Latvia Electric Vehicle Market (2025-2031) | Trends, Outlook, Industry, Growth, Size, Share, Companies, Analysis, Revenue, Forecast, Segmentation & Value

Market Forecast By Propulsion (BEV, PHEV, FCEV), By Vehicle Drive Type (FWD, RWD, AWD), By Vehicle Top Speed (<125 mph, >125 mph) And Competitive Landscape
Product Code: ETC5875842 Publication Date: Nov 2023 Updated Date: Nov 2025 Product Type: Market Research Report
Publisher: 6Wresearch Author: Ravi Bhandari No. of Pages: 60 No. of Figures: 30 No. of Tables: 5

Latvia Electric Vehicle Market Top 5 Importing Countries and Market Competition (HHI) Analysis

In 2024, Latvia saw a significant increase in electric vehicle import shipments, with top exporting countries being Estonia, Germany, Netherlands, Sweden, and Austria. The market remains highly concentrated, as indicated by the high Herfindahl-Hirschman Index (HHI). The compound annual growth rate (CAGR) from 2020 to 2024 is an impressive 89.5%, showcasing the rapid expansion of the electric vehicle market in Latvia. Additionally, the growth rate from 2023 to 2024 is a notable 46.66%, indicating sustained momentum in the importation of electric vehicles into the country.

Latvia Electric Vehicle Market Top 5 Importing Countries and Market Competition (HHI) Analysis

Latvia Export Potential Assessment For Electric Vehicle Market (Values in USD Thousand)


Latvia Export Potential Assessment For Electric Vehicle Market (Values in USD Thousand)

Key Highlights of the Report:

  • Latvia Electric Vehicle Market Outlook
  • Market Size of Latvia Electric Vehicle Market, 2024
  • Forecast of Latvia Electric Vehicle Market, 2031
  • Historical Data and Forecast of Latvia Electric Vehicle Revenues & Volume for the Period 2021-2031
  • Latvia Electric Vehicle Market Trend Evolution
  • Latvia Electric Vehicle Market Drivers and Challenges
  • Latvia Electric Vehicle Price Trends
  • Latvia Electric Vehicle Porter`s Five Forces
  • Latvia Electric Vehicle Industry Life Cycle
  • Historical Data and Forecast of Latvia Electric Vehicle Market Revenues & Volume By Propulsion for the Period 2021-2031
  • Historical Data and Forecast of Latvia Electric Vehicle Market Revenues & Volume By BEV for the Period 2021-2031
  • Historical Data and Forecast of Latvia Electric Vehicle Market Revenues & Volume By PHEV for the Period 2021-2031
  • Historical Data and Forecast of Latvia Electric Vehicle Market Revenues & Volume By FCEV for the Period 2021-2031
  • Historical Data and Forecast of Latvia Electric Vehicle Market Revenues & Volume By Vehicle Drive Type for the Period 2021-2031
  • Historical Data and Forecast of Latvia Electric Vehicle Market Revenues & Volume By FWD for the Period 2021-2031
  • Historical Data and Forecast of Latvia Electric Vehicle Market Revenues & Volume By RWD for the Period 2021-2031
  • Historical Data and Forecast of Latvia Electric Vehicle Market Revenues & Volume By AWD for the Period 2021-2031
  • Historical Data and Forecast of Latvia Electric Vehicle Market Revenues & Volume By Vehicle Top Speed for the Period 2021-2031
  • Historical Data and Forecast of Latvia Electric Vehicle Market Revenues & Volume By <125 mph for the Period 2021-2031
  • Historical Data and Forecast of Latvia Electric Vehicle Market Revenues & Volume By >125 mph for the Period 2021-2031
  • Latvia Electric Vehicle Import Export Trade Statistics
  • Market Opportunity Assessment By Propulsion
  • Market Opportunity Assessment By Vehicle Drive Type
  • Market Opportunity Assessment By Vehicle Top Speed
  • Latvia Electric Vehicle Top Companies Market Share
  • Latvia Electric Vehicle Competitive Benchmarking By Technical and Operational Parameters
  • Latvia Electric Vehicle Company Profiles
  • Latvia Electric Vehicle Key Strategic Recommendations

Frequently Asked Questions About the Market Study (FAQs):

6Wresearch actively monitors the Latvia Electric Vehicle Market and publishes its comprehensive annual report, highlighting emerging trends, growth drivers, revenue analysis, and forecast outlook. Our insights help businesses to make data-backed strategic decisions with ongoing market dynamics. Our analysts track relevent industries related to the Latvia Electric Vehicle Market, allowing our clients with actionable intelligence and reliable forecasts tailored to emerging regional needs.
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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 Electric Vehicle Market Overview

3.1 Latvia Country Macro Economic Indicators

3.2 Latvia Electric Vehicle Market Revenues & Volume, 2021 & 2031F

3.3 Latvia Electric Vehicle Market - Industry Life Cycle

3.4 Latvia Electric Vehicle Market - Porter's Five Forces

3.5 Latvia Electric Vehicle Market Revenues & Volume Share, By Propulsion, 2021 & 2031F

3.6 Latvia Electric Vehicle Market Revenues & Volume Share, By Vehicle Drive Type, 2021 & 2031F

3.7 Latvia Electric Vehicle Market Revenues & Volume Share, By Vehicle Top Speed, 2021 & 2031F

4 Latvia Electric Vehicle Market Dynamics

4.1 Impact Analysis

4.2 Market Drivers

4.2.1 Government incentives and subsidies for electric vehicles

4.2.2 Growing environmental awareness and concerns about air pollution

4.2.3 Advancements in electric vehicle technology and infrastructure development

4.3 Market Restraints

4.3.1 High initial cost and limited availability of charging infrastructure

4.3.2 Range anxiety among consumers due to limited driving range of electric vehicles

4.3.3 Lack of variety and options in electric vehicle models compared to traditional vehicles

5 Latvia Electric Vehicle Market Trends

6 Latvia Electric Vehicle Market Segmentations

6.1 Latvia Electric Vehicle Market, By Propulsion

6.1.1 Overview and Analysis

6.1.2 Latvia Electric Vehicle Market Revenues & Volume, By BEV, 2021-2031F

6.1.3 Latvia Electric Vehicle Market Revenues & Volume, By PHEV, 2021-2031F

6.1.4 Latvia Electric Vehicle Market Revenues & Volume, By FCEV, 2021-2031F

6.2 Latvia Electric Vehicle Market, By Vehicle Drive Type

6.2.1 Overview and Analysis

6.2.2 Latvia Electric Vehicle Market Revenues & Volume, By FWD, 2021-2031F

6.2.3 Latvia Electric Vehicle Market Revenues & Volume, By RWD, 2021-2031F

6.2.4 Latvia Electric Vehicle Market Revenues & Volume, By AWD, 2021-2031F

6.3 Latvia Electric Vehicle Market, By Vehicle Top Speed

6.3.1 Overview and Analysis

6.3.2 Latvia Electric Vehicle Market Revenues & Volume, By <125 mph, 2021-2031F

6.3.3 Latvia Electric Vehicle Market Revenues & Volume, By >125 mph, 2021-2031F

7 Latvia Electric Vehicle Market Import-Export Trade Statistics

7.1 Latvia Electric Vehicle Market Export to Major Countries

7.2 Latvia Electric Vehicle Market Imports from Major Countries

8 Latvia Electric Vehicle Market Key Performance Indicators

8.1 Number of public charging stations installed

8.2 Percentage of renewable energy sources used for charging electric vehicles

8.3 Average driving range of electric vehicles available in the market

9 Latvia Electric Vehicle Market - Opportunity Assessment

9.1 Latvia Electric Vehicle Market Opportunity Assessment, By Propulsion, 2021 & 2031F

9.2 Latvia Electric Vehicle Market Opportunity Assessment, By Vehicle Drive Type, 2021 & 2031F

9.3 Latvia Electric Vehicle Market Opportunity Assessment, By Vehicle Top Speed, 2021 & 2031F

10 Latvia Electric Vehicle Market - Competitive Landscape

10.1 Latvia Electric Vehicle Market Revenue Share, By Companies, 2024

10.2 Latvia Electric Vehicle Market Competitive Benchmarking, By Operating and Technical Parameters

11 Company Profiles

12 Recommendations

13 Disclaimer

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