Key Market Indicators
Latvian expenditure on passenger transport is projected to rise to approximately $252 million by 2028, up from around $236 million in 2023. This represents an average annual growth rate of 1%. Over the past decade, Latvian demand for passenger transport has seen a modest annual increase of 0.3%. In 2023, Latvia ranked 28th globally in passenger transport expenditure, with Bulgaria surpassing it at the same expenditure level of roughly $236 million. Leading the global rankings were France, Canada, and Italy, occupying the second, third, and fourth positions, respectively. On the revenue front, Latvian passenger transport is expected to decrease to about $171 million by 2028, down from approximately $212 million in 2023. This decline translates to an average annual reduction of 3.3%. Since the turn of the century, the Latvian passenger transport market has experienced an average yearly drop of 3.4%.
