Latvia: Market for Primary Cells and Batteries 2024

Market Size for Primary Cells and Batteries in Latvia

The Latvian primary cell and battery market surged to $X in 2022, growing by 18% 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 enjoyed a resilient increase. Primary cell and battery consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Exports of Primary Cells and Batteries

Exports from Latvia

After two years of decline, shipments abroad of primary cells and batteries increased by 46% to X units in 2022. Overall, exports showed resilient growth. The pace of growth appeared the most rapid in 2013 when exports increased by 102% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, primary cell and battery exports surged to $X in 2022. Over the period under review, exports continue to indicate buoyant growth. The pace of growth was the most pronounced in 2013 when exports increased by 94% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Estonia (X units), Poland (X units) and the United Arab Emirates (X units) were the main destinations of primary cell and battery exports from Latvia, with a combined 68% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +290.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X) remains the key foreign market for primary cells and batteries exports from Latvia, comprising 37% of total exports. The second position in the ranking was taken by Lithuania ($X), with a 13% share of total exports. It was followed by Poland, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Estonia amounted to +17.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+3.6% per year) and Poland (+156.5% per year).

Export Prices by Country

In 2022, the average primary cell and battery export price amounted to $X per unit, dropping by -4% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 32% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average export prices remained 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 Lithuania ($X per unit), while the average price for exports to Belarus ($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 Lithuania (+10.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Primary Cells and Batteries

Imports into Latvia

In 2022, the amount of primary cells and batteries imported into Latvia surged to X units, with an increase of 25% on the previous year's figure. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +8.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 45%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, primary cell and battery imports surged to $X in 2022. In general, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 49%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Germany (X units), Poland (X units) and Lithuania (X units) were the main suppliers of primary cell and battery imports to Latvia, together comprising 70% of total imports. Estonia, China, Bulgaria, the Czech Republic and the UK lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Czech Republic (with a CAGR of +138.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest primary cell and battery suppliers to Latvia were Lithuania ($X), Germany ($X) and Poland ($X), together comprising 64% of total imports. Estonia, China, the Czech Republic, Bulgaria and the UK lagged somewhat behind, together comprising a further 25%.

In terms of the main suppliers, the Czech Republic, with a CAGR of +96.1%, recorded 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 primary cell and battery import price amounted to $X per unit, surging by 7.3% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 25%. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform