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

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

After two years of decline, the Bulgarian market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by 45% to $X in 2021. Over the period under review, the total consumption indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Bulgaria

In value terms, production of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) skyrocketed to $X in 2021 estimated in export price. In general, production, however, recorded a perceptible downturn. Over the period under review, production of hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports from Bulgaria

Exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Bulgaria surged to X tons in 2021, jumping by 65% on 2020 figures. In general, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 644%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) skyrocketed to $X in 2021. Over the period under review, exports saw significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 1,273% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Greece (X tons) was the main destination for exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Bulgaria, with a 96% share of total exports. It was followed by Albania (X tons), with a 1.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Greece totaled +67.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (-22.8% per year) and Germany (-26.1% per year).

In value terms, Greece ($X) remains the key foreign market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) exports from Bulgaria, comprising 98% of total exports. The second position in the ranking was taken by Albania ($X), with a 1.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Greece stood at +115.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (-6.6% per year) and Germany (-28.9% per year).

Export Prices by Country

The average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) stood at $X per ton in 2021, growing by 11% against the previous year. Over the period under review, the export price continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2017 an increase of 128% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to see steady growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Greece (+28.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports into Bulgaria

In 2021, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) into Bulgaria skyrocketed to X tons, increasing by 40% on 2020. Over the period under review, imports enjoyed significant growth. The pace of growth was the most pronounced in 2019 with an increase of 143% against the previous year. Over the period under review, imports of hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) skyrocketed to $X in 2021. In general, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 151%. Over the period under review, imports of hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Belgium (X tons) constituted the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) supplier to Bulgaria, accounting for a 60% share of total imports. Moreover, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Belgium exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Italy (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Belgium amounted to +48.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.0% per year) and Italy (+71.4% per year).

In value terms, Belgium ($X) constituted the largest supplier of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Bulgaria, comprising 79% of total imports. The second position in the ranking was taken by Italy ($X), with a 7.4% share of total imports. It was followed by China, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value from Belgium amounted to +45.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+69.6% per year) and China (+8.3% per year).

Import Prices by Country

In 2021, the average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per ton, with an increase of 8.9% against the previous year. In general, the import price continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 when the average import price increased by 91%. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, 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 Greece ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovakia (+15.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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