Latvia: Engine Generator Market 2024

Engine Generator Market Size in Latvia

In 2022, the Latvian engine generator market increased by X% to $X, rising for the third year in a row after three years of decline. Overall, consumption continues to indicate a resilient increase. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in years to come.

Engine Generator Exports

Exports from Latvia

For the eleventh consecutive year, Latvia recorded growth in shipments abroad of generators for internal combustion engines, which increased by X% to X units in 2022. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, engine generator exports expanded remarkably to $X in 2022. Overall, exports recorded a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Norway (X units) was the main destination for engine generator exports from Latvia, with a X% share of total exports. Moreover, engine generator exports to Norway exceeded the volume sent to the second major destination, Estonia (X units), threefold. The third position in this ranking was taken by Sweden (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Norway amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (X% per year) and Sweden (X% per year).

In value terms, the largest markets for engine generator exported from Latvia were Norway ($X), Sweden ($X) and Estonia ($X), together accounting for X% of total exports. Finland, Poland, Russia and Lithuania lagged somewhat behind, together accounting for a further X%.

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

Export Prices by Country

The average engine generator export price stood at $X per unit in 2022, which is down by X% against the previous year. Overall, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, engine generator export price increased by X% against 2016 indices. The pace of growth appeared the most rapid in 2019 an increase of X%. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Finland ($X per unit), while the average price for exports to Norway ($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 Finland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Engine Generator Imports

Imports into Latvia

In 2022, purchases abroad of generators for internal combustion engines increased by X% to X units, rising for the third year in a row after three years of decline. In general, imports showed a buoyant increase. The pace of growth appeared the most rapid in 2021 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, engine generator imports expanded significantly to $X in 2022. Over the period under review, imports recorded a strong increase. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Poland (X units) constituted the largest supplier of engine generator to Latvia, accounting for a X% share of total imports. Moreover, engine generator imports from Poland exceeded the figures recorded by the second-largest supplier, Lithuania (X units), fivefold. The third position in this ranking was taken by the Netherlands (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Poland stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (X% per year) and the Netherlands (X% per year).

In value terms, Poland ($X) constituted the largest supplier of generators for internal combustion engines to Latvia, comprising X% of total imports. The second position in the ranking was taken by Lithuania ($X), with a X% share of total imports. It was followed by the Netherlands, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Poland totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (X% per year) and the Netherlands (X% per year).

Import Prices by Country

The average engine generator import price stood at $X per unit in 2022, shrinking by X% against the previous year. Over the period under review, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, engine generator import price decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per unit. From 2020 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Sweden ($X per unit), while the price for Russia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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