Latvia: Market for Glass Rear-View Mirrors For Vehicles 2024

Market Size for Glass Rear-View Mirrors For Vehicles in Latvia

The Latvian glass rear-view vehicle mirror market contracted to $X in 2022, which is down by -9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed strong growth. Glass rear-view vehicle mirror consumption peaked at $X in 2021, and then declined in the following year.

Exports of Glass Rear-View Mirrors For Vehicles

Exports from Latvia

In 2022, after ten years of growth, there was significant decline in shipments abroad of glass rear-view mirrors for vehicles, when their volume decreased by -13.1% to X units. In general, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 35%. As a result, the exports reached the peak of X units, and then shrank in the following year.

In value terms, glass rear-view vehicle mirror exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a strong expansion. The growth pace was the most rapid in 2014 when exports increased by 46%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Estonia (X units), Sweden (X units) and Russia (X units) were the main destinations of glass rear-view vehicle mirror exports from Latvia.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Finland (with a CAGR of +176.1%), while the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Estonia ($X) and Finland ($X) appeared to be the largest markets for glass rear-view vehicle mirror exported from Latvia worldwide, together comprising 64% of total exports.

Finland, with a CAGR of +211.4%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average glass rear-view vehicle mirror export price stood at $X per unit in 2021, increasing by 2.7% against the previous year. In general, the export price showed a moderate expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Finland ($X per unit), while the average price for exports to Belarus ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Finland (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into Latvia

Glass rear-view vehicle mirror imports into Latvia declined to X units in 2022, which is down by -14.1% compared with the previous year. Over the period under review, imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2016 when imports increased by 121%. Over the period under review, imports hit record highs at X units in 2021, and then declined in the following year.

In value terms, glass rear-view vehicle mirror imports stood at $X in 2022. Overall, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +53.1% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 52% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2021, Poland (X units) constituted the largest glass rear-view vehicle mirror supplier to Latvia, with a 52% share of total imports. Moreover, glass rear-view vehicle mirror imports from Poland exceeded the figures recorded by the second-largest supplier, Lithuania (X units), fourfold. The third position in this ranking was taken by Germany (X units), with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Poland stood at +16.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+16.6% per year) and Germany (+9.7% per year).

In value terms, the largest glass rear-view vehicle mirror suppliers to Latvia were Poland ($X), Germany ($X) and Lithuania ($X), with a combined 68% share of total imports. Estonia, Italy, Taiwan (Chinese), Turkey, Sweden, China, Belarus and Spain lagged somewhat behind, together accounting for a further 19%.

Taiwan (Chinese), with a CAGR of +39.3%, 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

The average glass rear-view vehicle mirror import price stood at $X per unit in 2021, with an increase of 9.5% against the previous year. In general, the import price, however, saw a abrupt slump. The pace of growth appeared the most rapid in 2017 when the average import price increased by 104% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Belarus ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform