Spark Plug Market Overview in Bulgaria
Market Overview
In 2019, the Bulgarian spark plug market decreased by -
% to $, falling for the second year in a row after three years of growth. Over the period under review, consumption continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2013 when the market value increased by % y-o-y. As a result, consumption attained the peak level of $. From 2014 to 2019, the growth of the market failed to regain the momentum.
% to $, falling for the second year in a row after three years of growth. Over the period under review, consumption continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2013 when the market value increased by % y-o-y. As a result, consumption attained the peak level of $. From 2014 to 2019, the growth of the market failed to regain the momentum.Consumption
In 2019, consumption of sparking plugs decreased by -% to units, falling for the second consecutive year after three years of growth. In general, consumption showed a pronounced slump. The most prominent rate of growth was recorded in 2013 with an increase of % against the previous year. As a result, consumption reached the peak volume of units. From 2014 to 2019, the growth of the consumption failed to regain the momentum.
The revenue of the spark plug market in Bulgaria fell sharply to $ in 2019, waning by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a pronounced slump. The growth pace was the most rapid in 2013 with an increase of % against the previous year. As a result, consumption attained the peak level of $. From 2014 to 2019, the growth of the market failed to regain the momentum.
% to units, falling for the second consecutive year after three years of growth. In general, consumption showed a pronounced slump. The most prominent rate of growth was recorded in 2013 with an increase of % against the previous year. As a result, consumption reached the peak volume of units. From 2014 to 2019, the growth of the consumption failed to regain the momentum.The revenue of the spark plug market in Bulgaria fell sharply to $
in 2019, waning by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a pronounced slump. The growth pace was the most rapid in 2013 with an increase of % against the previous year. As a result, consumption attained the peak level of $. From 2014 to 2019, the growth of the market failed to regain the momentum.Market Forecast
Driven by rising demand for spark plug in Bulgaria, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to units by the end of .
% for the period from 2019 to , which is projected to bring the market volume to units by the end of .Trade Balance
Bulgaria remains a net importer of spark plug; in physical and value terms, imports consistently exceeded exports from 2007 to 2019. In 2019, there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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