Small Cars - Bulgaria

Bulgaria

Revenue in the Small Cars market is projected to reach US$79m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.59%, resulting in a projected market volume of US$77m by 2028.
Small Cars market unit sales are expected to reach 5,052.0vehicles in 2028.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$15k.
From an international perspective it is shown that the most revenue will be generated in China (US$13,380m in 2024).

Key regions: Worldwide, China, United Kingdom, United States, Germany

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Analyst Opinion

The Small Cars market in Bulgaria has been experiencing significant growth in recent years, driven by several factors.

Customer preferences: Bulgarian customers have shown a strong preference for small cars due to their affordability, fuel efficiency, and ease of maneuverability in urban areas. With the increasing cost of living and limited parking spaces in cities, small cars have become a popular choice for Bulgarian consumers. Additionally, the rising awareness of environmental issues has also contributed to the demand for small cars, as they are generally more eco-friendly compared to larger vehicles.

Trends in the market: One of the key trends in the Small Cars market in Bulgaria is the shift towards electric and hybrid vehicles. As the government provides incentives and subsidies for electric vehicles, more consumers are opting for these eco-friendly options. The increasing availability of charging stations across the country has also made electric vehicles a more viable choice for Bulgarian consumers. This trend is expected to continue as the government aims to reduce carbon emissions and promote sustainable transportation. Another trend in the market is the growing popularity of compact SUVs. While technically not small cars, these vehicles offer a similar level of affordability and fuel efficiency while providing additional space and versatility. Bulgarian consumers are increasingly drawn to the higher driving position and rugged styling of compact SUVs, making them a popular choice in the market.

Local special circumstances: Bulgaria's geographic location and infrastructure play a role in shaping the Small Cars market. The country's relatively small size and well-developed road network make small cars a practical choice for most consumers. Additionally, the high population density in urban areas further drives the demand for small cars, as they are easier to park and navigate through congested city streets.

Underlying macroeconomic factors: The economic growth and increasing disposable income in Bulgaria have also contributed to the growth of the Small Cars market. As consumers have more purchasing power, they are able to afford cars and are more likely to choose small and affordable options. Additionally, the availability of financing options and low-interest rates have made it easier for consumers to purchase small cars. In conclusion, the Small Cars market in Bulgaria is experiencing growth due to customer preferences for affordable and fuel-efficient vehicles, as well as the shift towards electric and hybrid options. The increasing popularity of compact SUVs also contributes to the market's growth. The country's geographic location, infrastructure, and rising disposable income further support the demand for small cars.

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).