Bulgaria: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Bulgaria

In 2022, the Bulgarian market for tyres for agriculture, forestry, construction, industry and other off the road vehicles increased by 7.2% to $X, rising for the second consecutive year after three years of decline. Overall, consumption, however, saw a abrupt slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Bulgaria

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles dropped to $X in 2022 estimated in export price. In general, production saw a deep downturn. The most prominent rate of growth was recorded in 2017 with an increase of 35%. Over the period under review, production of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from Bulgaria

In 2022, the amount of tyres for agriculture, forestry, construction, industry and other off the road vehicles exported from Bulgaria reached X units, increasing by 1.7% on 2021 figures. Overall, exports, however, recorded a noticeable downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 238%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles expanded markedly to $X in 2022. Over the period under review, exports showed a measured expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 104% against the previous year. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Greece (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Bulgaria, accounting for a 80% share of total exports. Moreover, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Greece exceeded the volume sent to the second major destination, Denmark (X units), more than tenfold. The third position in this ranking was held by Serbia (X units), with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume to Greece amounted to +73.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+110.3% per year) and Serbia (+4.1% per year).

In value terms, Greece ($X) remains the key foreign market for tyres for agriculture, forestry, construction, industry and other off the road vehicles exports from Bulgaria, comprising 58% of total exports. The second position in the ranking was held by Romania ($X), with an 18% share of total exports. It was followed by Hungary, with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value to Greece totaled +53.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-0.8% per year) and Hungary (+23.7% per year).

Export Prices by Country

In 2022, the average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, surging by 7.9% against the previous year. Over the period under review, the export price continues to indicate a buoyant increase. The growth pace was the most rapid in 2013 when the average export price increased by 310% against the previous year. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+27.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into Bulgaria

In 2022, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles into Bulgaria stood at X units, surging by 13% against the previous year's figure. Overall, imports saw a buoyant increase. The pace of growth appeared the most rapid in 2014 with an increase of 43%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles skyrocketed to $X in 2022. Over the period under review, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +48.3% against 2020 indices. The growth pace was the most rapid in 2018 when imports increased by 35% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Germany (X units), India (X units) and China (X units) were the main suppliers of imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Bulgaria, together accounting for 57% of total imports. Turkey, the Netherlands, Serbia, Romania, Poland, Slovenia, Russia and the Czech Republic lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the biggest increases were recorded for Slovenia (with a CAGR of +58.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest agricultural, construction and industrial machinery tyre suppliers to Bulgaria were India ($X), Romania ($X) and Turkey ($X), with a combined 44% share of total imports. The Netherlands, Germany, China, Poland, the Czech Republic, Russia, Serbia and Slovenia lagged somewhat behind, together comprising a further 21%.

Slovenia, with a CAGR of +41.4%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, increasing by 7% against the previous year. Overall, the import price, however, saw a deep downturn. The pace of growth appeared the most rapid in 2017 when the average import price increased by 9.7%. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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