Bulgaria: Electric Water Heater Market 2024

Electric Water Heater Market Size in Bulgaria

The Bulgarian electric water heater market soared to $X in 2022, increasing by 270% against the previous year. Overall, consumption posted a significant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Electric Water Heater Production in Bulgaria

In value terms, electric water heater production surged to $X in 2022 estimated in export price. In general, production saw a strong increase. The pace of growth appeared the most rapid in 2015 when the production volume increased by 30%. Electric water heater production peaked in 2022 and is likely to see gradual growth in years to come.

Electric Water Heater Exports

Exports from Bulgaria

After ten years of growth, overseas shipments of electric water heaters and immersion heaters decreased by -7% to X units in 2022. Overall, exports, however, saw prominent growth. The pace of growth was the most pronounced in 2015 when exports increased by 53% against the previous year. Over the period under review, the exports hit record highs at X units in 2021, and then shrank in the following year.

In value terms, electric water heater exports amounted to $X in 2022. Over the period under review, exports, however, saw a strong expansion. The pace of growth was the most pronounced in 2014 with an increase of 48% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Morocco (X units), Ukraine (X units) and Spain (X units) were the main destinations of electric water heater exports from Bulgaria, together accounting for 34% of total exports. Romania, Greece, Poland, the Netherlands, Serbia, Croatia, Germany, Slovakia, Libya and Malta lagged somewhat behind, together comprising a further 46%.

From 2012 to 2022, the biggest increases were recorded for Libya (with a CAGR of +66.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), Greece ($X) and Spain ($X) appeared to be the largest markets for electric water heater exported from Bulgaria worldwide, together comprising 34% of total exports. Ukraine, Morocco, Poland, the Netherlands, Serbia, Germany, Slovakia, Croatia, Libya and Malta lagged somewhat behind, together accounting for a further 45%.

In terms of the main countries of destination, Libya, with a CAGR of +69.3%, 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 electric water heater export price amounted to $X per unit, increasing by 19% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Greece ($X per unit), while the average price for exports to Morocco ($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 Germany (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Water Heater Imports

Imports into Bulgaria

In 2022, after two years of growth, there was significant decline in purchases abroad of electric water heaters and immersion heaters, when their volume decreased by -19.5% to X units. Over the period under review, imports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of 84% against the previous year. Over the period under review, imports reached the peak figure at X units in 2021, and then declined markedly in the following year.

In value terms, electric water heater imports rose to $X in 2022. In general, imports, however, saw a prominent increase. The pace of growth appeared the most rapid in 2017 with an increase of 58%. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest electric water heater supplier to Bulgaria, with a 54% share of total imports. Moreover, electric water heater imports from China exceeded the figures recorded by the second-largest supplier, Romania (X units), sevenfold. Germany (X units) ranked third in terms of total imports with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +13.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+45.1% per year) and Germany (+10.2% per year).

In value terms, China ($X), Romania ($X) and Egypt ($X) were the largest electric water heater suppliers to Bulgaria, with a combined 53% share of total imports. Italy, Germany, North Macedonia, Hungary, Greece, Poland, the Czech Republic and Slovenia lagged somewhat behind, together accounting for a further 30%.

North Macedonia, with a CAGR of +64.4%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average electric water heater import price stood at $X per unit in 2022, rising by 26% against the previous year. Overall, the import price, however, showed a noticeable reduction. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was North Macedonia ($X per unit), while the price for Greece ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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