Key Market Indicators
Latvia's truck import market is projected to climb to approximately $115 million by 2028, up from around $109 million in 2023. This represents a modest annual growth rate of 0.9%. The demand for trucks in Latvia has been steadily increasing since 1999, with an average yearly rise of 0.1%. On the export front, Latvian truck exports are expected to reach about $52 million by 2028, growing from roughly $45 million in 2023. This marks a more robust annual growth rate of 2.3%. Since 1999, the country's truck supply has seen an average annual increase of 1.6%. In 2023, Latvia ranked 46th globally in truck exports, with Serbia surpassing it at the same $45 million mark. Leading the global rankings were the United States, Germany, and France, occupying the second, third, and fourth positions, respectively.