On Friday, after posting higher-than-expected quarterly earnings, the world's second-biggest truck manufacturers Volvo stated that their market growth would continue to be in double digits in both Europe and North America in 2011.

In the third quarter, the firm managed to book 4.9 billion Crowns of profit, as compared to the loss of 3.3 billion in the same period last year. It is higher than the analysts’ expectation of 4.3 billion Crowns.

By 0821 GMT, the shares of Volvo climbed down 1.1% to 94.7 Crowns, after witnessing a rise of more than 50% earlier this year in the expectations of vigorous recovery.

Niclas Hoglund, Swedbank analyst said, "What is making the market a bit uncertain is that they had hedging gains at the group level of 598 million crowns, and adjusted for that the earnings look a little bit less strong."

The faster pace of growth in the promising markets in Latin America and Asia and a slight improvement in the truck markets in Europe and the United States have boosted the recovery.

Also, in the third quarter, the year-on-year order booking of trucks of Volvo increased 59%.

As forecasted by the Company, in both North America and Europe, the demand for its vehicles would increase more than 200,000 vehicles in the coming year. In other words that Company projected to grow by 10% in the European market, while by 30-40% in the market of North America.