Latvia: Jacks And Hoists Market 2024

Jacks And Hoists Market Size in Latvia

In 2022, the Latvian jacks and hoists market increased by 0.4% to $X, rising for the second consecutive year after two years of decline. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Jacks And Hoists Production in Latvia

In value terms, jacks and hoists production shrank to $X in 2022 estimated in export price. In general, production showed a pronounced curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 57% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Jacks And Hoists Exports

Exports from Latvia

After two years of growth, overseas shipments of jacks and hoists for raising vehicles decreased by -46% to X units in 2022. In general, exports, however, posted a strong expansion. The pace of growth appeared the most rapid in 2015 with an increase of 295% against the previous year. The exports peaked at X units in 2021, and then reduced remarkably in the following year.

In value terms, jacks and hoists exports contracted remarkably to $X in 2022. Overall, exports recorded a pronounced shrinkage. The pace of growth appeared the most rapid in 2018 when exports increased by 310%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Lithuania (X units), Estonia (X units) and Germany (X units) were the main destinations of jacks and hoists exports from Latvia, with a combined 86% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +86.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for jacks and hoists exported from Latvia were Germany ($X), Estonia ($X) and Lithuania ($X), together comprising 85% of total exports.

In terms of the main countries of destination, Germany, with a CAGR of +85.5%, 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

The average jacks and hoists export price stood at $X per unit in 2022, dropping by -25.2% against the previous year. Overall, the export price recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2013 an increase of 110% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Poland ($X per unit), while the average price for exports to Romania ($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 Romania (+18.5%), while the prices for the other major destinations experienced more modest paces of growth.

Jacks And Hoists Imports

Imports into Latvia

For the third consecutive year, Latvia recorded growth in supplies from abroad of jacks and hoists for raising vehicles, which increased by 20% to X units in 2022. In general, imports showed a significant increase. The most prominent rate of growth was recorded in 2018 when imports increased by 123% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, jacks and hoists imports reduced to $X in 2022. Over the period under review, imports recorded a perceptible expansion. The growth pace was the most rapid in 2013 with an increase of 99% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

The UK (X units), Poland (X units) and Finland (X units) were the main suppliers of jacks and hoists imports to Latvia, with a combined 63% share of total imports. Lithuania, China, Italy, Estonia, the Netherlands and Ukraine lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +47.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Italy ($X) and Lithuania ($X) appeared to be the largest jacks and hoists suppliers to Latvia, together accounting for 58% of total imports. Finland, China, the UK, Estonia, the Netherlands and Ukraine lagged somewhat behind, together comprising a further 24%.

In terms of the main suppliers, the UK, with a CAGR of +38.6%, recorded the highest growth rate of 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 jacks and hoists import price amounted to $X per unit, reducing by -23.7% against the previous year. Overall, the import price showed a abrupt contraction. The pace of growth appeared the most rapid in 2013 an increase of 97% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+7.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform