Latvia: Ride-On Compaction Equipment Market 2024

Ride-On Compaction Equipment Market Size in Latvia

The Latvian ride-on compaction equipment market soared to $X in 2022, increasing by 139% against the previous year. In general, consumption showed a strong increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Ride-On Compaction Equipment Production in Latvia

In value terms, ride-on compaction equipment production expanded rapidly to $X in 2022 estimated in export price. Overall, production posted a resilient expansion. The growth pace was the most rapid in 2014 when the production volume increased by 61% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Ride-On Compaction Equipment Exports

Exports from Latvia

In 2022, approx. X units of ride-on compaction equipment were exported from Latvia; increasing by 23% against 2021. Over the period under review, exports enjoyed strong growth. The growth pace was the most rapid in 2013 when exports increased by 230% against the previous year. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, ride-on compaction equipment exports shrank modestly to $X in 2022. In general, exports posted strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 223% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Germany (X units) was the main destination for ride-on compaction equipment exports from Latvia, with a 52% share of total exports. Moreover, ride-on compaction equipment exports to Germany exceeded the volume sent to the second major destination, the Netherlands (X units), fivefold. Poland (X units) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany stood at +38.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+25.8% per year) and Poland (+26.0% per year).

In value terms, Germany ($X) emerged as the key foreign market for ride-on compaction equipment exports from Latvia, comprising 47% of total exports. The second position in the ranking was taken by Poland ($X), with an 11% share of total exports. It was followed by Estonia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Germany totaled +24.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+33.9% per year) and Estonia (+7.8% per year).

Export Prices by Country

The average ride-on compaction equipment export price stood at $X per unit in 2022, falling by -22.1% against the previous year. In general, the export price saw a deep slump. The most prominent rate of growth was recorded in 2018 an increase of 92%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hungary ($X per unit), while the average price for exports to Belgium ($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 Vietnam (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.

Ride-On Compaction Equipment Imports

Imports into Latvia

In 2022, the amount of ride-on compaction equipment imported into Latvia declined markedly to X units, falling by -25.4% compared with 2021. Overall, imports continue to indicate a mild contraction. The pace of growth appeared the most rapid in 2017 with an increase of 142%. Over the period under review, imports attained the maximum at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, ride-on compaction equipment imports declined remarkably to $X in 2022. Over the period under review, imports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 140%. Over the period under review, imports reached the maximum at $X in 2021, and then shrank notably in the following year.

Imports by Country

Germany (X units), Estonia (X units) and Sweden (X units) were the main suppliers of ride-on compaction equipment imports to Latvia, with a combined 82% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +18.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of ride-on compaction equipment to Latvia, comprising 62% of total imports. The second position in the ranking was taken by Estonia ($X), with a 16% share of total imports. It was followed by Sweden, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Estonia (+18.5% per year) and Sweden (+6.0% per year).

Import Prices by Country

The average ride-on compaction equipment import price stood at $X per unit in 2022, increasing by 13% against the previous year. Over the period under review, the import price posted prominent growth. The pace of growth was the most pronounced in 2021 when the average import price increased by 76%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+42.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform