Bulgaria: Passenger Car Market 2024

Passenger Car Market Size in Bulgaria

In 2021, the Bulgarian passenger car market was finally on the rise to reach $X after two years of decline. Overall, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -16.6% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Passenger Car Exports

Exports from Bulgaria

Passenger car exports from Bulgaria totaled X units in 2021, growing by 5.7% on the previous year's figure. The total export volume increased at an average annual rate of +2.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 33% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, passenger car exports contracted to $X in 2021. Over the period under review, total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -25.0% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 66% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

North Macedonia (X units) was the main destination for passenger car exports from Bulgaria, with a 41% share of total exports. Moreover, passenger car exports to North Macedonia exceeded the volume sent to the second major destination, Germany (X units), twofold. Georgia (X units) ranked third in terms of total exports with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to North Macedonia amounted to +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+8.1% per year) and Georgia (-2.7% per year).

In value terms, Germany ($X) remains the key foreign market for passenger cars exports from Bulgaria, comprising 43% of total exports. The second position in the ranking was held by North Macedonia ($X), with a 13% share of total exports. It was followed by France, with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany stood at +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (+11.9% per year) and France (+19.2% per year).

Export Prices by Country

The average passenger car export price stood at $X per unit in 2021, shrinking by -16.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.4%. The growth pace was the most rapid in 2020 an increase of 26% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Romania ($X per unit), while the average price for exports to Georgia ($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 North Macedonia (+6.0%), while the prices for the other major destinations experienced mixed trend patterns.

Passenger Car Imports

Imports into Bulgaria

After two years of decline, supplies from abroad of passenger cars increased by 12% to X units in 2021. In general, total imports indicated a slight expansion from 2012 to 2021: its volume increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -24.6% against 2018 indices. The pace of growth was the most pronounced in 2017 when imports increased by 17%. Over the period under review, imports attained the maximum at X units in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, passenger car imports surged to $X in 2021. Over the period under review, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -4.5% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 28% against the previous year. Imports peaked at $X in 2018; afterwards, it flattened through to 2021.

Imports by Country

Switzerland (X units), Italy (X units) and Germany (X units) were the main suppliers of passenger car imports to Bulgaria, together accounting for 48% of total imports. These countries were followed by France, Turkey, Hungary, China, the Czech Republic, Austria, the UK, the United States, Canada and Romania, which together accounted for a further 41%.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +54.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of passenger cars to Bulgaria, comprising 27% of total imports. The second position in the ranking was held by Hungary ($X), with a 13% share of total imports. It was followed by France, with a 9.8% share.

From 2012 to 2021, the average annual growth rate of value from Germany stood at +12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (+4.2% per year) and France (+16.2% per year).

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, picking up by 12% against the previous year. Over the last nine-year period, it increased at an average annual rate of +4.9%. The growth pace was the most rapid in 2014 an increase of 15% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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