New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 05/08/2013 -- Executive Summary
Passenger car sales in Bulgaria increased 1.6% in 2012, to 19,419 units. In 2012, private consumption remained relatively robust, with real wages growing over the course of the year, despite persistently high unemployment levels.
Passenger car sales in Bulgaria have declined considerably from 2008 levels, when sales hit some 43,000 units. Indeed, sales in this segment have remained relatively weak since then, and we do not see the market reaching these levels again within our 2017-forecast period. We believe that this pent-up demand in the market partly explains the increase in sales in 2012.
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In December 2012, Chinese auto manufacturer Build Your Dreams (BYD) and Bulgarian manufacturer Bulmineral announced that they are to jointly construct an auto assembly plant in Sofia, Bulgaria to produce electric cars and electric buses. BMI believes that the European electric vehicle (EV) market is set to receive considerable investment from international auto manufacturers over the medium term on the back of increasing sales and government incentives for sale and production. Further, we believe that Bulgaria may attract further investment from auto manufacturers on the back of ongoing investments in the region as companies continue to pivot from Western Europe.
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