Estonia: Mounted Objective Lens Market 2024

Mounted Objective Lens Market Size in Estonia

After two years of growth, the Estonian mounted objective lens market decreased by -4.9% to $X in 2022. Overall, the total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 +40.8% against 2019 indices. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Mounted Objective Lens Production in Estonia

In value terms, mounted objective lens production surged to $X in 2022 estimated in export price. In general, production, however, continues to indicate a perceptible shrinkage. The pace of growth was the most pronounced in 2013 with an increase of 183% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Mounted Objective Lens Exports

Exports from Estonia

In 2022, after three years of decline, there was significant growth in shipments abroad of mounted objective lenses, when their volume increased by 92% to X units. Over the period under review, exports, however, showed a dramatic descent. The pace of growth appeared the most rapid in 2018 when exports increased by 261% against the previous year. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, mounted objective lens exports soared to $X in 2022. Overall, exports, however, saw a precipitous shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 121% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Latvia (X units) was the main destination for mounted objective lens exports from Estonia, with a 19% share of total exports. Moreover, mounted objective lens exports to Latvia exceeded the volume sent to the second major destination, Russia (X units), twofold. The third position in this ranking was taken by Lithuania (X units), with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume to Latvia totaled +6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-20.6% per year) and Lithuania (-16.0% per year).

In value terms, Latvia ($X) remains the key foreign market for mounted objective lenses exports from Estonia, comprising 37% of total exports. The second position in the ranking was taken by Russia ($X), with an 18% share of total exports. It was followed by Lithuania, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Latvia stood at +1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-16.5% per year) and Lithuania (-20.9% per year).

Export Prices by Country

The average mounted objective lens export price stood at $X per unit in 2021, rising by 475% against the previous year. Over the period under review, the export price showed a buoyant expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+61.3%), while the prices for the other major destinations experienced mixed trend patterns.

Mounted Objective Lens Imports

Imports into Estonia

Mounted objective lens imports into Estonia dropped dramatically to X units in 2022, with a decrease of -18.9% against the previous year's figure. Over the period under review, imports showed a sharp setback. The growth pace was the most rapid in 2018 with an increase of 26%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, mounted objective lens imports declined to $X in 2022. Overall, imports continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2021 when imports increased by 53% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X units), Switzerland (X units) and Germany (X units) were the main suppliers of mounted objective lens imports to Estonia, together comprising 30% of total imports.

From 2012 to 2021, the biggest increases were recorded for Switzerland (with a CAGR of +116.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest mounted objective lens suppliers to Estonia were Germany ($X), Finland ($X) and Lithuania ($X), with a combined 54% share of total imports. Switzerland, the United States, Slovakia, the Netherlands, the UK, Japan, Sweden, China, Latvia and Thailand lagged somewhat behind, together comprising a further 41%.

Among the main suppliers, Switzerland, with a CAGR of +94.1%, 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

In 2021, the average mounted objective lens import price amounted to $X per unit, surging by 27% against the previous year. Over the period under review, the import price posted a prominent expansion. The growth pace was the most rapid in 2020 when the average import price increased by 42% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Latvia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform