Latvia: Market for Side Cars and Cycles with Non-Combustion Motors 2024

Market Size for Side Cars and Cycles with Non-Combustion Motors in Latvia

After two years of decline, the Latvian market for side cars and cycles with non-combustion motors increased by X% to $X in 2022. In general, consumption continues to indicate a significant increase. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in years to come.

Exports of Side Cars and Cycles with Non-Combustion Motors

Exports from Latvia

In 2022, shipments abroad of side cars and cycles with non-combustion motors decreased by X% to X units for the first time since 2013, thus ending a eight-year rising trend. Overall, exports, however, recorded a significant increase. The growth pace was the most rapid in 2019 when exports increased by X%. The exports peaked at X units in 2021, and then fell notably in the following year.

In value terms, exports of side cars and cycles with non-combustion motors fell markedly to $X in 2022. Over the period under review, exports, however, recorded significant growth. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, the exports of reached the maximum at $X in 2021, and then declined remarkably in the following year.

Exports by Country

Poland (X units), Lithuania (X units) and Estonia (X units) were the main destinations of exports of side cars and cycles with non-combustion motors from Latvia, with a combined X% share of total exports. Kyrgyzstan, France, Sweden, Slovenia and Belarus lagged somewhat behind, together comprising a further X%.

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

In value terms, Poland ($X) emerged as the key foreign market for side cars and cycles with non-combustion motors exports from Latvia, comprising X% of total exports. The second position in the ranking was held by Lithuania ($X), with a X% share of total exports. It was followed by Estonia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Poland stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (X% per year) and Estonia (X% per year).

Export Prices by Country

In 2022, the average export price for side cars and cycles with non-combustion motors amounted to $X per unit, picking up by X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. 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 external markets. In 2022, amid the top suppliers, the country with the highest price was Belarus ($X per unit), while the average price for exports to Kyrgyzstan ($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 Belarus (X.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Side Cars and Cycles with Non-Combustion Motors

Imports into Latvia

In 2022, the amount of side cars and cycles with non-combustion motors imported into Latvia surged to X units, increasing by X% against 2021 figures. In general, imports showed significant growth. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports of reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, imports of side cars and cycles with non-combustion motors expanded significantly to $X in 2022. Overall, imports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest supplier of side car and cycle with non-combustion motor to Latvia, accounting for a X% share of total imports. Moreover, imports of side cars and cycles with non-combustion motors from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X units), twofold. The third position in this ranking was held by Denmark (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (X% per year) and Denmark (X% per year).

In value terms, the largest side car and cycle with non-combustion motor suppliers to Latvia were China ($X), the Netherlands ($X) and Lithuania ($X), with a combined X% share of total imports.

Among the main suppliers, the Netherlands, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for side cars and cycles with non-combustion motors stood at $X per unit in 2022, waning by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2021, and then shrank in the following year.

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

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

Source: IndexBox Platform

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