Latvia: Market for Diesel Engines (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Latvia

The Latvian market for diesel engines (other than for motor vehicles and aircraft) contracted remarkably to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption recorded a mild shrinkage. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Production of Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Latvia

In value terms, production of diesel engines (other than for motor vehicles and aircraft) shrank significantly to $X in 2022 estimated in export price. Overall, production, however, posted perceptible growth. The pace of growth was the most pronounced in 2019 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production of growth remained at a lower figure.

Exports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Exports from Latvia

In 2022, the amount of diesel engines (other than for motor vehicles and aircraft) exported from Latvia skyrocketed to X units, picking up by X% on the previous year's figure. Over the period under review, exports, however, saw a abrupt curtailment. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of diesel engines (other than for motor vehicles and aircraft) shrank to $X in 2022. In general, exports, however, recorded a deep slump. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports of remained at a lower figure.

Exports by Country

Hungary (X units), Nigeria (X units) and Russia (X units) were the main destinations of exports of diesel engines (other than for motor vehicles and aircraft) from Latvia, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of X.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for diesel engines (other than for motor vehicles and aircraft) exported from Latvia were Russia ($X), Hungary ($X) and Belarus ($X), with a combined X% share of total exports.

Hungary, with a CAGR of X.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for diesel engines (other than for motor vehicles and aircraft) amounted to $X per unit, falling by X% against the previous year. Over the period under review, the export price continues to indicate a deep setback. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belarus (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Imports into Latvia

In 2022, imports of diesel engines (other than for motor vehicles and aircraft) into Latvia reduced rapidly to X units, with a decrease of X% on the previous year. Over the period under review, imports saw a deep setback. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, imports of attained the maximum at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of diesel engines (other than for motor vehicles and aircraft) contracted sharply to $X in 2022. In general, imports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Germany (X units) constituted the largest supplier of diesel engines (other than for motor vehicles and aircraft) to Latvia, accounting for a X% share of total imports. Moreover, imports of diesel engines (other than for motor vehicles and aircraft) from Germany exceeded the figures recorded by the second-largest supplier, the UK (X units), fivefold. The third position in this ranking was held by Hungary (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and Hungary (X% per year).

In value terms, Germany ($X) constituted the largest supplier of diesel engines (other than for motor vehicles and aircraft) to Latvia, comprising X% of total imports. The second position in the ranking was held by Hungary ($X), with an X% share of total imports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (X% per year) and France (X% per year).

Import Prices by Country

The average import price for diesel engines (other than for motor vehicles and aircraft) stood at $X per unit in 2022, rising by X% against the previous year. In general, the import price, however, continues to indicate a noticeable setback. The pace of growth was the most pronounced in 2014 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Estonia ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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