Patrick Olney, CEO of Volvo Construction Equipment, expects the construction equipment market to grow more than 40 percent in the next five years and that growth of Volvo CE will be even stronger, according to a report.

Canadian Patrick Olney became chief executive of Volvo CE last year when his predecessor Olof Persson was appointed Chief executive of the Volvo Group. His growth forecast would mean annual income for Volvo CE increasing from SEK65 billion to SEK90 billion.

"We see long-term year-to-year growth all over the world. This is driven by public investments into infrastructure and private investments in increased exploitation of natural resources," the paper quotes him as saying.

The strongest growth is expected in developing economies such as Russia, Brazil, China and parts of Africa.

Source:cmbol.com