Latvia: Market for Gearboxes and Speed Changers 2024

Market Size for Gearboxes and Speed Changers in Latvia

The Latvian gearboxes and speed changers market skyrocketed to $X in 2022, increasing by X% against the previous year. In general, consumption recorded prominent growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Gearboxes and Speed Changers in Latvia

In value terms, gearboxes and speed changers production fell slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Gearboxes and Speed Changers

Exports from Latvia

In 2022, after three years of growth, there was significant decline in shipments abroad of gearboxes and speed changers, when their volume decreased by X% to X tons. Overall, exports recorded a abrupt curtailment. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, gearboxes and speed changers exports reduced markedly to $X in 2022. In general, exports saw a drastic downturn. The growth pace was the most rapid in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then shrank remarkably in the following year.

Exports by Country

Russia (X tons) was the main destination for gearboxes and speed changers exports from Latvia, accounting for a X% share of total exports. Moreover, gearboxes and speed changers exports to Russia exceeded the volume sent to the second major destination, Belarus (X tons), sixfold. The third position in this ranking was taken by Kazakhstan (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Russia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (X% per year) and Kazakhstan (X% per year).

In value terms, Russia ($X) remains the key foreign market for gearboxes and speed changers exports from Latvia, comprising X% of total exports. The second position in the ranking was held by Belarus ($X), with a X% share of total exports. It was followed by Kazakhstan, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Russia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belarus (X% per year) and Kazakhstan (X% per year).

Export Prices by Country

In 2022, the average gearboxes and speed changers export price amounted to $X per ton, shrinking by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

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 ($X per ton), while the average price for exports to Norway ($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 Kazakhstan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gearboxes and Speed Changers

Imports into Latvia

For the third consecutive year, Latvia recorded growth in overseas purchases of gearboxes and speed changers, which increased by X% to X tons in 2022. Overall, imports continue to indicate significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, gearboxes and speed changers imports soared to $X in 2022. In general, imports saw a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Denmark (X tons), Italy (X tons) and Poland (X tons) were the main suppliers of gearboxes and speed changers imports to Latvia, together accounting for X% of total imports.

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

In value terms, Denmark ($X), Italy ($X) and France ($X) constituted the largest gearboxes and speed changers suppliers to Latvia, together comprising X% of total imports.

Among the main suppliers, Denmark, with a CAGR of X%, 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 gearboxes and speed changers import price amounted to $X per ton, with a decrease of X% against the previous year. Overall, the import price saw a slight decline. The most prominent rate of growth was recorded in 2020 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform