Key Market Indicators
Latvian vehicle registration is projected to climb to approximately 21,100 units by 2028, marking a modest annual growth rate of 0.7% from around 20,300 units in 2023. This trend reflects a steady increase in the Latvian market, which has seen an average annual rise of 0.9% since 2010. In the global rankings for 2023, Latvia stood at 82nd place, narrowly trailing the Dominican Republic, which registered similar numbers. Leading the list were Canada, China, and Austria, occupying the second, third, and fourth positions respectively. This gradual growth in vehicle registrations underscores the ongoing developments in Latvia's automotive sector, despite its relatively modest position on the global stage.