Sweden: Truck Market 2024

Truck Market Size in Sweden

After three years of growth, the Swedish truck market decreased by -4.4% to $X in 2022. Overall, the total consumption indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2021, and then declined in the following year.

Truck Production in Sweden

In value terms, truck production rose modestly to $X in 2022 estimated in export price. Overall, production recorded a modest expansion. The pace of growth was the most pronounced in 2019 when the production volume increased by 505%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Truck Exports

Exports from Sweden

In 2022, approx. X units of trucks were exported from Sweden; with a decrease of -21.2% compared with 2021. The total export volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of 17%. As a result, the exports reached the peak of X units. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, truck exports expanded modestly to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 25% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Finland (X units), Denmark (X units) and Norway (X units) were the main destinations of truck exports from Sweden, with a combined 43% share of total exports. These countries were followed by Estonia, Poland, South Korea, Germany, the Netherlands, Indonesia, Lithuania, Chile, the UK and India, which together accounted for a further 40%.

From 2012 to 2022, the biggest increases were recorded for Lithuania (with a CAGR of +22.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for truck exported from Sweden were Finland ($X), Norway ($X) and South Korea ($X), together accounting for 38% of total exports. Poland, Denmark, Germany, Indonesia, India, the UK, the Netherlands, Estonia, Lithuania and Chile lagged somewhat behind, together comprising a further 38%.

Among the main countries of destination, Chile, with a CAGR of +19.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average truck export price amounted to $X per unit, growing by 32% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Estonia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Truck Imports

Imports into Sweden

In 2022, truck imports into Sweden shrank sharply to X units, dropping by -18.5% against the previous year's figure. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 25% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, truck imports contracted dramatically to $X in 2022. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 25%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Germany (X units) constituted the largest supplier of truck to Sweden, accounting for a 46% share of total imports. Moreover, truck imports from Germany exceeded the figures recorded by the second-largest supplier, Belgium (X units), threefold. The third position in this ranking was taken by Spain (X units), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Germany was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+7.4% per year) and Spain (+67.8% per year).

In value terms, Germany ($X) constituted the largest supplier of trucks to Sweden, comprising 39% of total imports. The second position in the ranking was held by Belgium ($X), with a 12% share of total imports. It was followed by Spain, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to -1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+2.8% per year) and Spain (+69.3% per year).

Import Prices by Country

In 2022, the average truck import price amounted to $X per unit, waning by -3.2% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 18%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+11.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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