Latvia: Market for Tennis, Badminton Or Similar Rackets 2024

Market Size for Tennis, Badminton Or Similar Rackets in Latvia

In 2022, the Latvian tennis and badminton rackets market decreased by -38.2% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption saw a pronounced reduction. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Exports of Tennis, Badminton Or Similar Rackets

Exports from Latvia

In 2022, shipments abroad of tennis, badminton or similar rackets increased by 55% to X units, rising for the third consecutive year after two years of decline. Over the period under review, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 253%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, tennis and badminton rackets exports skyrocketed to $X in 2022. In general, exports showed a significant increase. The growth pace was the most rapid in 2015 when exports increased by 189% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports by Country

Estonia (X units), Lithuania (X units) and Belarus (X units) were the main destinations of tennis and badminton rackets exports from Latvia, together comprising 87% of total exports. Poland, the Netherlands and Sweden lagged somewhat behind, together comprising a further 9.3%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +961.7%), while the other leaders experienced more modest paces of growth.

In value terms, Estonia ($X), Lithuania ($X) and Poland ($X) appeared to be the largest markets for tennis and badminton rackets exported from Latvia worldwide, with a combined 84% share of total exports.

Poland, with a CAGR of +1,685.1%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tennis and badminton rackets export price stood at $X per unit in 2022, rising by 27% against the previous year. Over the period under review, the export price, however, showed a slight setback. The most prominent rate of growth was recorded in 2013 when the average export price increased by 44%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

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 Poland ($X per unit), while the average price for exports to the Netherlands ($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 Poland (+64.4%), while the prices for the other major destinations experienced a decline.

Imports of Tennis, Badminton Or Similar Rackets

Imports into Latvia

After two years of growth, purchases abroad of tennis, badminton or similar rackets decreased by -3.7% to X units in 2022. Over the period under review, imports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 99.9%. Over the period under review, imports hit record highs at X units in 2021, and then fell in the following year.

In value terms, tennis and badminton rackets imports surged to $X in 2022. In general, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2014 when imports increased by 90%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Germany (X units) constituted the largest supplier of tennis and badminton rackets to Latvia, accounting for a 33% share of total imports. Moreover, tennis and badminton rackets imports from Germany exceeded the figures recorded by the second-largest supplier, Spain (X units), twofold. Poland (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +8.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+2,971.8% per year) and Poland (+23.4% per year).

In value terms, Germany ($X) constituted the largest supplier of tennis, badminton or similar rackets to Latvia, comprising 36% of total imports. The second position in the ranking was held by Spain ($X), with an 18% share of total imports. It was followed by Poland, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from Germany totaled +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+3,126.9% per year) and Poland (+30.1% per year).

Import Prices by Country

The average tennis and badminton rackets import price stood at $X per unit in 2022, with an increase of 60% against the previous year. Over the last decade, it increased at an average annual rate of +2.0%. Over the period under review, average import prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Estonia ($X per unit) and Spain ($X per unit), while the price for the United States ($X per unit) and Sweden ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform