Growing markets

In 2011 the heavy-duty truck market in Europe 29 (EU's 27 member states, Norway and Switzerland) increased by 35% to 242,400 trucks compared to 179,200 in the preceding year. In 2012, the total market for heavy-duty trucks in Europe 29 is expected to experience a moderate decline to a level of about 220,000 trucks. The start of the year is expected to be slow with a gradual pick-up in demand as customers start to renew their fleets ahead of the new emission regulation in 2014.

The construction equipment market increased substantially in 2011 compared to the weak 2010. When measured in number of units, the total market increased by 31%. Despite the strong increase, the market is far from the record levels of 2007. The European market for construction equipment is expected to grow by 10-20% during 2012.

The European bus market was weak during the year with fierce competition. Demand for marine engines was characterized by a wait-and-see approach among boat buyers and the development was augmented by the global turmoil in financial markets. The financial concern also impacted the market for industrial engines, where demand declined from high levels.