Latvia: Internal Combustion Engines Market 2024

Internal Combustion Engines Market Size in Latvia

The Latvian internal combustion engines market contracted to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption saw a abrupt downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Internal Combustion Engines Production in Latvia

In value terms, internal combustion engines production declined to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt decrease. The pace of growth appeared the most rapid in 2021 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

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Internal Combustion Engines Exports

Exports from Latvia

After three years of growth, overseas shipments of motor vehicles compression-ignition internal combustion piston engines decreased by X% to X units in 2022. Overall, exports recorded a pronounced decline. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, internal combustion engines exports shrank rapidly to $X in 2022. Over the period under review, exports continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Belarus (X units) was the main destination for internal combustion engines exports from Latvia, with a X% share of total exports. Moreover, internal combustion engines exports to Belarus exceeded the volume sent to the second major destination, Uzbekistan (X units), twofold. The United Arab Emirates (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Belarus stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (X% per year) and the United Arab Emirates (X% per year).

In value terms, the largest markets for internal combustion engines exported from Latvia were Belarus ($X), Kazakhstan ($X) and Russia ($X), together comprising X% of total exports. Uzbekistan, the United Arab Emirates, Turkey and Kyrgyzstan lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Turkey, with a CAGR of X%, saw 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

The average internal combustion engines export price stood at $X per unit in 2022, falling by X% against the previous year. Overall, the export price continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2019 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Kazakhstan ($X per unit), while the average price for exports to Belarus ($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 Turkey (X%), while the prices for the other major destinations experienced more modest paces of growth.

Internal Combustion Engines Imports

Imports into Latvia

Internal combustion engines imports into Latvia totaled X units in 2022, picking up by X% on the year before. Overall, imports posted significant growth. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, internal combustion engines imports dropped slightly to $X in 2022. In general, imports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

Poland (X units), Lithuania (X units) and Germany (X units) were the main suppliers of internal combustion engines imports to Latvia, with a combined X% share of total imports.

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

In value terms, the largest internal combustion engines suppliers to Latvia were Poland ($X), Germany ($X) and Estonia ($X), together comprising X% of total imports.

Germany, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average internal combustion engines import price stood at $X per unit in 2022, reducing by X% against the previous year. In general, the import price showed a deep slump. The most prominent rate of growth was recorded in 2017 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, 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 ($X per unit), while the price for Spain ($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 mixed trend patterns.

Source: IndexBox Platform

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