Key Market Indicators
Latvia's commercial vehicle registrations are projected to plummet to approximately 885 units by 2028, a sharp decline from the 1,760 units recorded in 2023. This represents an average annual decrease of 10.8%. Since 2010, the Latvian market has been contracting at an average rate of 6.4% per year. In the global ranking for 2023, Latvia stood at 92nd place, with Jamaica surpassing it by reaching 1,760 units. Topping the list were Canada, Mexico, and Argentina, which held the second, third, and fourth positions, respectively.
