In 2024, there was a noticeable easing of pressure on the global supply chain, which had been significantly disrupted by the COVID-19 pandemic and the war in Ukraine. Companies like Volvo Trucks reported that pent-up demand had started to level off and order books were becoming more stable. However, despite this apparent ‘return to normal’, there are concerns about potential challenges on the horizon. While productivity may improve, there is a risk that new economic and supply chain obstacles could arise and disrupt the plans for the global truck market’s future growth.
In 2022 and 2023, the global supply chain faced significant disruptions due to the COVID-19 pandemic and the war in Ukraine. These events led to supply chain bottlenecks and delays, causing order backlogs for trucks around the world. Daimler Chief Executive Martin Daum described the pressure as one of the worst in his career during this time, with shortages of energy, metals, and semiconductors posing particular challenges. While productivity may have improved since then, it remains uncertain how long these improvements will last or whether they will be sustained in the long term.
Daimler reported a 15% drop in orders for heavy-duty vehicles in Europe for the first quarter of 2024, while Volvo noted a 24% decline as early as the fourth quarter of 2023. Despite these declines, both companies anticipated strong demand for heavy-duty vehicles in other regions such as North America. This suggests that while certain markets may be experiencing temporary fluctuations in demand, there is still potential for growth within other segments of
