Resurgence for Latvian Heavy Duty Market in 2015
Published On Jan 19, 2016
According to the reports from LETA, a Latvia-based information agency, sales of heavy commercial vehicles had a rapid growth in second half of 2015 and were almost double as compared to the sales of 2014.
The year 2015 had a record number of unit sales with 1468 vehicles with Gross Vehicle Mass (GVM) over 3.5 tons. Sales in the year 2015 rose about 38%, which is a remarkable growth and “clearly a very positive signal,” according to the Latvian Auto Association.
On the other side, although the unit sales have matched highs recorded in 2013, the figures are yet to reach the levels registered in 2011 and 2012.
The vehicles with GVM over 16 tons have dominated the market in Latvia, comprising 94% of the market share. And they had more than 100 monthly registrations throughout 2015 showing a constant growth rate.
Latvian commercial vehicle market is dominated by the likes of Volvo, Mercedes-Benz, Scania and DAF. Volvo and Mercedes-Benz grabbed the No. 1 and No. 2 spots, respectively last year whereas Scania fell to the third spot. The top three manufacturers in the market accounted for a total market share of 88% in 2015. However, the association estimates growth in heavy commercial vehicle market to be 2% in 2016.