Latvia: Outboard Boat Motors Market 2024

Outboard Boat Motors Market Size in Latvia

The Latvian outboard boat motors market expanded rapidly to $X in 2022, with an increase of X% 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). Over the period under review, consumption enjoyed a prominent increase. Outboard boat motors consumption peaked in 2022 and is expected to retain growth in the immediate term.

Outboard Boat Motors Exports

Exports from Latvia

In 2022, shipments abroad of outboard motors for marine propulsion increased by X% to X units, rising for the third consecutive year after two years of decline. Over the period under review, exports showed a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, outboard boat motors exports contracted slightly to $X in 2022. In general, exports saw a strong increase. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

Poland (X units) was the main destination for outboard boat motors exports from Latvia, with a X% share of total exports. Moreover, outboard boat motors exports to Poland exceeded the volume sent to the second major destination, Lithuania (X units), twofold. Estonia (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Poland amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Estonia (X% per year).

In value terms, the largest markets for outboard boat motors exported from Latvia were Estonia ($X), Portugal ($X) and Lithuania ($X), with a combined X% share of total exports.

Portugal, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the average outboard boat motors export price amounted to $X per unit, with a decrease of X% against the previous year. Overall, the export price, however, enjoyed buoyant growth. The pace of growth was the most pronounced in 2016 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 unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Portugal ($X per unit), while the average price for exports to Poland ($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 Portugal (X%), while the prices for the other major destinations experienced more modest paces of growth.

Outboard Boat Motors Imports

Imports into Latvia

In 2022, the amount of outboard motors for marine propulsion imported into Latvia totaled X units, increasing by X% against 2021. In general, imports saw a buoyant increase. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, outboard boat motors imports rose rapidly to $X in 2022. Overall, imports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

Germany (X units), Hungary (X units) and Finland (X units) were the main suppliers of outboard boat motors imports to Latvia, together comprising 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 Finland (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest outboard boat motors suppliers to Latvia were Hungary ($X), Germany ($X) and Belgium ($X), with a combined X% share of total imports. Finland, Estonia and China lagged somewhat behind, together accounting for a further X%.

Finland, with a CAGR of X%, saw the highest rates of growth with regard to 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 outboard boat motors import price stood at $X per unit in 2022, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2016 when the average import price increased by X%. Over the period under review, average import prices reached the peak figure at $X per unit in 2018; however, from 2019 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 Belgium ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform