Sweden, known for its robust economy and innovative business landscape, is home to several multinational corporations that have made significant impacts both locally and globally. This article delves into the top ten largest companies in Sweden, examining their market share, profit, revenue, number of employees, leadership, services, products, history, and future growth projections for 2025.
1. Volvo Group
Overview
Volvo Group, founded in 1927, is a multinational manufacturing company headquartered in Gothenburg, Sweden. It specializes in the production of trucks, buses, construction equipment, and marine and industrial engines.
Market Share and Revenue
As of 2023, Volvo Group reported a revenue of approximately SEK 478 billion ($46 billion), making it one of the largest automotive manufacturers in Europe. The company holds a significant market share in the global truck market, particularly in Europe and North America.
Profit and Employees
In 2022, Volvo Group achieved a net profit of SEK 45 billion ($4.4 billion), showcasing its strong financial performance. The company employs around 100,000 people globally, with a significant portion based in Sweden.
Leadership
The leadership team is headed by President and CEO Martin Lundstedt, who has been instrumental in steering the company towards sustainability and innovation, focusing on electric and autonomous vehicles.
Future Growth Projections
Looking ahead to 2025, Volvo Group aims to increase its investment in electric vehicle technology and autonomous driving systems, projecting a revenue growth of approximately 10% annually as it expands its market presence in emerging economies.
2. Ericsson
Overview
Founded in 1876, Ericsson is a leading provider of telecommunications equipment and services, headquartered in Stockholm. The company plays a crucial role in the development of mobile networks and communications technology.
Market Share and Revenue
Ericsson commands a substantial share of the global telecommunications market, particularly in 5G technology. In 2023, the company reported revenues of SEK 240 billion ($23 billion).
Profit and Employees
Ericsson's net profit for 2022 was SEK 23 billion ($2.2 billion), and it employs approximately 100,000 people worldwide, with a strong engineering workforce in Sweden.
Leadership
The company is led by CEO Börje Ekholm, who has focused on strategic partnerships and innovation to maintain Ericsson's competitive edge in the rapidly evolving telecommunications sector.
Future Growth Projections
By 2025, Ericsson anticipates continued growth driven by the expansion of 5G networks globally, with projections indicating a revenue increase of 5-7% annually as it capitalizes on new market opportunities.
3. H&M Group
Overview
H&M Group, established in 1947, is one of the world's largest fashion retailers, known for its affordable clothing and accessories. The company is headquartered in Stockholm and operates several brands, including H&M, COS, and & Other Stories.
Market Share and Revenue
H&M holds a significant share in the global fast-fashion market, with revenues reaching SEK 223 billion ($21.5 billion) in 2023.
Profit and Employees
In the fiscal year 2022, H&M reported a net profit of SEK 15 billion ($1.5 billion) and employs over 150,000 people worldwide, with a substantial workforce in Sweden.
Leadership
The company is led by CEO Helena Helmersson, who has emphasized sustainability and digital transformation as key components of H&M's business strategy.
Future Growth Projections
H&M Group is projected to achieve a revenue growth of 6-8% annually by 2025, driven by its commitment to sustainable fashion and expansion into new markets, particularly in Asia.
4. Atlas Copco
Overview
Atlas Copco, founded in 1873, is a Swedish multinational industrial company that specializes in manufacturing compressors, vacuum solutions, generators, pumps, power tools, and assembly systems. The company is headquartered in Nacka, Sweden.
Market Share and Revenue
In 2023, Atlas Copco reported revenues of SEK 142 billion ($13.8 billion), maintaining a strong position in the global industrial equipment market.
Profit and Employees
The company achieved a net profit of SEK 24 billion ($2.3 billion) in 2022 and employs around 39,000 people worldwide, with a significant presence in Sweden.
Leadership
President and CEO Mats Rahmström leads Atlas Copco, focusing on innovation and sustainability in its product offerings.
Future Growth Projections
By 2025, Atlas Copco aims for a revenue growth of 7-9% annually, driven by increasing demand for energy-efficient and sustainable industrial solutions.
5. Sandvik
Overview
Sandvik, established in 1862, is a high-tech engineering group specializing in materials technology, mining, and construction. The company is headquartered in Stockholm and operates in over 160 countries.
Market Share and Revenue
As of 2023, Sandvik reported revenues of SEK 115 billion ($11.1 billion), holding a significant market share in the mining and construction sectors.
Profit and Employees
In 2022, Sandvik achieved a net profit of SEK 14 billion ($1.4 billion) and employs approximately 40,000 people globally, with a strong workforce in Sweden.
Leadership
The company is led by President and CEO Stefan Widing, who has prioritized digitalization and sustainability in Sandvik's operations.
Future Growth Projections
Sandvik projects a revenue growth of 5-7% annually by 2025, focusing on expanding its offerings in automation and digital solutions for the mining and construction industries.
Top 10 Largest Companies in Sweden
| Company | Revenue (SEK bn) | Employees |
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6. ABB
Overview
ABB, founded in 1988 through the merger of Asea and Brown Boveri, is a global leader in electrification and automation technologies. The company is headquartered in Zurich, Switzerland, but has a significant operational presence in Sweden.
Market Share and Revenue
ABB reported revenues of approximately SEK 185 billion ($17.9 billion) in 2023, holding a strong position in the global industrial automation market.
Profit and Employees
In 2022, ABB achieved a net profit of SEK 12 billion ($1.2 billion) and employs around 105,000 people worldwide, with a notable number in Sweden.
Leadership
The company is led by CEO Björn Rosengren, who has emphasized innovation and sustainability as core elements of ABB's strategy.
Future Growth Projections
ABB anticipates a revenue growth of 4-6% annually by 2025, driven by increasing demand for automation solutions and sustainable energy technologies.
7. Electrolux
Overview
Electrolux, established in 1919, is a leading global appliance manufacturer headquartered in Stockholm, Sweden. The company produces a wide range of household and professional appliances.
Market Share and Revenue
Electrolux reported revenues of SEK 130 billion ($12.5 billion) in 2023, maintaining a significant share in the global home appliance market.
Profit and Employees
In 2022, Electrolux achieved a net profit of SEK 6 billion ($580 million) and employs approximately 48,000 people globally, with a substantial workforce in Sweden.
Leadership
The company is led by President and CEO Jonas Samuelson, who focuses on innovation and sustainability in Electrolux's product development.
Future Growth Projections
Electrolux projects a revenue growth of 3-5% annually by 2025, driven by increasing demand for energy-efficient and smart home appliances.
8. SKF
Overview
SKF, founded in 1907, is a leading global supplier of bearings, seals, and lubrication systems. The company is headquartered in Gothenburg, Sweden, and operates in over 130 countries.
Market Share and Revenue
In 2023, SKF reported revenues of SEK 95 billion ($9.2 billion), holding a strong position in the global bearings market.
Profit and Employees
SKF achieved a net profit of SEK 8 billion ($780 million) in 2022 and employs around 40,000 people worldwide, with a significant number in Sweden.
Leadership
The company is led by President and CEO Rickard Gustafson, who emphasizes innovation and sustainability in SKF's operations.
Future Growth Projections
By 2025, SKF anticipates a revenue growth of 5-7% annually, focusing on expanding its offerings in smart bearings and digital solutions.
9. Tetra Pak
Overview
Tetra Pak, founded in 1951, is a multinational food packaging and processing company headquartered in Lund, Sweden. The company is known for its innovative packaging solutions for liquid foods.
Market Share and Revenue
Tetra Pak reported revenues of approximately SEK 120 billion ($11.6 billion) in 2023, maintaining a significant share in the global food packaging market.
Profit and Employees
In 2022, Tetra Pak achieved a net profit of SEK 7 billion ($680 million) and employs around 25,000 people globally, with a notable presence in Sweden.
Leadership
The company is led by President and CEO Adolfo Orive, who focuses on sustainability and innovation in Tetra Pak's product offerings.
Future Growth Projections
Tetra Pak projects a revenue growth of 4-6% annually by 2025, driven by increasing demand for sustainable packaging solutions.
10. Scania
Overview
Scania, founded in 1891, is a leading manufacturer of commercial vehicles, particularly heavy trucks and buses. The company is headquartered in Södertälje, Sweden.
Market Share and Revenue
In 2023, Scania reported revenues of SEK 165 billion ($16 billion), holding a significant share in the European commercial vehicle market.
Profit and Employees
Scania achieved a net profit of SEK 12 billion ($1.2 billion) in 2022 and employs approximately 50,000 people worldwide, with a strong workforce in Sweden.
Leadership
The company is led by President and CEO Christian Levin, who emphasizes sustainability and innovation in Scania's product development.
Future Growth Projections
By 2025, Scania anticipates a revenue growth of 5-7% annually, focusing on expanding its electric and hybrid vehicle offerings.
The largest companies in Sweden not only contribute significantly to the country's economy but also play pivotal roles in their respective industries on a global scale. With strong leadership, innovative products, and a commitment to sustainability, these companies are well-positioned for future growth as they adapt to changing market dynamics and consumer demands. As they look towards 2025, the emphasis on technology, sustainability, and global expansion will likely drive their success and solidify Sweden's reputation as a hub for innovation and business excellence.
