Latvia: Market for Bearing Housings Incorporating Ball Or Roller Bearings 2024

Market Size for Bearing Housings Incorporating Ball Or Roller Bearings in Latvia

The Latvian market for bearing housings incorporating ball or roller bearings was estimated at $X in 2022, remaining constant against the previous year. In general, consumption recorded a pronounced slump. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Bearing Housings Incorporating Ball Or Roller Bearings in Latvia

In value terms, bearing housing with ball bearing production rose sharply to $X in 2022 estimated in export price. Over the period under review, the total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +59.1% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 79% against the previous year. Bearing housing with ball bearing production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Bearing Housings Incorporating Ball Or Roller Bearings

Exports from Latvia

In 2022, overseas shipments of bearing housings incorporating ball or roller bearings decreased by -2.1% to X tons for the first time since 2014, thus ending a seven-year rising trend. Over the period under review, exports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2021 with an increase of 137%. As a result, the exports attained the peak of X tons, and then dropped in the following year.

In value terms, bearing housing with ball bearing exports rose markedly to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 128% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

Exports by Country

Poland (X tons) was the main destination for bearing housing with ball bearing exports from Latvia, accounting for a 70% share of total exports. Moreover, bearing housing with ball bearing exports to Poland exceeded the volume sent to the second major destination, Russia (X tons), sixfold. Lithuania (X tons) ranked third in terms of total exports with a 9.9% share.

From 2012 to 2022, the average annual growth rate of volume to Poland amounted to +315.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+151.4% per year) and Lithuania (+17.9% per year).

In value terms, Poland ($X) emerged as the key foreign market for bearing housings incorporating ball or roller bearings exports from Latvia, comprising 56% of total exports. The second position in the ranking was held by Lithuania ($X), with a 19% share of total exports. It was followed by Russia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Poland totaled +274.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+18.7% per year) and Russia (+90.4% per year).

Export Prices by Country

The average export price for bearing housings incorporating ball or roller bearings stood at $X per ton in 2022, increasing by 15% against the previous year. In general, the export price, however, saw a deep setback. The pace of growth appeared the most rapid in 2013 when the average export price increased by 47%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Estonia ($X per ton), while the average price for exports to Turkey ($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 Malaysia (+37.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Bearing Housings Incorporating Ball Or Roller Bearings

Imports into Latvia

In 2022, approx. X tons of bearing housings incorporating ball or roller bearings were imported into Latvia; with a decrease of -8.5% against the previous year. Overall, imports, however, recorded strong growth. The pace of growth was the most pronounced in 2019 with an increase of 138% against the previous year. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, bearing housing with ball bearing imports expanded remarkably to $X in 2022. Over the period under review, imports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2017 with an increase of 55% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest bearing housing with ball bearing supplier to Latvia, with a 69% share of total imports. Moreover, bearing housing with ball bearing imports from China exceeded the figures recorded by the second-largest supplier, France (X tons), eightfold. The third position in this ranking was taken by Germany (X tons), with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +26.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+27.4% per year) and Germany (-5.4% per year).

In value terms, the largest bearing housing with ball bearing suppliers to Latvia were China ($X), Germany ($X) and France ($X), with a combined 64% share of total imports.

In terms of the main suppliers, France, with a CAGR of +24.5%, saw the highest rates of growth with regard to 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 2022, the average import price for bearing housings incorporating ball or roller bearings amounted to $X per ton, jumping by 20% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2013 when the average import price increased by 32%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

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 Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+16.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform