Automotive Industry in Bulgaria 2016-2020

Overview of the automotive industry in Bulgaria

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.

Product segmentation and analysis of the automotive industry in Bulgaria

• Electrical and electronic equipment for motor vehicles
• Parts and accessories for motor vehicles

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.

Competitive landscape and key vendors

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 -

• Fransizkup
• Grammer
• Iksetik (Ixetic)
• Integrated Micro-electronics Bulgaria
• Johnson Controls Electronics Bulgaria
• Kaumet
• KEMMLER Electronic
• Kostal Holding
• Melexis Bulgaria
• Montupe
• Robert Bosch
• Sensor-Nite Industrial (subsidiary of Ixetic)
• Visteon Electronics Bulgaria
• Witte Automotive
• Yazaki Bulgaria

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the automotive industry in Bulgaria?
• What are the key market trends impacting the growth of the automotive industry in Bulgaria?
• What are the challenges to market growth?
• Who are the key vendors in the automotive industry in Bulgaria?
• What are the market opportunities and threats faced by the vendors in the automotive industry in Bulgaria?
• Trending factors influencing the market shares of Bulgaria.
• What are the key outcomes of the five forces analysis of the automotive industry in Bulgaria?

Technavio also offers customization on reports based on specific client requirement.

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