Latvia: Road Wheel Market 2024

Road Wheel Market Size in Latvia

In 2022, the Latvian road wheel market increased by 69% to $X, rising for the third consecutive year after seven years of decline. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Road wheel consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Road Wheel Production in Latvia

In value terms, road wheel production rose rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2020 with an increase of 43% against the previous year. Road wheel production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Road Wheel Exports

Exports from Latvia

In 2022, overseas shipments of road wheels decreased by -58.5% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, exports, however, recorded prominent growth. The pace of growth was the most pronounced in 2018 with an increase of 102%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, road wheel exports declined to $X in 2022. Overall, exports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 82% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Estonia (X tons), Lithuania (X tons) and Russia (X tons) were the main destinations of road wheel exports from Latvia, together comprising 59% of total exports. The United States, Poland, Brazil, Finland, Norway, Italy, Kazakhstan and Kyrgyzstan lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Brazil (with a CAGR of +150.4%), while the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Lithuania ($X) and the United States ($X) were the largest markets for road wheel exported from Latvia worldwide, with a combined 70% share of total exports. Finland, Poland, Norway, Russia, Brazil, Italy, Kyrgyzstan and Kazakhstan lagged somewhat behind, together comprising a further 20%.

Among the main countries of destination, Brazil, with a CAGR of +119.4%, 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 more modest paces of growth.

Export Prices by Country

The average road wheel export price stood at $X per ton in 2022, growing by 119% against the previous year. In general, the export price saw noticeable growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Finland ($X per ton), while the average price for exports to Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Finland (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Road Wheel Imports

Imports into Latvia

For the third consecutive year, Latvia recorded growth in overseas purchases of road wheels, which increased by 29% to X tons in 2022. Over the period under review, imports posted a resilient increase. The pace of growth appeared the most rapid in 2017 with an increase of 53% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, road wheel imports surged to $X in 2022. In general, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 48% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Turkey (X tons) constituted the largest supplier of road wheel to Latvia, with a 49% share of total imports. Moreover, road wheel imports from Turkey exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), threefold. The third position in this ranking was held by Poland (X tons), with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey stood at +35.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+62.7% per year) and Poland (+23.4% per year).

In value terms, Turkey ($X) constituted the largest supplier of road wheels to Latvia, comprising 25% of total imports. The second position in the ranking was taken by Ukraine ($X), with an 11% share of total imports. It was followed by Poland, with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey stood at +37.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+61.1% per year) and Poland (+15.5% per year).

Import Prices by Country

The average road wheel import price stood at $X per ton in 2022, growing by 11% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2021 an increase of 38%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform