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Europe
In Europe 29, (the 27 EU member states and Norway and
Switzerland) registrations of heavy-duty trucks rose 8% to
179,185 vehicles in 2010, compared with 165,269 vehi-
cles in 2009, driven by a recovery in Central and Northern
Europe, while Southern Europe remained weak. The mar-
ket for construction equipment rose by 15% in 2010.
It is difficult to gauge the effects European austerity
packages will have on the economy in 2011, but Volvo cur-
rently estimates the truck market will amount to approxi-
mately 220,000 heavy-duty trucks. The market for con-
struction equipment is expected to grow by 5–15% in 2011.
1995 2000 2005 20101990
0
80
160
240
320
400
Heavy-duty truck market, Europe
Vehicles, thousands
According to Consensus Economics, global GDP grew
by 4.0% during 2010 compared with a decline of 1.8%
in 2009. GDP in the EU grew by 1.8% (–4.1%), in the
US by 2.9% (–2.6%) and in Japan by 4.3% (–6.3%).
Growth in countries such as Brazil, India and China was
very strong. For 2011, global GDP is expected to grow
by 3.4% with continued high growth rates in, among
others, Brazil, India and China.
Source: Consensus
Economics
1009080706
1.8(4.1)0.6
3.1
3.4 Europe
7.5(0.6)5.2
6.1
4.0 Brazil
2.9 USA
(2.6)0.0
1.9
2.7
Economic growth in the U.S., EU and Brazil
Annual GDP-growth, %
Source: Consensus
Economics
1009080706
6.9
1.93.87.26.5 Asia/Pacific*
8.7
7.46.79.09.7 India
4.3 Japan
(6.3)(1.2)2.32.0
* China, Hong Kong, South Korea, Taiwan, Indonesia,
Malaysia, Singapore, Thailand, Phillippines, Vietnam,
Australia, New Zealand, India, Japan, Sri Lanka
10.1 China
9.19.013.011.6
Economic growth in Asia
Annual GDP-growth, %
For trucks, Other markets comprises Africa and
Australia. The Volvo Group’s deliveries of trucks
to Other markets rose 10% to 14,888 with a
positive trend shown especially in North Africa
and Australia. The market for construction
equipment grew by 42%.
Other markets
Asia
The Group’s most substantial truck market in Asia is Japan,
where demand weakened in the second half of the year
after government scrapping premiums ceased and new
tougher emission regulations were introduced. However, the
total market amounted to 24,453 heavy-duty trucks, which
was an increase of 29% compared with 18,889 trucks in
2009. In other Asian markets, demand rose compared with
the preceding year. The Indian market for heavy-duty trucks
rose by 69% to 211,543 vehicles (125,173). The market for
construction equipment in Asia rose by a total of 60%, pri-
marily driven by continued strong growth in China and India.
After a weak second half in 2010, demand for heavy-
duty trucks is expected to recover gradually in Japan in
2011. The Japanese market for heavy-duty trucks is
expected to grow by 10%. The market for construction
equipment in both China and India is expected to grow by
5–15% in 2011.
1995 2000 2005 20101990
0
80
160
240
320
400
Construction equipment market, China
Machines, thousands
23