| Product Code: ETC7918055 | Publication Date: Sep 2024 | Updated Date: Nov 2025 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | Author: Summon Dutta | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 |
In 2024, Latvia`s passenger cars import market continued to see significant concentration from top exporters such as Germany, Estonia, Poland, Finland, and Belgium. Despite a high Herfindahl-Hirschman Index (HHI) indicating market concentration, the industry showed robust growth with a compound annual growth rate (CAGR) of 14.9% from 2020 to 2024. However, there was a notable decline in growth rate from 2023 to 2024 at -23.82%, suggesting a potential shift or temporary setback in the market dynamics. Monitoring these trends will be crucial for industry stakeholders moving forward.

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 Passenger Cars Market Overview |
3.1 Latvia Country Macro Economic Indicators |
3.2 Latvia Passenger Cars Market Revenues & Volume, 2021 & 2031F |
3.3 Latvia Passenger Cars Market - Industry Life Cycle |
3.4 Latvia Passenger Cars Market - Porter's Five Forces |
3.5 Latvia Passenger Cars Market Revenues & Volume Share, By Vehicle Configuration, 2021 & 2031F |
3.6 Latvia Passenger Cars Market Revenues & Volume Share, By Propulsion Type, 2021 & 2031F |
4 Latvia Passenger Cars Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.2.1 Increasing disposable income levels in Latvia |
4.2.2 Growing urbanization leading to higher demand for personal transportation |
4.2.3 Introduction of innovative and technologically advanced car models in the market |
4.3 Market Restraints |
4.3.1 Volatility in fuel prices impacting consumer purchasing behavior |
4.3.2 Stringent government regulations related to emissions and safety standards |
4.3.3 Competition from alternative transportation modes such as public transport and ride-sharing services |
5 Latvia Passenger Cars Market Trends |
6 Latvia Passenger Cars Market, By Types |
6.1 Latvia Passenger Cars Market, By Vehicle Configuration |
6.1.1 Overview and Analysis |
6.1.2 Latvia Passenger Cars Market Revenues & Volume, By Vehicle Configuration, 2021- 2031F |
6.1.3 Latvia Passenger Cars Market Revenues & Volume, By Passenger Cars, 2021- 2031F |
6.2 Latvia Passenger Cars Market, By Propulsion Type |
6.2.1 Overview and Analysis |
6.2.2 Latvia Passenger Cars Market Revenues & Volume, By Hybrid, 2021- 2031F |
6.2.3 Latvia Passenger Cars Market Revenues & Volume, By Electric Vehicles, 2021- 2031F |
6.2.4 Latvia Passenger Cars Market Revenues & Volume, By ICE, 2021- 2031F |
7 Latvia Passenger Cars Market Import-Export Trade Statistics |
7.1 Latvia Passenger Cars Market Export to Major Countries |
7.2 Latvia Passenger Cars Market Imports from Major Countries |
8 Latvia Passenger Cars Market Key Performance Indicators |
8.1 Average age of passenger cars on the road in Latvia |
8.2 Adoption rate of electric or hybrid vehicles in the market |
8.3 Number of new car registrations per capita |
8.4 Average distance traveled per vehicle per year |
8.5 Consumer sentiment towards purchasing new cars |
9 Latvia Passenger Cars Market - Opportunity Assessment |
9.1 Latvia Passenger Cars Market Opportunity Assessment, By Vehicle Configuration, 2021 & 2031F |
9.2 Latvia Passenger Cars Market Opportunity Assessment, By Propulsion Type, 2021 & 2031F |
10 Latvia Passenger Cars Market - Competitive Landscape |
10.1 Latvia Passenger Cars Market Revenue Share, By Companies, 2024 |
10.2 Latvia Passenger Cars Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |