Volvo is Fastest-Growing Premium Brand in Europe
Quick question: what do you think is the fastest-growing premium brand in Europe at the moment? Would you have guessed Volvo? Well, it’s Volvo. Yes. Seriously. Volvo. The Swedish carmaker is growing at a rate that more than triples the growth of its luxury competition, with the latest European Automobile Manufacturers’ Association (ACEA) report showing that Volvo Cars has grown 14.1 percent while the rest of the European premium market has grown 4.3 percent.
Further, Volvo Cars is ahead of industry trends for the first five months of the year in Europe, with a 9.6 percent year-to-date growth in registrations compared to a 6.6 percent growth for the rest of the market. In May, 21,854 Volvo cars were registered for European drivers; thus far in 2014, 101,903 Volvos have been registered in Europe.
Naturally, Volvo is still the brand to beat in its home country of Sweden, where it currently holds a 21.5 percent market share. Sales figures also show that Volvo is gaining considerable ground in China, the UK, the Netherlands, and Spain.
Globally speaking, Volvo’s three best sellers in the month of May were the Volvo XC60 (11,823 units), the Volvo V40/V40 Cross Country (9,025 units), and Volvo V60 (3,811 units). These models, along with the XC70 crossover (2,670 units globally, up 30.7 percent year-over-year), are also the largest contributors to Volvo’s status as fastest-growing premium brand in Europe.
The anticipation surrounding the all-new 2015 XC90, as well as the expansion of the Drive-E engine family, further investment into forward-thinking technologies, and a continued emphasis on unsurpassed interior beauty, are crucial factors in Volvo expanding upon its fast-rising status. At the very least, they’ll be keeping it interesting for their premium brand competition.
Source: Volvo Car Group