| Product Code: ETC4832875 | Publication Date: Nov 2023 | Updated Date: Nov 2025 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | Author: Shubham Padhi | No. of Pages: 60 | No. of Figures: 30 | No. of Tables: 5 |
The Latvia armored vehicles import market saw significant growth in 2024, with top exporting countries being Finland, Areas, UK, USA, and Germany. The high Herfindahl-Hirschman Index (HHI) indicates a concentrated market, while the impressive compound annual growth rate (CAGR) of 40.1% from 2020 to 2024 underscores the increasing demand for armored vehicles in Latvia. Furthermore, the rapid growth rate of 44.54% from 2023 to 2024 suggests a strengthening market trend, making it an attractive sector for stakeholders and investors to monitor closely.

1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Latvia Armored Vehicles Market Overview |
3.1 Latvia Country Macro Economic Indicators |
3.2 Latvia Armored Vehicles Market Revenues & Volume, 2021 & 2031F |
3.3 Latvia Armored Vehicles Market - Industry Life Cycle |
3.4 Latvia Armored Vehicles Market - Porter's Five Forces |
3.5 Latvia Armored Vehicles Market Revenues & Volume Share, By Platform, 2021 & 2031F |
3.6 Latvia Armored Vehicles Market Revenues & Volume Share, By Mobility, 2021 & 2031F |
3.7 Latvia Armored Vehicles Market Revenues & Volume Share, By System, 2021 & 2031F |
4 Latvia Armored Vehicles Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.2.1 Increasing defense budget by the Latvian government |
4.2.2 Rising geopolitical tensions in the region |
4.2.3 Modernization and upgrade programs for the armed forces |
4.2.4 Growing focus on enhancing military capabilities |
4.2.5 Technological advancements in armored vehicles sector |
4.3 Market Restraints |
4.3.1 High cost associated with procurement and maintenance of armored vehicles |
4.3.2 Limited domestic production capabilities |
4.3.3 Regulatory hurdles and compliance requirements |
4.3.4 Economic uncertainties affecting defense spending |
4.3.5 Competition from international armored vehicle manufacturers |
5 Latvia Armored Vehicles Market Trends |
6 Latvia Armored Vehicles Market Segmentations |
6.1 Latvia Armored Vehicles Market, By Platform |
6.1.1 Overview and Analysis |
6.1.2 Latvia Armored Vehicles Market Revenues & Volume, By Combat Vehicles, 2021-2031F |
6.1.3 Latvia Armored Vehicles Market Revenues & Volume, By Combat Support Vehicles, 2021-2031F |
6.1.4 Latvia Armored Vehicles Market Revenues & Volume, By Unmanned Armored Ground Vehicles, 2021-2031F |
6.2 Latvia Armored Vehicles Market, By Mobility |
6.2.1 Overview and Analysis |
6.2.2 Latvia Armored Vehicles Market Revenues & Volume, By Wheeled, 2021-2031F |
6.2.3 Latvia Armored Vehicles Market Revenues & Volume, By Tracked, 2021-2031F |
6.3 Latvia Armored Vehicles Market, By System |
6.3.1 Overview and Analysis |
6.3.2 Latvia Armored Vehicles Market Revenues & Volume, By Engine, 2021-2031F |
6.3.3 Latvia Armored Vehicles Market Revenues & Volume, By Drive Systems, 2021-2031F |
6.3.4 Latvia Armored Vehicles Market Revenues & Volume, By Ballistic Armor, 2021-2031F |
6.3.5 Latvia Armored Vehicles Market Revenues & Volume, By C2 Systems, 2021-2031F |
6.3.6 Latvia Armored Vehicles Market Revenues & Volume, By Mode of Operation, 2021-2031F |
7 Latvia Armored Vehicles Market Import-Export Trade Statistics |
7.1 Latvia Armored Vehicles Market Export to Major Countries |
7.2 Latvia Armored Vehicles Market Imports from Major Countries |
8 Latvia Armored Vehicles Market Key Performance Indicators |
8.1 Average age of armored vehicle fleet in Latvia |
8.2 Percentage of defense budget allocated to armored vehicles |
8.3 Number of active military modernization projects |
8.4 Rate of adoption of advanced technologies in armored vehicles |
8.5 Level of investment in research and development for armored vehicles |
9 Latvia Armored Vehicles Market - Opportunity Assessment |
9.1 Latvia Armored Vehicles Market Opportunity Assessment, By Platform, 2021 & 2031F |
9.2 Latvia Armored Vehicles Market Opportunity Assessment, By Mobility, 2021 & 2031F |
9.3 Latvia Armored Vehicles Market Opportunity Assessment, By System, 2021 & 2031F |
10 Latvia Armored Vehicles Market - Competitive Landscape |
10.1 Latvia Armored Vehicles Market Revenue Share, By Companies, 2024 |
10.2 Latvia Armored Vehicles Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations | 13 Disclaimer |