AB Volvo (Nasdaq Stockholm: VOLV-B) carries a market cap of approximately SEK 500 billion ($47 billion USD) as of early 2026. The Swedish commercial vehicle and industrial group has seen its valuation hold at historically elevated levels as strong demand for trucks and construction equipment sustained earnings well above pre-pandemic levels through 2024 and 2025.
Market Cap Of Volvo
AB Volvo (VOLV-B) market cap in USD equivalent from the Nasdaq Stockholm listing through 2026. SEK/USD at approximate annual average rates. This covers the commercial vehicles group only — Volvo Cars has been separately listed since 2021.
Year-On-Year Volvo Market Cap
| Year | Market Cap (USD equiv.) | YoY Change |
|---|---|---|
| 2016 | $22.4B | — |
| 2017 | $30.8B | +37.5% |
| 2018 | $24.0B | −22.1% |
| 2019 | $29.2B | +21.7% |
| 2020 | $34.4B | +17.8% |
| 2021 | $46.0B | +33.7% |
| 2022 | $34.8B | −24.3% |
| 2023 | $44.0B | +26.4% |
| 2024 | $46.4B | +5.5% |
| 2025 | $47.0B | +1.3% |
Note: USD equivalents converted from SEK at approximate annual average rates. The 2021 peak reflects a post-pandemic surge in truck demand from fleet replacement cycles. Volvo Cars is separately listed on Nasdaq Stockholm and is not included in these figures, which cover AB Volvo's commercial vehicles and industrial operations only.