Latvia: Market for Lifts, Elevators, Moving Stairways and Draglines 2024

Market Size for Lifts, Elevators, Moving Stairways and Draglines in Latvia

In 2022, after three years of growth, there was significant decline in the Latvian market for lifts, elevators, moving stairways and draglines, when its value decreased by -7.8% to $X. Over the period under review, the total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +88.0% against 2018 indices. Over the period under review, the market attained the peak level at $X in 2021, and then declined in the following year.

Production of Lifts, Elevators, Moving Stairways and Draglines in Latvia

In value terms, lift, elevator, stairway and dragline production expanded rapidly to $X in 2022 estimated in export price. In general, production saw a strong increase. The pace of growth was the most pronounced in 2017 when the production volume increased by 87% against the previous year. Lift, elevator, stairway and dragline production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports from Latvia

Lift, elevator, stairway and dragline exports from Latvia soared to X units in 2022, with an increase of 32% compared with the previous year's figure. Over the period under review, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 281%. Over the period under review, the exports reached the maximum at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, lift, elevator, stairway and dragline exports skyrocketed to $X in 2022. Overall, exports saw a resilient expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 210% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Denmark (X units) was the main destination for lift, elevator, stairway and dragline exports from Latvia, with a 99% share of total exports. It was followed by Germany (X units), with a 0.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Denmark stood at +55.1%.

In value terms, Denmark ($X) remains the key foreign market for lifts, elevators, moving stairways and draglines exports from Latvia, comprising 99% of total exports. The second position in the ranking was held by Germany ($X), with a 0.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Denmark totaled +51.1%.

Export Prices by Country

In 2022, the average export price for lifts, elevators, moving stairways and draglines amounted to $X per unit, growing by 15% against the previous year. Over the period under review, the export price, however, recorded a slight reduction. Over the period under review, the average export prices reached the maximum at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Denmark stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (-2.4%).

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports into Latvia

In 2022, approx. X units of lifts, elevators, moving stairways and draglines were imported into Latvia; growing by 9% on the year before. Over the period under review, imports, however, continue to indicate a deep reduction. The growth pace was the most rapid in 2021 with an increase of 45%. Over the period under review, imports reached the peak figure at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, lift, elevator, stairway and dragline imports shrank modestly to $X in 2022. Overall, imports, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2021 with an increase of 45% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Finland (X units), Slovakia (X units) and the Czech Republic (X units) were the main suppliers of lift, elevator, stairway and dragline imports to Latvia, with a combined 72% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +64.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest lift, elevator, stairway and dragline suppliers to Latvia were Finland ($X), Slovakia ($X) and the Czech Republic ($X), with a combined 67% share of total imports.

Slovakia, with a CAGR of +57.3%, recorded 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 2022, the average import price for lifts, elevators, moving stairways and draglines amounted to $X per unit, which is down by -11.8% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 19%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Poland ($X per unit), while the price for Greece ($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 (+2.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform