Latvia: Transportation Vehicle Body Market 2024

Transportation Vehicle Body Market Size in Latvia

The Latvian transportation vehicle body market shrank rapidly to $X in 2022, dropping by -15.8% against the previous year. Overall, consumption, however, continues to indicate a prominent expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Transportation Vehicle Body Production in Latvia

In value terms, transportation vehicle body production declined remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, recorded prominent growth. The growth pace was the most rapid in 2017 when the production volume increased by 85% against the previous year. Transportation vehicle body production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Transportation Vehicle Body Exports

Exports from Latvia

In 2022, shipments abroad of bodies for motor vehicles for the transporting people decreased by -41.2% to X units for the first time since 2019, thus ending a two-year rising trend. In general, exports continue to indicate a sharp curtailment. The growth pace was the most rapid in 2020 when exports increased by 600% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, transportation vehicle body exports fell to $X in 2022. Over the period under review, exports recorded a dramatic contraction. The pace of growth was the most pronounced in 2018 when exports increased by 336% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X units), Lithuania (X units) and Estonia (X units) were the main destinations of transportation vehicle body exports from Latvia, together accounting for 85% of total exports.

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 +60.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for transportation vehicle body exported from Latvia were Estonia ($X), Lithuania ($X) and Kazakhstan ($X), together accounting for 74% of total exports. Sweden, France and Finland lagged somewhat behind, together accounting for a further 26%.

In terms of the main countries of destination, Sweden, with a CAGR of +51.6%, recorded 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

In 2022, the average transportation vehicle body export price amounted to $X per unit, growing by 58% against the previous year. In general, the export price showed prominent growth. The most prominent rate of growth was recorded in 2017 when the average export price increased by 252% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a 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 ($X per unit), while the average price for exports to Sweden ($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 Cyprus (+65.5%), while the prices for the other major destinations experienced more modest paces of growth.

Transportation Vehicle Body Imports

Imports into Latvia

In 2022, overseas purchases of bodies for motor vehicles for the transporting people increased by 70% to X units, rising for the second consecutive year after two years of decline. In general, imports, however, recorded a drastic downturn. The pace of growth appeared the most rapid in 2015 when imports increased by 900% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, transportation vehicle body imports soared to $X in 2022. Over the period under review, imports continue to indicate a resilient increase. The growth pace was the most rapid in 2015 with an increase of 495%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Poland (X units), the Czech Republic (X units) and Lithuania (X units) were the main suppliers of transportation vehicle body imports to Latvia, with a combined 73% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Czech Republic (with a CAGR of +61.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Lithuania ($X) and the Czech Republic ($X) were the largest transportation vehicle body suppliers to Latvia, together accounting for 71% of total imports. Germany, Italy, Estonia and Portugal lagged somewhat behind, together comprising a further 24%.

Germany, with a CAGR of +93.6%, 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 transportation vehicle body import price amounted to $X per unit, increasing by 46% against the previous year. Over the period under review, the import price posted significant growth. The growth pace was the most rapid in 2016 an increase of 96%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Lithuania ($X per unit), while the price for Portugal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+35.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform