Bulgaria: Market for Mechanical Shovels, Excavators And Shovel Loaders 2024

Market Size for Mechanical Shovels, Excavators And Shovel Loaders in Bulgaria

In 2021, the Bulgarian mechanical shovel and excavator market increased by 44% to $X, rising for the third consecutive year after four years of decline. Over the period under review, consumption, however, recorded a deep contraction. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Production of Mechanical Shovels, Excavators And Shovel Loaders in Bulgaria

In value terms, mechanical shovel and excavator production declined markedly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a precipitous slump. The pace of growth was the most pronounced in 2013 when the production volume decreased by -0.3% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Mechanical Shovels, Excavators And Shovel Loaders

Exports from Bulgaria

In 2021, overseas shipments of mechanical shovels, excavators and shovel loaders increased by 24% to X units for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, continue to indicate a pronounced reduction. The pace of growth appeared the most rapid in 2018 with an increase of 55%. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, mechanical shovel and excavator exports soared to $X in 2021. Over the period under review, exports, however, showed a slight decline. The pace of growth appeared the most rapid in 2018 with an increase of 49%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Romania (X units) was the main destination for mechanical shovel and excavator exports from Bulgaria, accounting for a 35% share of total exports. Moreover, mechanical shovel and excavator exports to Romania exceeded the volume sent to the second major destination, North Macedonia (X units), twofold. Serbia (X units) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Romania stood at -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (+15.4% per year) and Serbia (+19.2% per year).

In value terms, Romania ($X) remains the key foreign market for mechanical shovels, excavators and shovel loaders exports from Bulgaria, comprising 45% of total exports. The second position in the ranking was held by North Macedonia ($X), with a 9.5% share of total exports. It was followed by Serbia, with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value to Romania stood at -4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (+17.5% per year) and Serbia (+19.2% per year).

Export Prices by Country

In 2021, the average mechanical shovel and excavator export price amounted to $X per unit, surging by 8% against the previous year. Over the period under review, the export price recorded a slight expansion. The pace of growth appeared the most rapid in 2019 an increase of 43%. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Greece ($X per unit), while the average price for exports to Georgia ($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 Greece (+13.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mechanical Shovels, Excavators And Shovel Loaders

Imports into Bulgaria

In 2021, overseas purchases of mechanical shovels, excavators and shovel loaders were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, imports posted a strong increase. The pace of growth appeared the most rapid in 2018 with an increase of 90%. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, mechanical shovel and excavator imports soared to $X in 2021. Overall, imports continue to indicate resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 77%. Imports peaked in 2021 and are likely to continue growth in the immediate term.

Imports by Country

The UK (X units), Belgium (X units) and China (X units) were the main suppliers of mechanical shovel and excavator imports to Bulgaria, together comprising 44% of total imports. These countries were followed by the Netherlands, Turkey, Italy, Germany, the Czech Republic, Japan, Austria, Sweden and Romania, which together accounted for a further 47%.

From 2012 to 2021, the biggest increases were recorded for Sweden (with a CAGR of +47.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Belgium ($X) and the Netherlands ($X) constituted the largest mechanical shovel and excavator suppliers to Bulgaria, together comprising 53% of total imports. Turkey, Italy, Germany, Sweden, China, the Czech Republic, Romania, Austria and Japan lagged somewhat behind, together comprising a further 39%.

Among the main suppliers, China, with a CAGR of +47.8%, recorded the highest rates of growth with regard to 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

The average mechanical shovel and excavator import price stood at $X per unit in 2021, waning by -12.2% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 27%. Over the period under review, average import prices hit record highs at $X per unit in 2016; however, from 2017 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 Sweden ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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