Key Market Indicators
The registration of electric vehicles in Latvia is projected to climb to approximately 960 units by 2028, up from around 700 units in 2023. This represents an average annual growth rate of 4.3%. Since 2019, the Latvian market has experienced a significant increase, with electric vehicle registrations rising by 51% each year. Despite this rapid growth, Latvia ranked 24th in 2023 for electric vehicle registrations, just behind Lithuania, which also registered about 700 units. In the broader European context, Sweden, Italy, and the Netherlands secured the second, third, and fourth positions respectively in terms of electric vehicle registrations.
