Latvia: Tyre Market 2024

Tyre Market Size in Latvia

In 2022, the Latvian tyre market increased by X% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Tyre Production in Latvia

In value terms, tyre production stood at $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of X%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Tyre Exports

Exports from Latvia

In 2022, tyre exports from Latvia soared to X units, jumping by X% against the previous year's figure. Overall, exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2019 with an increase of X%. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, tyre exports surged to $X in 2022. Over the period under review, exports recorded a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Lithuania (X units), Estonia (X units) and Russia (X units) were the main destinations of tyre exports from Latvia, with a combined X% share of total exports. Sweden, Finland, Poland, Ukraine, Kazakhstan, Germany and the Netherlands 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 Sweden (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tyre exported from Latvia were Estonia ($X), Lithuania ($X) and Russia ($X), with a combined X% share of total exports. Ukraine, Sweden, Kazakhstan, the Netherlands, Poland, Finland and Germany lagged somewhat behind, together comprising a further X%.

Sweden, with a CAGR of X%, saw the highest growth rate of the value of exports, among 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 tyre export price stood at $X per unit in 2022, growing by X% against the previous year. Overall, the export price, however, showed a mild decrease. The growth pace was the most rapid in 2021 an increase of X%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 Russia ($X per unit), while the average price for exports to Sweden ($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 Russia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Tyre Imports

Imports into Latvia

In 2022, approx. X units of tyres were imported into Latvia; picking up by X% on the year before. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, tyre imports soared to $X in 2022. In general, total imports indicated a buoyant increase 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, imports increased by X% against 2019 indices. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked 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 tyre to Latvia, accounting for a X% share of total imports. Moreover, tyre imports from China exceeded the figures recorded by the second-largest supplier, Sri Lanka (X units), fourfold. The third position in this ranking was held by Poland (X units), with a X% share.

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

In value terms, the largest tyre suppliers to Latvia were China ($X), India ($X) and Poland ($X), together comprising X% of total imports. Estonia, Vietnam, Lithuania, Thailand, Sweden, Sri Lanka, South Korea, Japan, Turkey and Indonesia lagged somewhat behind, together comprising a further X%.

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

Import Prices by Country

In 2022, the average tyre import price amounted to $X per unit, picking up by X% against the previous year. Overall, the import price, however, recorded a mild setback. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 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 India ($X per unit), while the price for Sri Lanka ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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