Litecoin is programmed to have a finite supply of 84 million LTC. Similar to Bitcoin, Litecoin also reduces the block rewards that miners receive during its “halving” events, effectively reducing the rate at which new coins are introduced into the market.
Due to its predictable and finite supply, Litecoin is considered a scarce asset and thus derives value (partly) from its scarcity.
The other parts of the equation that grant Litecoin value are its usability and its network size (both in terms of miners and buyers/sellers).