Bulgaria Tire Market
Bulgaria Tire Market Size Grows at Steady CAGR of 4.81% Reaching USD 706.43 Million by 2029
Published | 20 November 2023
Bulgaria tire market is flourishing because of a rapidly growing replacement market and government’s support for the tire industry in the country.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Bulgaria tire market size at USD 532.82 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Bulgaria tire market size to grow at a significant CAGR of 4.81% reaching a value of USD 706.43 million by 2029. Major growth drivers for the Bulgaria tire market include an increasing number of vehicles on the road and expanding automotive industry. This heightened demand is placing a strong emphasis on high-quality tires that prioritize both safety and durability, reflecting the growing awareness of Bulgarian consumers towards tire maintenance and safety. A crucial catalyst for market development is the presence of major global tire manufacturers in Bulgaria, fostering innovation and providing a wide array of high-quality tire products to meet diverse consumer needs. Also, the market is witnessing an increasing preference for eco-friendly and fuel-efficient tire options, aligning with Bulgaria's rising environmental consciousness and the global push for sustainability and reduced carbon emissions. However, growing demand for replacement tires and government support for the tire industry are anticipated to restrain the overall market growth during the forecast period.
Bulgaria Tire Market – Overview
Bulgaria tire market refers to the industry and market segment within Bulgaria that involves the production, distribution, sale, and usage of tires for various types of vehicles, including cars, trucks, motorcycles, and other automotive applications. This market encompasses the manufacturing of tires, the import and distribution of tires from domestic and international suppliers, as well as consumer choices and preferences in selecting tires for their vehicles. It also considers factors such as tire safety, durability, technology, and sustainability, as well as the competitive landscape shaped by domestic and global tire manufacturers and suppliers operating in Bulgaria. The Bulgaria Tire Market is subject to various economic, environmental, and regulatory influences and trends that impact the supply and demand for tires in the country.
Impact of COVID-19 on Bulgaria Tire Market
COVID-19 pandemic adversely affected the Bulgaria tire market. Lockdowns, economic uncertainty, and reduced travel led to a temporary decline in demand for tires, particularly in the early stages of the pandemic. This affected both the original equipment and replacement segments. However, as travel restrictions eased and the economy began to recover, there was a resurgence in tire sales, with consumers increasingly prioritizing personal vehicle usage. Also, there was a growing focus on e-commerce channels for tire purchases. Overall, the pandemic underscored the importance of safe and reliable tires, and the market adapted to changing consumer preferences and behaviors, ultimately showing resilience and a rebound in demand.
Impact of Prolonging Israel-Hamas War on Bulgaria Tire Market
The raging war between Israel and Hamas, a Palestine-based militant and nationalist organization, sends shockwaves across various industries, particularly oil & gas, transcending geographic boundaries and affecting businesses globally. The conflict between Israel-Hamas has been a longstanding, deeply entrenched geopolitical issue. On October 07, 2023, Hamas, in a surprise and heavy attack, struck Israel with thousands of rockets and infiltrations killing more than 1,100 people. In response, the prime minister of Israel declared war against Hamas and anticipated that the war would be ‘long and difficult.’ The United States has sent its warships and aid to Israel and stated that its citizens were killed in the war.
Also, the war in Middle East will affect industries across verticals and regions. Oil & gas is one of the adversely affected industries by the war. The Middle East, including Israel, is a vital hub for oil production and transportation. Any disturbance in the Middle East region instantly raises concerns about oil supply disruptions, leading to increased oil prices worldwide. For example, The World Bank anticipates that the crude oil prices would spike to a range of USD 140-157 a barrel in the long term, if the war continues to escalate and spreads to other regions. This spike in oil and energy costs will have a domino effect on multiple industries. As fossil fuel is one of the main raw materials for the production of tires, companies and end users in the Bulgaria tire market face the brunt of rising fuel prices. Volatile and higher fuel prices could increase the cost of tires, resulting in the declined demand for tires affecting their sales and market growth.
Bulgaria Tire Market – By Tire Type
Based on tire type, the Bulgaria tire market is bifurcated into Radial and Bias segments. The radial segment is expected to hold a higher share in the Bulgaria tire market during the forecast period by tire type. Bulgarian tire market strongly favors radial tire construction, mainly because of its many benefits, such as improved fuel efficiency, enhanced control and handling, and longer lifespan. Radial tires are designed with steel belts running at a 90-degree angle to the tire's direction of travel, which reduces heat generation and minimizes wear. With the market's ongoing development, it is anticipated that tire manufacturers will expand their offerings of radial tires to cater to various driving needs and conditions, further solidifying the radial tire's dominance in the market.
Major players operating in the Bulgaria tire market include Bridgestone Tyres, Continental Tyres, Pirelli Tyres, Goodyear Tyre, Kumho Tyres, and General Tyres. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Bulgaria Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Bulgaria Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Bulgaria Tire Market, By Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCVs), Medium & Heavy Commercial Vehicles (M&HCVs), Two-Wheelers, Three-Wheelers, Off-The-Road (OTR) Vehicles); By Tire Type (Radial, Bias); By Demand Category (OEM, Replacement), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: November 2023
An increasing demand for tires from the replacement market and growing government support for the tire industry are projected to propel the expansion of the Bulgaria tire market during the forecast period between 2023 and 2029.
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