The Motor Vehicles Parts and Accessories market in Latvia experienced fluctuations from 2013 to 2023. In 2023, the market size stood at 663.09 million USD, indicating a 3.75% year-on-year growth. Over the last five years, the compound annual growth rate (CAGR) was 1.46%, reflecting moderate overall progress. The market showed significant growth between 2016 and 2017 but faced declines in 2019 and 2020. Recent years have seen positive albeit modest recovery.
Future trends to watch for include:
- Increased demand for electric vehicle parts due to global shifts towards sustainable transportation.
- Technological advancements driving demand for smart vehicle accessories.
- Regulatory changes and economic factors impacting import/export dynamics and pricing.
How does Latvia rank in Motor Vehicles Parts and Accessories Market Size Value?
| # | 45 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 235,410,000,000 | 2023 | +4.39% | +0.72% | View data |
| 2 | 2 Germany | 156,470,000,000 | 2023 | +1.79% | +1.62% | View data |
| 3 | 3 Japan | 115,890,000,000 | 2023 | -1.84% | -2.75% | View data |
| 4 | 4 France | 74,756,000,000 | 2023 | +0.83% | -0.36% | View data |
| 5 | 5 United Kingdom | 66,161,000,000 | 2023 | +0.35% | -0.9% | View data |
| 28 | 28 Guatemala | 757,150,000 | 2023 | +3.04% | +2.74% | View data |
| 29 | 29 Kenya | 666,230,000 | 2023 | +5.16% | +6.32% | View data |
| 30 | 30 Latvia | 663,090,000 | 2023 | +3.75% | +1.46% | |
| 31 | 31 Croatia | 624,860,000 | 2023 | +1.82% | +0.66% | View data |
| 32 | 32 Dominican Republic | 461,840,000 | 2023 | +3% | +2.64% | View data |
