The Group’s most substantial truck market in Asia is Japan, where demand weakened in the second half of the year after government scrapping premiums ceased and new tougher emission regulations were introduced. However, the total market amounted to 24,453 heavy-duty trucks, which was an increase of 29% compared with 18,889 trucks in 2009. In other Asian markets, demand rose compared with the preceding year. The Indian market for heavy-duty trucks rose by 69% to 211,543 vehicles (125,173). The market for construction equipment in Asia rose by a total of 60%, primarily driven by continued strong growth in China and India.
After a weak second half in 2010, demand for heavy-duty trucks is expected to recover gradually in Japan in 2011. The Japanese market for heavy-duty trucks is expected to grow by 10%. The market for construction equipment in both China and India is expected to grow by 5-15% in 2011.