Latvia: Market for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors 2025

Market Size for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors in Latvia

In 2022, after two years of growth, there was significant decline in the Latvian market for fork-lift trucks and other industrial works trucks and tractors, when its value decreased by -50.2% to $X. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then dropped markedly in the following year.

Exports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Exports from Latvia

In 2022, overseas shipments of fork-lift trucks and other industrial works trucks and tractors decreased by -59.9% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, saw a strong increase. The pace of growth was the most pronounced in 2021 with an increase of 422% against the previous year. As a result, the exports attained the peak of X units, and then declined markedly in the following year.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors surged to $X in 2022. In general, total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +133.8% against 2017 indices. The growth pace was the most rapid in 2018 when exports increased by 82% against the previous year. Over the period under review, the exports of attained the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Lithuania (X units), Estonia (X units) and the Czech Republic (X units) were the main destinations of exports of fork-lift trucks and other industrial works trucks and tractors from Latvia, with a combined 88% share 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 the Czech Republic (with a CAGR of +51.4%), while the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Estonia ($X) and Germany ($X) were the largest markets for forklift truck and industrial works truck exported from Latvia worldwide, together accounting for 90% of total exports. Poland, Ukraine, the Czech Republic and Russia lagged somewhat behind, together accounting for a further 6.1%.

In terms of the main countries of destination, Ukraine, with a CAGR of +58.3%, 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

In 2022, the average export price for fork-lift trucks and other industrial works trucks and tractors amounted to $X per unit, picking up by 217% against the previous year. Overall, the export price, however, showed a abrupt downturn. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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 Poland ($X per unit), while the average price for exports to the Czech Republic ($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 Ukraine (+5.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Imports into Latvia

In 2022, after two years of growth, there was significant decline in supplies from abroad of fork-lift trucks and other industrial works trucks and tractors, when their volume decreased by -60.4% to X units. Overall, imports, however, enjoyed a modest increase. The most prominent rate of growth was recorded in 2021 when imports increased by 365% against the previous year. As a result, imports attained the peak of X units, and then contracted significantly in the following year.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors soared to $X in 2022. Over the period under review, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2013 when imports increased by 36% against the previous year. Over the period under review, imports of attained the maximum in 2022 and are expected to retain growth in the near future.

Imports by Country

Sweden (X units), France (X units) and China (X units) were the main suppliers of imports of fork-lift trucks and other industrial works trucks and tractors to Latvia, together comprising 60% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +27.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and Sweden ($X) constituted the largest forklift truck and industrial works truck suppliers to Latvia, with a combined 61% share of total imports. The Netherlands, Poland, China and Estonia lagged somewhat behind, together comprising a further 13%.

Among the main suppliers, Poland, with a CAGR of +41.3%, 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 fork-lift trucks and other industrial works trucks and tractors amounted to $X per unit, growing by 210% against the previous year. Overall, the import price saw a buoyant increase. Over the period under review, average import prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+24.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform