| Product Code: ETC5408100 | 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 |
In 2024, Latvia saw a shift in machinery import sources, with Spain, Norway (excluding Svalbard and Jan Mayen), Czechia, Lithuania, and Germany emerging as top exporters. The market experienced a significant decrease in concentration from 2023 to 2024, indicating a more diversified import landscape. However, the industry faced challenges with a negative compound annual growth rate (CAGR) of -12.93% from 2020 to 2024 and a steep growth rate decline of -51.08% from 2023 to 2024. It will be crucial for Latvia to monitor these trends and adapt strategies to navigate the changing market dynamics effectively.

The Machinery market in Latvia is projected to grow at a stable growth rate of 3.27% by 2027, within the Europe region led by Germany, along with other countries like United Kingdom, France, Italy and Russia, collectively shaping a dynamic and evolving market environment driven by innovation and increasing adoption of emerging technologies.

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 Machinery Market Overview |
3.1 Latvia Country Macro Economic Indicators |
3.2 Latvia Machinery Market Revenues & Volume, 2021 & 2031F |
3.3 Latvia Machinery Market - Industry Life Cycle |
3.4 Latvia Machinery Market - Porter's Five Forces |
3.5 Latvia Machinery Market Revenues & Volume Share, By Type, 2021 & 2031F |
3.6 Latvia Machinery Market Revenues & Volume Share, By Distribution Channel, 2021 & 2031F |
3.7 Latvia Machinery Market Revenues & Volume Share, By Nature, 2021 & 2031F |
4 Latvia Machinery Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.2.1 Growing demand for advanced machinery in industries such as manufacturing, construction, and agriculture. |
4.2.2 Increasing government investments in infrastructure projects, leading to higher demand for machinery. |
4.2.3 Adoption of automation and smart technologies in the machinery sector, driving innovation and efficiency. |
4.3 Market Restraints |
4.3.1 High initial investment costs for machinery, limiting adoption rates. |
4.3.2 Economic uncertainty and fluctuations impacting investment decisions in machinery. |
4.3.3 Stringent regulations and compliance requirements affecting the machinery market. |
5 Latvia Machinery Market Trends |
6 Latvia Machinery Market Segmentations |
6.1 Latvia Machinery Market, By Type |
6.1.1 Overview and Analysis |
6.1.2 Latvia Machinery Market Revenues & Volume, By Agriculture, Construction, And Mining Machinery, 2021-2031F |
6.1.3 Latvia Machinery Market Revenues & Volume, By Industrial Machinery, 2021-2031F |
6.1.4 Latvia Machinery Market Revenues & Volume, By Commercial And Service Industry Machinery, 2021-2031F |
6.1.5 Latvia Machinery Market Revenues & Volume, By Ventilation, 2021-2031F |
6.1.6 Latvia Machinery Market Revenues & Volume, By Heating, 2021-2031F |
6.1.7 Latvia Machinery Market Revenues & Volume, By Air-Conditioning, 2021-2031F |
6.2 Latvia Machinery Market, By Distribution Channel |
6.2.1 Overview and Analysis |
6.2.2 Latvia Machinery Market Revenues & Volume, By Supermarkets/Hypermarkets, 2021-2031F |
6.2.3 Latvia Machinery Market Revenues & Volume, By Convenience Stores, 2021-2031F |
6.2.4 Latvia Machinery Market Revenues & Volume, By E-Commerce, 2021-2031F |
6.2.5 Latvia Machinery Market Revenues & Volume, By Others, 2021-2031F |
6.2.6 Latvia Machinery Market Revenues & Volume, By Others, 2021-2031F |
6.3 Latvia Machinery Market, By Nature |
6.3.1 Overview and Analysis |
6.3.2 Latvia Machinery Market Revenues & Volume, By Organic, 2021-2031F |
6.3.3 Latvia Machinery Market Revenues & Volume, By Conventional, 2021-2031F |
7 Latvia Machinery Market Import-Export Trade Statistics |
7.1 Latvia Machinery Market Export to Major Countries |
7.2 Latvia Machinery Market Imports from Major Countries |
8 Latvia Machinery Market Key Performance Indicators |
8.1 Average age of machinery fleet in Latvia. |
8.2 Adoption rate of smart technologies and automation in the machinery sector. |
8.3 Utilization rate of machinery in key industries. |
9 Latvia Machinery Market - Opportunity Assessment |
9.1 Latvia Machinery Market Opportunity Assessment, By Type, 2021 & 2031F |
9.2 Latvia Machinery Market Opportunity Assessment, By Distribution Channel, 2021 & 2031F |
9.3 Latvia Machinery Market Opportunity Assessment, By Nature, 2021 & 2031F |
10 Latvia Machinery Market - Competitive Landscape |
10.1 Latvia Machinery Market Revenue Share, By Companies, 2024 |
10.2 Latvia Machinery Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations | 13 Disclaimer |