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Market research analysts at Technavio have predicted that the automotive industry in Bulgaria will grow at steadily and post a CAGR of close to 4% over the forecast period. Automobile registrations have been increasing in Bulgaria, with about 130,000 units registered in 2014. This rise in the number of on-road automobiles directly influences the aftermarket sales. Factors such as the increasing sales of imported automobiles and longer lifespan of automobiles in Bulgaria will lead to an augmented demand for automotive parts and accessories in Bulgaria. The use of automobiles for long periods influences consumers to increase their spending on automobiles, which is expected to create new opportunities for automobile manufacturers in the coming years.
One of the significant trends that will propel this market’s growth prospects is the increasing adoption of electronic devices in automobiles. A desire to differentiate their products has led automobile manufacturers to incorporate several electronic components in the vehicles. Moreover, consumers prefer automobiles incorporated with advanced electronics and devices, such as infotainment systems and active and passive safety systems, which is envisaged to aid in this market’s growth during the predicted period.
During 2015, the electrical and electronic equipment segment dominated the automotive industry in Bulgaria and accounted for more than 70% of the market shares in terms of revenue.
The automotive industry in Bulgaria is highly fragmented with more than 200 manufacturers present in the market. Although foreign manufacturers dominate the market, several low-cost manufacturers offer economical automotive parts and accessories. The manufacturers compete on the basis of price, innovation, quality and performance, customer-centrism, brand /image, and service quality. Key manufacturers in the market also provide technical support sought by non-residential end-users at the time of purchase. The competition is moderate in the market, with the key manufacturers focusing on the development and introduction of technologically advanced products.
Key vendors in this market are -
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This is preliminary content. The table of contents is subject to change.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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