AB Volvo Group reported net revenues of approximately SEK 553 billion ($52 billion USD) for fiscal year 2024, broadly flat versus 2023 as truck volumes normalized following a two-year order boom. The group's Trucks segment — which includes Volvo, Renault Trucks, Mack, and UD Trucks — accounts for roughly 75% of total revenues across North America, Europe, and Asia.
Volvo Revenue
AB Volvo Group net revenue in USD equivalent from 1960 through 2024. SEK/USD at approximate annual average rates. Revenue excludes Volvo Cars (sold to Ford 1999; separately listed since 2021). The 2009 dip reflects the global financial crisis truck order collapse.
Volvo Annual Revenue
| Year | Revenue (USD equiv.) | YoY Change |
|---|---|---|
| 2015 | $35.8B | — |
| 2016 | $34.4B | −3.9% |
| 2017 | $40.2B | +16.9% |
| 2018 | $45.8B | +13.9% |
| 2019 | $46.6B | +1.7% |
| 2020 | $40.4B | −13.3% |
| 2021 | $45.2B | +11.9% |
| 2022 | $51.6B | +14.2% |
| 2023 | $53.8B | +4.3% |
| 2024 | $52.0B | −3.3% |
Note: Revenue figures converted from SEK at approximate annual average exchange rates. The 2020 decline reflects pandemic-era fleet order cancellations. The 2022–2023 record revenues reflect post-pandemic replacement demand as logistics companies rebuilt aging fleets at elevated price points.