Bulgaria: Lifting Equipment Market 2024

Lifting Equipment Market Size in Bulgaria

After two years of growth, the Bulgarian lifting equipment market decreased by -5% to $X in 2021. In general, the total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +26.3% against 2018 indices. Lifting equipment consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Lifting Equipment Production in Bulgaria

In value terms, lifting equipment production fell to $X in 2021 estimated in export price. Over the period under review, production, however, saw buoyant growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 71%. Over the period under review, production hit record highs at $X in 2020, and then reduced in the following year.

Lifting Equipment Exports

Exports from Bulgaria

In 2021, shipments abroad of lifting equipment was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, saw a dramatic downturn. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, lifting equipment exports skyrocketed to $X in 2021. In general, exports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2014 when exports increased by 267% against the previous year. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

North Macedonia (X units), Romania (X units) and Albania (X units) were the main destinations of lifting equipment exports from Bulgaria, together comprising 67% of total exports. Moreover, lifting equipment exports in North Macedonia exceeded the figures recorded by the second-largest exporter, Romania, twofold.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by North Macedonia (with a CAGR of +8.0%), while the other leaders experienced mixed trend patterns.

In value terms, North Macedonia ($X) emerged as the key foreign market for lifting equipment exports from Bulgaria, comprising 75% of total exports. The second position in the ranking was held by Germany ($X), with a 13% share of total exports. It was followed by Romania, with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to North Macedonia stood at +106.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-23.0% per year) and Romania (+72.7% per year).

Export Prices by Country

The average lifting equipment export price stood at $X per unit in 2021, falling by -12.9% against the previous year. Overall, the export price, however, continues to indicate significant growth. The most prominent rate of growth was recorded in 2017 when the average export price increased by 652%. As a result, the export price attained the peak level of $X per unit. From 2018 to 2021, the average export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to North Macedonia (+96.4%), while the prices for the other major destinations experienced more modest paces of growth.

Lifting Equipment Imports

Imports into Bulgaria

After three years of decline, overseas purchases of lifting equipment increased by 27% to X units in 2021. Over the period under review, imports, however, continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2017 when imports increased by 322%. As a result, imports reached the peak of X units. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, lifting equipment imports fell dramatically to $X in 2021. In general, imports, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2015 with an increase of 819% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Turkey (X units) constituted the largest lifting equipment supplier to Bulgaria, accounting for a 34% share of total imports. Moreover, lifting equipment imports from Turkey exceeded the figures recorded by the second-largest supplier, the Netherlands (X units), threefold. Italy (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey stood at +42.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+16.7% per year) and Italy (+26.0% per year).

In value terms, the largest lifting equipment suppliers to Bulgaria were Turkey ($X), Germany ($X) and the Netherlands ($X), with a combined 53% share of total imports.

Among the main suppliers, Turkey, with a CAGR of +89.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average lifting equipment import price amounted to $X per unit, with a decrease of -40.6% against the previous year. In general, the import price, however, enjoyed resilient growth. The pace of growth appeared the most rapid in 2015 an increase of 673%. As a result, import price attained the peak level of $X per unit. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+42.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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