Sweden: largest companies by turnover 2023

The two Volvo companies, Volvo AB and Volvo Car AB seized the two top spots on the list of the top twenty companies with the highest turnover in Sweden as of August 2023. Ranked first was Volvo AB, with a turnover reaching more than 370 billion Swedish kronor. Volvo AB (also known as Volvo Group) is a world leading manufacturer of mainly trucks, but also buses, and marine and industrial engines.

 Volvo Cars AB ranked as second

Volvo Cars AB was ranked second in the top twenty companies ranking in Sweden, with a turnover of more than 280 billion Swedish kronor. Volvo Cars used to be part of Volvo AB until 1999 and is today owned by the automotive company Geely.

Volvo Group on a global scale

Volvo Group’s net sales on a global scale indreased until 2019, but fell in 2020 after the outbreak of COVID-19. In 2022, Volvo Group's global revenue was 473 billion Swedish kronor.

Largest companies in Sweden as of August 2023, ranked by turnover (in million SEK)

Characteristic	Turnover in million SEK
Volvo, AB	372,216
Volvo Car AB	282,045
Ericsson, Telefon AB LM	232,314
H&M Hennes & Mauritz AB	198,967
Vattenfall AB	180,119
Scania CV AB	146,146
Scania AB	146,146
Skanska AB	143,865
ICA Gruppen AB	127,957
Electrolux AB	125,631
Essity AB	121,867
AstraZeneca AB	114,063
Atlas Copco AB	110,912
Securitas AB	107,700
Sandvik AB	99,105
SSAB AB	95,891
Assa Abloy AB	95,007
Axel Johnson AB	94,685
Axel Johnson Holding AB	94,685
Corral Petroleum Holdings AB	89,592

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Release date

August 2023

More information

Region

Sweden

Survey time period

August 2023

Supplementary notes

The source adds the following information: "The top list data is always based on the latest available financial statements."

The turnover refers to net sales.

Subsidiaries are excluded if the parent company is on the top list with consolidated figures.

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