Latvia: Retreaded Pneumatic Tyre Market 2024

Retreaded Pneumatic Tyre Market Size in Latvia

The Latvian retreaded pneumatic tyre market was finally on the rise to reach $X in 2022, after five years of decline. Over the period under review, consumption, however, saw a abrupt contraction. Retreaded pneumatic tyre consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Retreaded Pneumatic Tyre Production in Latvia

In value terms, retreaded pneumatic tyre production surged to $X in 2022 estimated in export price. Over the period under review, production posted a resilient expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by 198%. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Retreaded Pneumatic Tyre Exports

Exports from Latvia

In 2022, overseas shipments of retreaded pneumatic tyres decreased by -43.3% to X units, falling for the second consecutive year after two years of growth. In general, exports, however, showed a noticeable expansion. The pace of growth was the most pronounced in 2014 with an increase of 141% against the previous year. Over the period under review, the exports reached the maximum at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, retreaded pneumatic tyre exports fell rapidly to $X in 2022. Overall, exports recorded a deep downturn. The growth pace was the most rapid in 2018 with an increase of 120%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Lithuania (X units), Estonia (X units) and Germany (X units) were the main destinations of retreaded pneumatic tyre exports from Latvia, together comprising 99% of total exports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +68.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for retreaded pneumatic tyre exported from Latvia were Estonia ($X), Lithuania ($X) and Germany ($X), together accounting for 98% of total exports.

Among the main countries of destination, Germany, with a CAGR of +43.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average retreaded pneumatic tyre export price amounted to $X per unit, growing by 27% against the previous year. Over the period under review, the export price, however, recorded a abrupt contraction. The growth pace was the most rapid in 2018 an increase of 433%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Estonia ($X per unit), while the average price for exports to Germany ($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 Ukraine (-0.7%), while the prices for the other major destinations experienced a decline.

Retreaded Pneumatic Tyre Imports

Imports into Latvia

For the fourth year in a row, Latvia recorded decline in overseas purchases of retreaded pneumatic tyres, which decreased by -12% to X units in 2022. In general, imports saw a deep slump. The pace of growth was the most pronounced in 2018 when imports increased by 50%. Imports peaked at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, retreaded pneumatic tyre imports fell to $X in 2022. Over the period under review, imports saw a abrupt descent. The growth pace was the most rapid in 2018 with an increase of 45% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Italy (X units) was the main retreaded pneumatic tyre supplier to Latvia, accounting for a 95% share of total imports. It was followed by Poland (X units), with a 3% share of total imports. Estonia (X units) ranked third in terms of total imports with a 0.9% share.

From 2012 to 2022, the average annual growth rate of volume from Italy totaled +27.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-29.0% per year) and Estonia (-39.7% per year).

In value terms, Italy ($X) constituted the largest supplier of retreaded pneumatic tyres to Latvia, comprising 77% of total imports. The second position in the ranking was taken by Poland ($X), with an 8.3% share of total imports. It was followed by Estonia, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy totaled +1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-21.7% per year) and Estonia (-25.6% per year).

Import Prices by Country

The average retreaded pneumatic tyre import price stood at $X per unit in 2022, growing by 5.1% against the previous year. Over the period under review, the import price, however, continues to indicate a deep downturn. The growth pace was the most rapid in 2015 an increase of 61% against the previous year. As a result, import price attained the peak level of $X per unit. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (+23.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform