Latvia: Vehicle Radio Market 2024

Vehicle Radio Market Size in Latvia

In 2022, after two years of decline, there was significant growth in the Latvian vehicle radio market, when its value increased by 5,148% to $X. Over the period under review, consumption recorded moderate growth. Vehicle radio consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Vehicle Radio Production in Latvia

In value terms, vehicle radio production declined to $X in 2022 estimated in export price. Over the period under review, production recorded a mild decrease. The pace of growth appeared the most rapid in 2015 when the production volume increased by 6.6%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Vehicle Radio Exports

Exports from Latvia

Vehicle radio exports from Latvia contracted remarkably to X units in 2022, reducing by -68.3% against the previous year's figure. In general, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2017 with an increase of 1,225% against the previous year. The exports peaked at X units in 2021, and then fell sharply in the following year.

In value terms, vehicle radio exports fell sharply to $X in 2022. Over the period under review, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2018 when exports increased by 12,889% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then dropped significantly in the following year.

Exports by Country

Estonia (X units) was the main destination for vehicle radio exports from Latvia, with a 85% share of total exports. Moreover, vehicle radio exports to Estonia exceeded the volume sent to the second major destination, the United Arab Emirates (X units), more than tenfold. The third position in this ranking was taken by Lithuania (X units), with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Estonia stood at +41.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+32.2% per year) and Lithuania (-12.3% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for radio receivers for motor vehicles exports from Latvia, comprising 45% of total exports. The second position in the ranking was held by Estonia ($X), with a 16% share of total exports. It was followed by the United Arab Emirates, with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR amounted to -83.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+12.5% per year) and the United Arab Emirates (+55.1% per year).

Export Prices by Country

In 2022, the average vehicle radio export price amounted to $X per unit, reducing by -5.8% against the previous year. In general, 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 2,403%. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Kazakhstan ($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 Hong Kong SAR (+7,455.9%), while the prices for the other major destinations experienced more modest paces of growth.

Vehicle Radio Imports

Imports into Latvia

In 2022, the amount of radio receivers for motor vehicles imported into Latvia surged to X units, jumping by 73% on 2021. Overall, imports posted a resilient increase. The growth pace was the most rapid in 2014 when imports increased by 554% 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.

In value terms, vehicle radio imports surged to $X in 2022. Over the period under review, imports saw a resilient increase. The most prominent rate of growth was recorded in 2014 when imports increased by 599% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Lithuania (X units), Estonia (X units) and the UK (X units) were the main suppliers of vehicle radio imports to Latvia, with a combined 89% share of total imports. Poland, China and Sweden lagged somewhat behind, together comprising a further 6.7%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +59.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Lithuania ($X) and Poland ($X) appeared to be the largest vehicle radio suppliers to Latvia, with a combined 75% share of total imports.

In terms of the main suppliers, Poland, with a CAGR of +51.1%, saw 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

The average vehicle radio import price stood at $X per unit in 2022, picking up by 12% against the previous year. Over the period under review, the import price, however, saw a noticeable decrease. The pace of growth was the most pronounced in 2020 when the average import price increased by 69%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 Sweden ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+15.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform