Latvia: Hvac Equipment Market 2024

Hvac Equipment Market Size in Latvia

The Latvian HVAC equipment market soared to $X in 2022, jumping by X% against the previous year. In general, the total consumption indicated a notable expansion from 2012 to 2022: its value 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, consumption increased by X% against 2015 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Hvac Equipment Production in Latvia

In value terms, HVAC equipment production expanded to $X in 2022 estimated in export price. In general, production, however, showed a mild shrinkage. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Hvac Equipment Exports

Exports from Latvia

In 2022, shipments abroad of HVAC equipment increased by X% to X units, rising for the seventh consecutive year after two years of decline. Over the period under review, exports showed a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, HVAC equipment exports rose modestly to $X in 2022. Overall, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports by Country

Lithuania (X units), Russia (X units) and Estonia (X units) were the main destinations of HVAC equipment exports from Latvia, with a combined X% share of total exports. Germany, Qatar, Ukraine, Moldova, Hungary, the Czech Republic, Finland, Poland and Denmark lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Qatar (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for HVAC equipment exported from Latvia were Russia ($X), Germany ($X) and Estonia ($X), with a combined X% share of total exports. Lithuania, Poland, Finland, the Czech Republic, Hungary, Ukraine, Moldova, Denmark and Qatar lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Qatar, with a CAGR of X%, recorded the highest growth rate of 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

In 2022, the average HVAC equipment export price amounted to $X per unit, waning by X% against the previous year. In general, export price indicated a moderate 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, HVAC equipment export price decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2015 an increase of X%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

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

Hvac Equipment Imports

Imports into Latvia

For the sixth year in a row, Latvia recorded growth in supplies from abroad of HVAC equipment, which increased by X% to X units in 2022. In general, imports posted significant growth. The pace of growth was the most pronounced in 2021 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, HVAC equipment imports surged to $X in 2022. Overall, imports continue to indicate prominent growth. The pace of growth was the most pronounced in 2017 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of HVAC equipment to Latvia, with a X% share of total imports. Moreover, HVAC equipment imports from China exceeded the figures recorded by the second-largest supplier, Lithuania (X units), more than tenfold. The third position in this ranking was taken by Poland (X units), with a X% share.

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

In value terms, the largest HVAC equipment suppliers to Latvia were Lithuania ($X), China ($X) and Poland ($X), together accounting for X% of total imports.

In terms of the main suppliers, China, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average HVAC equipment import price stood at $X per unit in 2022, with an increase of X% against the previous year. Overall, the import price, however, continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Poland ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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