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Industry revenue of »sale of cars and light motor vehicles« in Latvia 2011-2023

The small number of employees in the Latvian motor vehicles manufacturing market, tells a story about the state of the industry. If one was to write down a list of the leading car manufacturing nations around the world, they’d probably run out of ink before they got to Latvia. Division Automobile Riga Tank Zavod or Dartz is the only car manufacturer in the country, specializing in armored cars.

Despite a nascent automobile manufacturing industry, revenues from the sale of cars and light motor vehicles in the country are expected to increase from 1.2 billion U.S. dollars in 2017 to 1.3 billion U.S dollars in 2023. The number of passenger cars per 1,000 inhabitants also increased from 305 in 2012 to 341 in 2016.

Strong automotive component manufacturing industry

What Latvia lacks in automobile manufacturing, it makes up for in the production of components and spare parts. In fact the industry is expected to generate cumulative revenues of around 750 million U.S dollars over the period 2016-2022, an impressive sum for a country with less than 2 million people.

Industry revenue of »sale of cars and light motor vehicles« in Latvia from 2011 to 2023

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Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Latvia. The industry “sale of cars and light motor vehicles“ has the code “G4511“.

Details on the methodology can be found here.

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