Passenger Cars - Bulgaria

  • Bulgaria
  • Revenue in the Passenger Cars market is projected to reach US$859.2m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.46%, resulting in a projected market volume of US$875.1m by 2028.
  • The market's largest segment is SUVs with a projected market volume of US$441.6m in 2024.
  • Passenger Cars market unit sales are expected to reach 28.94k vehicles in 2028.
  • The volume weighted average price of Passenger Cars market is expected to amount to US$29.74k in 2024.
  • With a vehicle unit sales share of 29.1% in 2024, Other is expected to have one of the highest market share in the selected region.
  • The value market share of the make Other in the selected region is expected to stand at 33.4% in 2024.
  • From an international perspective it is shown that the most revenue will be generated in the United States (US$556bn in 2024).

Key regions: United States, Germany, Europe, China, India

 
Market
 
Make
 
Region
 
Region comparison
 
Currency
 

Analyst Opinion

The Passenger Cars market in Bulgaria has experienced significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances. Customer preferences in the Bulgarian Passenger Cars market have shifted towards more fuel-efficient and environmentally friendly vehicles.

This is in line with global trends, as consumers are increasingly conscious of the impact of their choices on the environment. As a result, there has been a growing demand for electric and hybrid vehicles in Bulgaria. Additionally, customers are also looking for cars with advanced safety features and technology, such as autonomous driving capabilities and connectivity options.

Trends in the Bulgarian Passenger Cars market reflect the overall global market trends. The market has witnessed a rise in the popularity of SUVs and crossovers, as they offer a combination of spaciousness, versatility, and higher driving position. This trend is driven by the desire for more practical and versatile vehicles that can accommodate both urban and outdoor lifestyles.

Furthermore, the market has seen an increase in the demand for luxury and premium cars, as consumers are willing to invest in higher-end vehicles that offer superior comfort, performance, and prestige. Local special circumstances in Bulgaria have also influenced the development of the Passenger Cars market. The country's infrastructure for electric vehicles, such as charging stations, has been expanding in recent years, which has contributed to the growth of the electric vehicle segment.

Additionally, government incentives and subsidies for electric and hybrid vehicles have made them more affordable and attractive to consumers. Furthermore, the Bulgarian government has implemented policies to encourage the adoption of cleaner and more efficient vehicles, such as lower taxes for low-emission cars. Underlying macroeconomic factors have played a role in shaping the Passenger Cars market in Bulgaria.

The country's improving economy and rising disposable incomes have fueled consumer spending and increased purchasing power. This has allowed more individuals and households to afford cars, leading to a higher demand for Passenger Cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to finance their car purchases, further driving market growth.

In conclusion, the Passenger Cars market in Bulgaria is developing in response to changing customer preferences, global market trends, local special circumstances, and underlying macroeconomic factors. The shift towards more fuel-efficient and environmentally friendly vehicles, the popularity of SUVs and crossovers, the demand for luxury and premium cars, the expansion of the electric vehicle segment, and the improving economy and rising disposable incomes are all contributing to the growth of the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

Overview

  • Unit Sales
  • Analyst Opinion
  • Technical Specifications
  • Revenue
  • Price
  • Global Comparison
  • Methodology
  • Key Market Indicators
Please wait

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)

Mon - Fri, 9am - 5pm (SGT)

Contact Kisara Mizuno
Kisara Mizuno
Senior Business Development Manager– Contact (Asia)

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)