Volvo Construction Equipment net sales were $8.0 billion in fiscal year 2024, down 15% from $9.5 billion the previous year. Sales in North America were down 20% to $2.1 billion.
Compared with the historically high levels in Europe and North America for the final quarter of 2023, the total machine market contracted in these regions, largely due to a saturated end customer demand in Europe, resulting in a 25% drop, and a normalization of replenished dealer and rental fleets in North America, prompting an 8% drop, according to the company.
Orders rose 19% in the fourth quarter, according to the company, driven by growth in Europe, North America, Africa, and Oceania.
“Despite lower volumes, we have been able to maintain a healthy profitability, whilst at the same time introducing new products and services…,” said Melker Jernberg, president, in a statement.
“As we navigate challenging market conditions, we stand firm in our commitments and continue to invest. This last quarter has seen us move forward with our biggest launch year ever, balancing tomorrow’s innovations with our customers’ needs for today. 2025 will see us continue with these exciting developments, strengthened by an incredible performance from all our employees around the world.”