Volvo CE to open new compact business unit
20 June 2023
Volvo Construction Equipment (Volvo CE) has established a dedicated business unit to spearhead its electrification and sustainable power efforts in the compact equipment sector. The OEM says that this strategic move has been made to drive growth and profitability in this expanding product segment.
The construction industry has experienced significant growth worldwide due to population increase and urbanization, this has therefore resulted in a heightened demand for compact equipment. Volvo CE says that the sector now represents 50% of the total market, a substantial increase from 35% a decade ago, with further growth expected in the future.
Starting from September 2023, Thomas Bitter, Volvo CE’s Head of Technology, will assume the role of Head of the Compact Business Unit.
Bitter says, “Our pioneering work in electrification and digitalization has positioned us as an innovator in compact equipment. Given the segment’s ever-growing impact on the market, we are dedicating our focus to our compact machine portfolio, delivering productive and sustainable products and services to our customers. Those who join us on this journey will not only develop specialized skills in this vital area but also play an integral role in our broader mission of shaping the world we desire.”
The newly formed Compact Business Unit will consist of dedicated individuals from within Volvo CE, as well as external talent, who are said to share a strong commitment and enthusiasm for the cause.