Bulgaria: Spark Plug Market 2024

Spark Plug Market Size in Bulgaria

The Bulgarian spark plug market expanded rapidly to $X in 2022, picking up by 9.4% against the previous year. In general, consumption saw prominent growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Spark Plug Production in Bulgaria

In value terms, spark plug production surged to $X in 2022 estimated in export price. Over the period under review, production enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2020 with an increase of 144%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Spark Plug Exports

Exports from Bulgaria

In 2022, shipments abroad of sparking plugs increased by 65% to X units, rising for the second year in a row after two years of decline. Overall, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 141%. The exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, spark plug exports soared to $X in 2022. Over the period under review, exports posted significant growth. The pace of growth was the most pronounced in 2016 with an increase of 132%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Germany (X units), Romania (X units) and Kazakhstan (X units) were the main destinations of spark plug exports from Bulgaria, with a combined 43% share of total exports. Poland, Serbia, Taiwan (Chinese), Iran, Greece, Turkey, the Czech Republic, Italy, North Macedonia and Albania lagged somewhat behind, together comprising a further 46%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +296.6%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Romania ($X) and Kazakhstan ($X) were the largest markets for spark plug exported from Bulgaria worldwide, together accounting for 43% of total exports. Poland, Serbia, Taiwan (Chinese), Iran, Greece, Turkey, the Czech Republic, Italy, North Macedonia and Albania lagged somewhat behind, together comprising a further 46%.

In terms of the main countries of destination, Taiwan (Chinese), with a CAGR of +291.7%, recorded the highest growth rate of 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

The average spark plug export price stood at $X per unit in 2022, declining by -27.4% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average export price increased by 30% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Romania ($X per unit) and North Macedonia ($X per unit), while the average price for exports to Italy ($X per unit) and Turkey ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iran (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Spark Plug Imports

Imports into Bulgaria

In 2022, overseas purchases of sparking plugs increased by 8.7% to X units, rising for the third year in a row after two years of decline. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 27%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, spark plug imports soared to $X in 2022. In general, imports showed prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Germany (X units) constituted the largest supplier of spark plug to Bulgaria, with a 68% share of total imports. Moreover, spark plug imports from Germany exceeded the figures recorded by the second-largest supplier, Romania (X units), fivefold. Hungary (X units) ranked third in terms of total imports with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+31.4% per year) and Hungary (+10.5% per year).

In value terms, Germany ($X) constituted the largest supplier of sparking plugs to Bulgaria, comprising 68% of total imports. The second position in the ranking was taken by Romania ($X), with a 13% share of total imports. It was followed by Hungary, with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany totaled +12.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+37.7% per year) and Hungary (+15.9% per year).

Import Prices by Country

In 2022, the average spark plug import price amounted to $X per unit, with an increase of 21% against the previous year. Over the period under review, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spark plug import price increased by +12.2% against 2018 indices. The most prominent rate of growth was recorded in 2018 an increase of 35%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Romania ($X per unit) and Poland ($X per unit), while the price for Hungary ($X per unit) and Belgium ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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