European truck market cools, according to Volvo and DAF

Truck and bus maker Volvo Group posted higher sales and profits in 2019, but saw truck orders fall 29% to 182,746 units. Orders fell the most in North America (-66% vs 2018). In Europe, there was an 18% drop. “The combination of a slowing European economy and a relatively young installed truck fleet means that companies have a limited need for additional capacity and, as a result, the market is expected to shrink in 2020,” it said.

In Europe, production at Volvo Group was already declining, in North America Volvo Group expects it to do so in the first quarter of this year. In Brazil, the market does continue to grow. For 2020, Volvo Group maintains its expectations for all markets. The group expects sales to decline by 5-10% for the European market.