Latvia: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Latvia

The Latvian truck and bus tyre market declined to $X in 2022, which is down by -14.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a perceptible slump. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Exports of Tyres For Buses Or Lorries

Exports from Latvia

In 2022, shipments abroad of tyres for buses or lorries increased by 101% to X units, rising for the fourth year in a row after two years of decline. Over the period under review, exports continue to indicate a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, truck and bus tyre exports skyrocketed to $X in 2022. Overall, exports showed a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Lithuania (X units), Estonia (X units) and the Netherlands (X units) were the main destinations of truck and bus tyre exports from Latvia, with a combined 82% share of total exports. Sweden, the Czech Republic, Kazakhstan, Slovakia, Ukraine, Germany, Poland and Russia lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovakia (with a CAGR of +121.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for truck and bus tyre exported from Latvia were Lithuania ($X), Estonia ($X) and the Netherlands ($X), together accounting for 78% of total exports. The Czech Republic, Sweden, Kazakhstan, Germany, Ukraine, Slovakia, Poland and Russia lagged somewhat behind, together comprising a further 17%.

Slovakia, with a CAGR of +139.4%, recorded the highest rates of growth with regard to 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

In 2022, the average truck and bus tyre export price amounted to $X per unit, with a decrease of -18.2% against the previous year. Over the period under review, the export price continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2021 when the average export price increased by 13% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Slovakia ($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 the Netherlands (+14.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Buses Or Lorries

Imports into Latvia

In 2022, approx. X units of tyres for buses or lorries were imported into Latvia; picking up by 27% on the previous year. The total import volume increased at an average annual rate of +4.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 42% against the previous year. Over the period under review, imports reached the peak figure at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, truck and bus tyre imports soared to $X in 2022. Overall, total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +72.0% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Vietnam (X units), Poland (X units) and Estonia (X units) were the main suppliers of truck and bus tyre imports to Latvia, with a combined 49% share of total imports. Thailand, Lithuania, China, Indonesia, Malaysia, Russia, Sweden, Turkey, Finland and Belgium lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +59.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest truck and bus tyre suppliers to Latvia were Vietnam ($X), Estonia ($X) and Poland ($X), with a combined 51% share of total imports. Thailand, Lithuania, Indonesia, Malaysia, Russia, Finland, China, Sweden, Turkey and Belgium lagged somewhat behind, together comprising a further 40%.

Indonesia, with a CAGR of +81.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average truck and bus tyre import price amounted to $X per unit, picking up by 8.1% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 24% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Estonia ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+21.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform