Sweden's iconic carmaker Volvo has lost the best-selling car title held since 1962 in their home country to Volkswagen Golf, another iconic brand, in the compact car segment.

In 1962, the last time when a Volvo was not the best-selling car in the Scandinavian country, the title was given to another Volkswagen, the Beetle, often described as "the icon" in the automotive industry.

According to a report by the Swedish automakers' association, with a 5.93 percent share in all car sales, Golf came first in 2016 with 22,094 cars sold. Altogether, Volvo's V70, S90 and V90 made up all 5.73 percent in sales. Volvo's S60 and V60 models came in third with 4.5 percent, XC60 was fourth with 4.37 percent and V40N was sixth with 3.42 percent. Fifth spot was occupied by another Volkswagen, the company's flagship Passat with 4.22 percent.

Despite Chinese Zhejiang Geely Holding Group acquiring Volvo from Ford in 2010, most of the company's operations remain in Sweden and the brand is still one of the most renowned Swedish brands. China, however, is Volvo's largest market.

A record of 372,000 cars were sold in Sweden in 2016.