Volvo Trucks has reached a new peak in the European heavy-duty truck market, reporting an all-time high market share of 20.1% during the first quarter of 2025, despite a notable year-on-year decline in regional deliveries. The Swedish manufacturer, part of the Volvo Group, also reported a record combined share of 30.6% when including Renault Trucks.
According to the company’s Q1 2025 financial report, truck deliveries in Europe dropped by 18% to 24,047 units. This decline was primarily due to a 36% fall in light-duty deliveries, attributed to a model changeover. In contrast, order intake across the continent increased by 25%, totalling 31,362 units. Heavy- and medium-duty truck orders alone rose by 35%.
Across Europe, the overall heavy-duty truck market shrank by 15% in the first quarter, making Volvo Trucks’ market share growth particularly noteworthy. Renault Trucks also improved its heavy-duty segment presence, reaching a market share of 10.5%.
“In Europe, Volvo Trucks had an all-time high market share of 20.1% in heavy-duty trucks. Combined with Renault Trucks, the Groupʼs share was a record 30.6%,” the report states.
Despite this regional success, the Volvo Group’s global truck business reported a 12% decline in total deliveries, amounting to 48,833 units. Global net sales for the truck segment dropped by 9% to SEK 82.2 billion (EUR 7.53 billion). This decline contributed to a 35% fall in operating income, which amounted to SEK 8.46 billion (EUR 775.2 million). The segment’s operating margin narrowed to 10.3%, down from 14.5% in Q1 2024.
The company attributes the lower income to reduced vehicle volumes, a less favourable brand and product mix, the changeover to the new truck platform in North America, and under-absorption in U.S. truck production. These impacts were partially offset by improved service performance, lower freight costs, and reduced R&D and administrative expenses.
In terms of electric trucks, the Group reported a 51% year-on-year increase in order intake, led primarily by light-duty models. However, deliveries fell by 9%. In Europe’s electric heavy-duty truck segment, Volvo achieved a 36.5% market share, while Renault Trucks held 23.6%, compared to 56.8% and 15.4%, respectively, in Q1 2024.
“It is clear that our customers appreciate our new trucks and the benefits they provide for their businesses,” said Martin Lundstedt, President and CEO of Volvo Group, in a statement accompanying the results.
Despite macroeconomic headwinds and evolving regulations, customer sentiment in Europe remains strong. The company notes that close cooperation and product innovation have played a key role in maintaining momentum.
“We have high customer satisfaction and strong relations, and in times of uncertainty it is more important than ever to work in close cooperation with our customers,” Lundstedt added.
Volvo Group also acknowledged that the broader adoption of electric trucks in Europe remains in its early stages, and future growth will depend heavily on several interrelated factors. These include the availability and geographic coverage of charging infrastructure, the total cost of ownership compared to diesel trucks, and the continuation or expansion of government-backed incentives at both national and EU levels. The company stressed that a well-developed support system — encompassing infrastructure investments, predictable regulation, and financial incentives — is essential to help fleet operators make the transition to electric vehicles viable and competitive.
Volvo Group’s total Q1 2025 revenue amounted to SEK 121.8 billion (EUR 11.16 billion), down 7% from a year earlier. Vehicle sales declined by 9%, although global service revenues for the truck segment increased slightly year-on-year. Adjusted and reported operating income stood at SEK 13.3 billion (EUR 1.22 billion), with a margin of 10.9% compared to 13.8% in Q1 2024.
