Bulgaria: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Bulgaria

In 2021, the Bulgarian passenger car tyre market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, 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-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Passenger Car Tyre Exports

Exports from Bulgaria

In 2021, passenger car tyre exports from Bulgaria expanded significantly to X units, increasing by 10% on the previous year. Overall, exports continue to indicate measured growth. The most prominent rate of growth was recorded in 2014 when exports increased by 117% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car tyre exports surged to $X in 2021. In general, exports continue to indicate a remarkable increase. The growth pace was the most rapid in 2014 when exports increased by 155% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Greece (X units) was the main destination for passenger car tyre exports from Bulgaria, accounting for a 49% share of total exports. Moreover, passenger car tyre exports to Greece exceeded the volume sent to the second major destination, Romania (X units), threefold. Kosovo (X units) ranked third in terms of total exports with a 14% share.

From 2012 to 2021, the average annual growth rate of volume to Greece amounted to +10.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+2.0% per year) and Kosovo (+379.8% per year).

In value terms, Greece ($X) remains the key foreign market for tyres for motor cars exports from Bulgaria, comprising 45% of total exports. The second position in the ranking was held by Romania ($X), with a 19% share of total exports. It was followed by Kosovo, with a 17% share.

From 2012 to 2021, the average annual growth rate of value to Greece stood at +9.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+3.6% per year) and Kosovo (+415.0% per year).

Export Prices by Country

The average passenger car tyre export price stood at $X per unit in 2021, picking up by 16% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2013 when the average export price increased by 20%. The export price peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Kosovo ($X per unit), while the average price for exports to Italy ($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 Kosovo (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Tyre Imports

Imports into Bulgaria

In 2021, imports of tyres for motor cars into Bulgaria soared to X units, rising by 19% against the previous year's figure. In general, total imports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -9.0% against 2017 indices. The pace of growth was the most pronounced in 2015 when imports increased by 29%. Over the period under review, imports attained the peak figure at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, passenger car tyre imports soared to $X in 2021. The total import value increased at an average annual rate of +5.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X units), Serbia (X units) and Romania (X units) were the main suppliers of passenger car tyre imports to Bulgaria, together comprising 49% of total imports. Poland, Turkey, Hungary, Slovenia, the Netherlands, South Korea, the Czech Republic, Germany, Russia and Slovakia lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2021, the biggest increases were recorded for Slovenia (with a CAGR of +65.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car tyre suppliers to Bulgaria were Romania ($X), China ($X) and Serbia ($X), together accounting for 46% of total imports. Poland, Hungary, the Netherlands, Slovenia, Turkey, the Czech Republic, South Korea, Germany, Russia and Slovakia lagged somewhat behind, together comprising a further 46%.

Slovenia, with a CAGR of +66.6%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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 passenger car tyre import price amounted to $X per unit, with an increase of 11% against the previous year. Over the period under review, the import price, however, recorded a slight decline. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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