Latvia: Commercial Refrigeration Equipment Market 2020

Commercial Refrigeration Equipment Market Size in Latvia

The revenue of the commercial refrigeration equipment market in Latvia amounted to $X in 2018, growing by X% against the previous year. Overall, commercial refrigeration equipment consumption, however, continues to indicate an abrupt curtailment. The pace of growth appeared the most rapid in 2012 with an increase of X% y-o-y. Over the period under review, the commercial refrigeration equipment market reached its maximum level at $X in 2009; however, from 2010 to 2018, consumption remained at a lower figure.

Commercial Refrigeration Equipment Production in Latvia

In value terms, commercial refrigeration equipment production amounted to $X in 2018 estimated in export prices. Over the period under review, commercial refrigeration equipment production continues to indicate a pronounced deduction. The pace of growth appeared the most rapid in 2012 with an increase of X% y-o-y. Over the period under review, commercial refrigeration equipment production reached its maximum level at $X in 2013; however, from 2014 to 2018, production remained at a lower figure.

Commercial Refrigeration Equipment Exports

Exports from Latvia

In 2018, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) exported from Latvia totaled X units, shrinking by -X% against the previous year. Over the period under review, commercial refrigeration equipment exports, however, continue to indicate skyrocketing growth. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, commercial refrigeration equipment exports reached their maximum at X units in 2017, and then declined slightly in the following year.

In value terms, commercial refrigeration equipment exports amounted to $X in 2018. Over the period under review, commercial refrigeration equipment exports, however, continue to indicate an extraordinary increase. The pace of growth was the most pronounced in 2015 when exports increased by X% year-to-year. Latvia exports peaked in 2018 and are likely to continue its growth in the immediate term.

Exports by Country

In 2018, China (X units), distantly followed by Italy (X units), France (X units), Mexico (X units), the U.S. (X units), Singapore (X units) and Germany (X units) were the key exporters of refrigerating and freezing equipment and heat pumps (except household type equipment), together constituting X% of total exports. The following exporters - South Korea (X units), Ireland (X units), Denmark (X units), Turkey (X units) and Belgium (X units) - together made up X% of total exports.

Exports from China increased at an average annual rate of +X% from 2007 to 2018. At the same time, Ireland (+X%), Singapore (+X%), France (+X%), Italy (+X%), South Korea (+X%), Belgium (+X%), Denmark (+X%), Mexico (+X%) and Germany (+X%) displayed positive paces of growth. Moreover, Ireland emerged as the fastest-growing exporter in the world, with a CAGR of +X% from 2007-2018. Turkey experienced a relatively flat trend pattern. By contrast, the U.S. (-X%) illustrated a downward trend over the same period. Italy (+X p.p.), France (+X p.p.), Singapore (+X p.p.), China (+X p.p.), South Korea (+X p.p.), Mexico (+X p.p.) and Ireland (+X p.p.) significantly strengthened its position in terms of the global exports, while the U.S. saw its share reduced by -X% from 2007 to 2018, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest commercial refrigeration equipment markets from Latvia were China ($X), Italy ($X) and the U.S. ($X), with a combined X% share of total exports. France, Germany, Mexico, Singapore, Ireland, Turkey, South Korea, Denmark, Belgium and Latvia lagged somewhat behind, together comprising a further X the main exporting countries, Singapore experienced the highest growth rate of exports, over the last eleven years, while the other leaders experienced more modest paces of growth.

Export Prices by Country

The commercial refrigeration equipment export price in Latvia stood at $X per unit in 2018, surging by X% against the previous year. In general, the commercial refrigeration equipment export price, however, continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2013 an increase of X% year-to-year. In that year, the export prices for refrigerating and freezing equipment and heat pumps (except household type equipment) attained their peak level of $X per unit. From 2014 to 2018, the growth in terms of the export prices for refrigerating and freezing equipment and heat pumps (except household type equipment) remained at a somewhat lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was the U.S. ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by the U.S., while the other leaders experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Latvia

In 2018, the commercial refrigeration equipment imports into Latvia stood at X units, increasing by X% against the previous year. In general, commercial refrigeration equipment imports continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2015 when imports increased by X% year-to-year. Latvia imports peaked in 2018 and are expected to retain its growth in the immediate term.

In value terms, commercial refrigeration equipment imports stood at $X in 2018. Over the period under review, commercial refrigeration equipment imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by X% y-o-y. In that year, commercial refrigeration equipment imports reached their peak and are likely to continue its growth in the immediate term.

Imports by Country

In 2018, the U.S. (X units), distantly followed by Germany (X units) and China (X units) represented the major importers of refrigerating and freezing equipment and heat pumps (except household type equipment), together committing X% of total imports. Russia (X units), Indonesia (X units), France (X units), Australia (X units), Mexico (X units), the UK (X units), the Philippines (X units), the United Arab Emirates (X units) and Turkey (X units) occupied a relatively small share of total imports.

Imports into the U.S. increased at an average annual rate of +X% from 2007 to 2018. At the same time, Indonesia (+X%), Germany (+X%), Mexico (+X%) and France (+X%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. The Philippines, Russia and Australia experienced a relatively flat trend pattern. By contrast, the UK (-X%), China (-X%), the United Arab Emirates (-X%) and Turkey (-X%) illustrated a downward trend over the same period. While the share of the U.S. (+X p.p.), Germany (+X p.p.) and Indonesia (+X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the U.S. ($X), Germany ($X) and France ($X) were the countries with the highest levels of imports in 2018, with a combined X% share of total imports. China, the UK, Australia, Mexico, Russia, the United Arab Emirates, Turkey, the Philippines, Indonesia and Latvia lagged somewhat behind, together comprising a further X experienced the highest rates of growth with regard to imports, among the main importing countries over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Import Prices by Country

The commercial refrigeration equipment import price in Latvia stood at $X per unit in 2018, going up by X% against the previous year. Over the period under review, the commercial refrigeration equipment import price, however, continues to indicate an abrupt decline. The growth pace was the most rapid in 2009 an increase of X% year-to-year. In that year, the import prices for refrigerating and freezing equipment and heat pumps (except household type equipment) attained their peak level of $X per unit. From 2010 to 2018, the growth in terms of the import prices for refrigerating and freezing equipment and heat pumps (except household type equipment) failed to regain its momentum.

There were significant differences in the average prices amongst the major importing countries. In 2018, the country with the highest price was France ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Australia, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform