Bulgaria: Market for Diesel Engines (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Bulgaria

In 2022, the Bulgarian market for diesel engines (other than for motor vehicles and aircraft) was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, recorded a slight reduction. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Bulgaria

In value terms, production of diesel engines (other than for motor vehicles and aircraft) contracted significantly to $X in 2022 estimated in export price. Overall, production showed a abrupt descent. The most prominent rate of growth was recorded in 2014 when the production volume increased by 54% against the previous year. Over the period under review, production of reached the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Exports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Exports from Bulgaria

In 2022, shipments abroad of diesel engines (other than for motor vehicles and aircraft) decreased by -18.8% to X units, falling for the second year in a row after three years of growth. Over the period under review, exports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 121% against the previous year. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of diesel engines (other than for motor vehicles and aircraft) reduced remarkably to $X in 2022. In general, exports, however, enjoyed a pronounced expansion. The pace of growth was the most pronounced in 2016 when exports increased by 666% against the previous year. Over the period under review, the exports of hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Iran (X units) was the main destination for exports of diesel engines (other than for motor vehicles and aircraft) from Bulgaria, with a 77% share of total exports. Moreover, exports of diesel engines (other than for motor vehicles and aircraft) to Iran exceeded the volume sent to the second major destination, Iraq (X units), eightfold. The third position in this ranking was taken by Ghana (X units), with a 2.1% share.

From 2012 to 2022, the average annual growth rate of volume to Iran stood at +83.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+1.3% per year) and Ghana (+9.8% per year).

In value terms, Iran ($X), North Macedonia ($X) and Turkey ($X) appeared to be the largest markets for diesel engines (other than for motor vehicles and aircraft) exported from Bulgaria worldwide, with a combined 75% share of total exports.

In terms of the main countries of destination, Iran, with a CAGR of +74.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for diesel engines (other than for motor vehicles and aircraft) amounted to $X per unit, declining by -69% against the previous year. Over the period under review, the export price showed a deep contraction. The growth pace was the most rapid in 2016 when the average export price increased by 344%. Over the period under review, the average export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was North Macedonia ($X per unit), while the average price for exports to Iraq ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+34.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Imports into Bulgaria

In 2022, the amount of diesel engines (other than for motor vehicles and aircraft) imported into Bulgaria surged to X units, growing by 85% against 2021 figures. In general, imports posted a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of diesel engines (other than for motor vehicles and aircraft) soared to $X in 2022. Over the period under review, imports showed a strong expansion. The growth pace was the most rapid in 2018 with an increase of 134%. Over the period under review, imports of hit record highs in 2022 and are likely to see steady growth in years to come.

Imports by Country

Italy (X units), Germany (X units) and the United Arab Emirates (X units) were the main suppliers of imports of diesel engines (other than for motor vehicles and aircraft) to Bulgaria, with a combined 91% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +50.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of diesel engines (other than for motor vehicles and aircraft) to Bulgaria, comprising 65% of total imports. The second position in the ranking was taken by Serbia ($X), with an 11% share of total imports. It was followed by Italy, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Serbia (+116.2% per year) and Italy (+29.8% per year).

Import Prices by Country

In 2022, the average import price for diesel engines (other than for motor vehicles and aircraft) amounted to $X per unit, which is down by -1.9% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 74% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Serbia ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Serbia (+45.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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