New Transportation market report from Business Monitor International: "Bulgaria Autos Report Q4 2014"
Boston, MA -- (SBWIRE) -- 10/17/2014 -- In H114 Bulgarian passenger car sales rose 15.2% y-o-y, following a 5.6% y-o-y increase in June. While this is positive news for the sector, it does represent a slowdown from the 25% growth recorded for 4M14. This is in line with our view that growth would temper as the year goes on and lesser base effects come into play. We are maintaining our forecast for growth of 10% in passenger car sales in 2014, as we expect a further deceleration in the rate of growth in the latter part of the year. We expect this cooling period for vehicle sales to carry over into 2015 with projected growth of just 3.8%.
Part of the problem for the new vehicle market is the practice of hanging on to older vehicles. According to a report published in June 2014, data from the Bulgarian traffic police show that 39% of all registered vehicles are more than 20 years old. As of end-April 2014, the total number of registered vehicles was 3.57mn. This means there is a burgeoning second-hand market, also borne out by the traffic police data which show that 50,962 used vehicles were imported in Q114, compared with 7,406 new vehicles.
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There is positive news in the production segment, however. In August 2014, Litex Motors, the local partner of China's Great Wall Motors, announced an added EUR70mn investment in its Lovech factory; the only vehicle assembly plant in Bulgaria. The move will allow Litex to incorporate welding, metal working and painting processes into its operations, which are currently focused on assembly of kits manufactured in China.
The move is the first of its kind in Bulgaria and indicates the country's potential for conducting more value-adding processes domestically rather than just assembly tasks. As a result, BMI is closely monitoring the performance of Litex Motors. If successful, it could prove to be a bellwether for larger manufacturers looking for a new production base strategically located near to major regional markets and a good supplier network. Indeed, Bulgaria's...
The Bulgaria Autos Report features the latest data and forecasts covering production, sales, imports and exports.
Business Monitor International (BMI)'s Bulgaria Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Bulgaria.
- Benchmark BMI's independent automotives industry forecasts on Bulgaria to test other views - a key input for successful budgetary and planning in the Bulgarian automotives market.
- Target business opportunities and risks in the Bulgarian automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Bulgaria.
- Assess the activities and market position of your competitors, partners and clients via our Competitive Landscape Analysis.
BMI Industry View
Summary of BMI's key industry forecasts and views, covering production, sales and the introduction of new technology or products.
Global, Regional and Country Industry Overviews
In-depth analysis of the major global and regional developments in the market, which can be linked with the country industry overview, providing cross-country investment, product and financing trends that will affect each market, supported by BMI?s global and regional industry forecasts.
Business Environment Rankings
BMI's proprietary Autos Business Environment Rankings are a unique country-comparative Risk-Reward Rankings index that separately analyses the risks and rewards of operating in each market. It is aimed at investors (including manufacturers, suppliers and dealers) who seek to either identify and compare market opportunities, or evaluate country-specific operational challenges.
The rankings methodology makes sophisticated use of over 40 industries, economic and demographic data points.
BMI Industry Forecasts
Historic data series and forecasts to end-2018 for all key industry indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
Total production value (US$bn); total production of units; production by vehicle-type (including cars, commercial vehicles, trucks and buses); total sales value (US$bn); sales by vehicle-type, including passenger cars and commercial vehicles (vans and microbuses, pickups, trucks and buses, 4 wheel drive); total exports by value (US$bn) and by units; total imports by value (US$bn) and by units; contribution to GDP; employment in industry.
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