Industry revenue of »sale of cars and light motor vehicles« in Bulgaria 2011-2023

Despite not having robust automobile manufacturing capabilities the Bulgarian cars and light motor vehicles segment has witnessed steady growth since 2011, a trend expected to continue till 2023 at least. According to Statista’s estimates, the industry is expected to increase from 2.9 billion U.S dollars in 2017 to 3.7 billion U.S dollars in 2023, growing at a CAGR of 4.14%. The country’s motorization rate or the number of cars per 1,000 inhabitants and number of new passenger car registrations have also grown at a steady pace.

Auto components are a bright spot

The production of automobile components and spare parts in Bulgaria has gained significant traction over the years, having now become one of the mainstays of the country’s economy. In fact the industry is expected to more than double over the decade leading up to 2023. The primary reason for this success is the successful integration of local manufacturers into the European and international supply chains for large corporations such as BMW, Mercedes, Renault, Nissan and Audi.

Mercedes and BMW are the leading brands in the country

Mercedes and BMW are among the top automobile brands in the country leading the race in both the luxury and the executive cars segment.

Industry revenue of »sale of cars and light motor vehicles« in Bulgaria from 2011 to 2023

Revenue in million U.S. Dollars
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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Bulgaria. The industry “sale of cars and light motor vehicles“ has the code “G4511“.

Details on the methodology can be found here.

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