-duty truck markets
Vehicles, thousands
19