Bulgaria: Spark Plug Market 2023

Spark Plug Market Size in Bulgaria

In 2021, the Bulgarian spark plug market decreased by -26.7% to $X for the first time since 2016, thus ending a four-year rising trend. In general, consumption, however, recorded a buoyant expansion. As a result, consumption attained the peak level of $X, and then contracted significantly in the following year.

Spark Plug Production in Bulgaria

In value terms, spark plug production declined dramatically to $X in 2021 estimated in export price. Overall, production, however, posted a resilient increase. The pace of growth was the most pronounced in 2020 when the production volume increased by 149%. As a result, production reached the peak level of $X, and then declined dramatically in the following year.

Spark Plug Exports

Exports from Bulgaria

In 2021, shipments abroad of sparking plugs was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2016 when exports increased by 141% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, spark plug exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by 132% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Germany (X units), Romania (X units) and Iran (X units) were the main destinations of spark plug exports from Bulgaria, together accounting for 58% of total exports. These countries were followed by the Czech Republic, Greece, Lithuania, Poland, Cyprus, the Netherlands, Kosovo, North Macedonia, France and Singapore, which together accounted for a further 32%.

From 2012 to 2021, the biggest increases were recorded for Lithuania (with a CAGR of +80.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for spark plug exported from Bulgaria were Germany ($X), Iran ($X) and Romania ($X), together comprising 61% of total exports.

Among the main countries of destination, Iran, with a CAGR of +136.6%, saw 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 2021, jumping by 31% against the previous year. In general, the export price recorded buoyant growth. The growth pace was the most rapid in 2019 when the average export price increased by 91% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per unit), while the average price for exports to the Czech Republic ($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 (+58.7%), while the prices for the other major destinations experienced more modest paces of growth.

Spark Plug Imports

Imports into Bulgaria

In 2021, overseas purchases of sparking plugs increased by 14% to X units, rising for the second consecutive year after two years of decline. Overall, imports showed a mild increase. The most prominent rate of growth was recorded in 2017 when imports increased by 50% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, spark plug imports expanded notably to $X in 2021. In general, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +44.8% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 27% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, Germany (X units) constituted the largest spark plug supplier to Bulgaria, accounting for a 46% share of total imports. Moreover, spark plug imports from Germany exceeded the figures recorded by the second-largest supplier, Romania (X units), twofold. Turkey (X units) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany stood at +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+38.1% per year) and Turkey (+1.7% per year).

In value terms, Germany ($X) constituted the largest supplier of sparking plugs to Bulgaria, comprising 57% of total imports. The second position in the ranking was taken by Romania ($X), with an 18% share of total imports. It was followed by Hungary, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+44.1% per year) and Hungary (+21.4% per year).

Import Prices by Country

In 2021, the average spark plug import price amounted to $X per unit, remaining relatively unchanged against the previous year. Overall, import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, spark plug import price increased by +47.2% against 2017 indices. The growth pace was the most rapid in 2018 an increase of 36%. The import price peaked in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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