The volume of cars registered in Latvia has changed dramatically over the years. It has been affected by various factors, such as the economic crisis, the increase in the number of car dealers and the fall in prices. By July 2015, more than 30 thousand passenger cars were registered in Latvia. In 2014, the total number of newly registered passenger cars was over 60 thousand.
There has been an increase in statistics compared to previous years
In 2013, the number of these registered cars was 55 thousand, which is five thousand more than a year before, but in 2011 for the first time in Latvia more than 43 thousand new cars were registered. These data apply to passenger cars and light commercial vehicles (up to 3.5 tonnes).
2014 could be seen as a stepping stone to the registration of new cars. It could be characterized by new leasing options, the popularity of off-road cars and higher activity by individuals. The trend of recent years shows that most cars are registered in July and October.
As the number of transactions with large corporate enterprises has decreased, the number and sales of registered commercial vehicles has also decreased. All data will not be 100% accurate as it includes re-exported cars. These are cars registered in Latvia but exported to other countries within a few months. The volume of re-exported cars has been increasing in recent years – in 2013 it was 14%, which is 5% more than a year before.
Two years ago, the most commonly registered cars were Volkswagen
The situation has not changed significantly today. Volkswagen registered cars had a 16% market share. It was followed by Japanese Toyota with 12%. The next ones were Peugeot with 7%, Škoda with 6.5%, followed by Nissan with 5%. By model, the leaders are the youth-favorite Volkswagen Golf and the 2013 best-selling Ford Focus, still Ford’s best-selling and best-selling car.
If statistics are compiled from the perspective of the car class, off-road vehicles have been the leader in recent years. They account for 34.7% of the total car market. The reason behind the popularity of this class is the global trend and the evolution of the off-road class, offering ever more powerful and comfortable models. The state of Latvia’s roads, for which off-road vehicles would be much more suitable than other forms of transport, could also be a reasonable justification.
It would not be a lie that a large number of first time registered cars
Have been purchased through car leasing services. Car leasing is offered by various credit companies. The most in demand today is Nordea Finance Latvia, which provides almost one third of all services. This is followed by SEB Līzings, which in 2013 held 23% of the car leasing market. In third place is Swedbank Līzings, which has helped 16.8% of leasing users to buy a car.
If we compile much older statistics (since 1990), we can conclude that the total number of cars registered in Latvia has tripled in 25 years. In 1990, the number of cars registered in Latvia was over 280 thousand, but already in 2010 they were over 900 thousand .
The total number of cars currently registered has exceeded one million mark. The total number of registered lorries has also increased. It has doubled compared to 25 years ago. The number of buses has decreased. This can be explained by an increase in other modes of transport. In the past, people did not have as many private cars and the bus was the most popular form of public transport because of the different distances covered.