Latvia: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

Market Size for Steering Wheels, Steering Columns And Steering Boxes in Latvia

The Latvian steering wheels and columns market rose sharply to $X in 2022, growing by 13% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Production of Steering Wheels, Steering Columns And Steering Boxes in Latvia

In value terms, steering wheels and columns production rose sharply to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 48%. Steering wheels and columns production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from Latvia

Steering wheels and columns exports from Latvia expanded markedly to X tons in 2022, increasing by 14% compared with the previous year. In general, exports posted a significant expansion. The growth pace was the most rapid in 2013 with an increase of 488%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, steering wheels and columns exports soared to $X in 2022. Over the period under review, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 492% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

Sweden (X tons), Estonia (X tons) and Poland (X tons) were the main destinations of steering wheels and columns exports from Latvia, together accounting for 60% of total exports. Finland, Lithuania, Russia, Germany and Turkey lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +97.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Estonia ($X) and Germany ($X) constituted the largest markets for steering wheels and columns exported from Latvia worldwide, together comprising 53% of total exports. Lithuania, Finland, Poland, Russia and Turkey lagged somewhat behind, together comprising a further 37%.

Finland, with a CAGR of +86.3%, 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

The average steering wheels and columns export price stood at $X per ton in 2022, rising by 32% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 42% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Norway (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports into Latvia

In 2022, approx. X tons of steering wheels, steering columns and steering boxes were imported into Latvia; increasing by 38% against the previous year. In general, imports continue to indicate a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, steering wheels and columns imports soared to $X in 2022. Over the period under review, imports posted a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Germany (X tons), Poland (X tons) and Lithuania (X tons) were the main suppliers of steering wheels and columns imports to Latvia, together accounting for 78% of total imports. Italy, Estonia, Turkey and Hungary lagged somewhat behind, together accounting for a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +37.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Poland ($X) and Lithuania ($X) appeared to be the largest steering wheels and columns suppliers to Latvia, with a combined 78% share of total imports. Italy, Estonia, Hungary and Turkey lagged somewhat behind, together accounting for a further 8.9%.

Among the main suppliers, Italy, with a CAGR of +30.2%, recorded 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 steering wheels and columns import price stood at $X per ton in 2022, shrinking by -7.2% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 37% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, 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 Germany ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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