Latvia: Market for Equipment For Internal Combustion Engines 2025

Market Size for Equipment For Internal Combustion Engines in Latvia

The Latvian internal combustion engine equipment market reduced rapidly to $X in 2022, declining by -32% against the previous year. Overall, consumption showed a abrupt slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Equipment For Internal Combustion Engines in Latvia

In value terms, internal combustion engine equipment production fell to $X in 2022 estimated in export price. Overall, production saw a abrupt setback. The pace of growth was the most pronounced in 2017 with an increase of 49% against the previous year. Internal combustion engine equipment production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Equipment For Internal Combustion Engines

Exports from Latvia

In 2022, shipments abroad of equipment for internal combustion engines increased by 64% to X units, rising for the second year in a row after four years of decline. In general, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 1,721% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, internal combustion engine equipment exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 1,457%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Estonia (X units), Croatia (X units) and Sweden (X units) were the main destinations of internal combustion engine equipment exports from Latvia, together comprising 64% of total exports.

From 2012 to 2022, the biggest increases were recorded for Croatia (with a CAGR of +385.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for internal combustion engine equipment exported from Latvia were Estonia ($X), Croatia ($X) and Sweden ($X), with a combined 64% share of total exports.

Among the main countries of destination, Croatia, with a CAGR of +374.6%, recorded the highest rates of growth with regard to 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

The average internal combustion engine equipment export price stood at $X per unit in 2022, waning by -3.2% against the previous year. Overall, the export price saw a mild reduction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 12%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Finland ($X per unit) and Sweden ($X per unit), while the average price for exports to Germany ($X per unit) and Estonia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+1.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Equipment For Internal Combustion Engines

Imports into Latvia

In 2022, approx. less than X units of equipment for internal combustion engines were imported into Latvia; waning by 99.9% against the previous year's figure. Overall, imports, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2021 with an increase of 180% against the previous year. As a result, imports attained the peak of X units, and then shrank dramatically in the following year.

In value terms, internal combustion engine equipment imports reduced markedly to $X in 2022. Over the period under review, imports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2021 with an increase of 148%. As a result, imports reached the peak of $X, and then dropped dramatically in the following year.

Imports by Country

Poland (X units), Germany (X units) and Finland (X units) were the main suppliers of internal combustion engine equipment imports to Latvia, with a combined 62% share of total imports. Lithuania, the Netherlands, the United States, Slovenia, Italy and Belgium lagged somewhat behind, together comprising a further 34%.

From 2018 to 2021, the biggest increases were recorded for the United States (with a CAGR of +156.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Germany ($X) and Finland ($X) constituted the largest internal combustion engine equipment suppliers to Latvia, together accounting for 62% of total imports. Lithuania, the Netherlands, the United States, Slovenia, Italy and Belgium lagged somewhat behind, together comprising a further 34%.

The United States, with a CAGR of +146.0%, saw the highest growth rate of the value of imports, among 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 2021, the average internal combustion engine equipment import price amounted to $X per unit, waning by -11.5% against the previous year. In general, the import price recorded a perceptible descent. The most prominent rate of growth was recorded in 2019 an increase of 23%. As a result, import price attained the peak level of $X per unit. From 2020 to 2021, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Italy ($X per unit) and Slovenia ($X per unit), while the price for Finland ($X per unit) and Germany ($X per unit) were amongst the lowest.

From 2018 to 2021, the most notable rate of growth in terms of prices was attained by Italy (-4.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform