Bicycles market in Bulgaria

Earlier Report Observations

From 2018 to 2020, bicycle production in Bulgaria contracted, but the industry adapted to new opportunities. The EU's anti-dumping measures against Chinese bicycles, implemented in January 2018, helped Bulgarian manufacturers capture a niche in the European market, particularly for electric bicycles (e-bikes). However, domestic market volume remained under pressure, falling to 101 thousand units in 2019, partly due to a lack of targeted state policy to stimulate purchases. The COVID-19 pandemic in 2020 disrupted global supply chains, hampering production for key players like Maxcom, yet it also accelerated European demand for e-bikes, which supported the market and contributed to a slight recovery in volume to 108 thousand units.

Beginning in 2021, the industry focused on expanding e-bike manufacturing capacity. A joint investment between Bulgaria's Maxcom and Austria's Pierer Group established a new plant in the Trakia Economic Zone, promising 1,000 new jobs. This was followed in 2022 by the opening of a factory by Leader96, which planned an annual output of 500 thousand e-bikes. These expansions were driven by robust EU market growth for e-bikes, supported by European Commission policies. By 2023, Bulgaria ranked among the top five bicycle producers in Europe, though the industry faced challenges like market oversupply and macroeconomic uncertainty affecting consumer behavior.

Despite growing production and export orientation, domestic bicycle consumption in Bulgaria stayed limited. The absence of consumer purchase incentives and higher prices constrained internal demand. While municipalities promoted cycling through rental systems and bike lanes, the lack of a comprehensive national support policy continued to hold back the local market throughout the period.

Production bicycles in Bulgaria

In value, 2017-2020, M $ US

Bulgaria's bicycle production declined for the second consecutive year. In 2020, output was valued at 120.6 million US dollars, down 9.5% from the previous year. Over the 2017-2020 period, production decreased by 13.5%, with a compound annual growth rate of 4.7%. The highest value was recorded in 2018 at 185.7 million US dollars, which saw the largest increase of 33.2%. The largest decline occurred in 2019, with a drop of 28.2%.

Annual dynamics of production in Bulgaria in value, 2017-2020, M $ US

In kind, 2017-2020, K unit

Bulgaria's bicycle production volume fell for the second year in a row. In 2020, 484.3 thousand units were produced, reflecting a sharp decline of 23.6% compared to 2019. From 2017 to 2020, production decreased by 35.7%, with a compound annual growth rate of 13.7%. The peak was in 2018, with 775.7 thousand units, marking the largest increase of 3.0%.

Annual dynamics of production in Bulgaria in kind, 2017-2020, K unit

Exports bicycles from Bulgaria

Exports in kind, K unit

Bulgaria's bicycle export volume declined for the second consecutive year. In 2020, the country exported 447.5 thousand units, a substantial decrease of 24.9% from the previous year. Between 2017 and 2020, exports fell by 32.3%, equating to an annualized rate of 12.2%. The maximum was recorded in 2018 at 677.2 thousand units, which saw the largest increase of 2.4%.

Annual dynamics of product's exports from Bulgaria in kind, 2017-2020, K unit

From 2017 to 2020, Germany, Romania, and Belgium consistently led Bulgaria's bicycle export structure by volume. Germany accounted for 49.0% of exports, Romania for 11.1%, and Belgium for 8.4%, together making up 68.5% of total flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Bulgaria in kind, 2017-2020

Exports in value, M $ US

Bulgaria's bicycle exports declined for the second year in a row. In 2020, exports totaled 121.6 million US dollars, a drop of 10.0% from 2019. Over the 2017-2020 period, exports decreased by 3.4%, with a compound annual growth rate of 1.2%. The highest value was in 2018 at 144.6 million US dollars, which saw the largest increase of 14.9%.

Annual dynamics of product's exports from Bulgaria in value, 2017-2020, M $ US

Between 2017 and 2020, Germany, Belgium, and Romania were the main destinations for Bulgaria's bicycle exports by value. Germany represented 54.5% of exports, Belgium 9.9%, and Romania 9.0%, together accounting for 73.4% of total exports.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Bulgaria in value, 2017-2020

Imports bicycles to Bulgaria

Imports in kind, K unit

Bulgaria's bicycle imports showed noticeable fluctuations from 2017 to 2020. The lowest volume was in 2018 at 34.4 thousand units, with the largest decline of 5.2%. In 2019, imports surged by 85.6%, and in 2020, they reached 71.4 thousand units, a strong gain of 12.0% from 2019. The difference between the peak in 2020 and the trough in 2018 was 2.1 times.

Annual dynamics of product's imports to Bulgaria in kind, 2017-2020, K unit

Throughout 2017-2020, China, Serbia, and Romania were the key sources for Bulgaria's bicycle imports by volume. China accounted for 40.5% of imports, Serbia for 16.0%, and Romania for 11.5%, together representing 68.0% of total flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Bulgaria in kind, 2017-2020

Imports in value, M $ US

Bulgaria's bicycle imports increased for the third consecutive year. In 2020, imports stood at 6.7 million US dollars, a steep advance of 65.2% from the previous year. Between 2017 and 2020, imports grew by 180%, equating to an annualized rate of 40.9%.

Annual dynamics of product's imports to Bulgaria in value, 2017-2020, M $ US

Over the 2017-2020 period, Romania, Serbia, and the Netherlands emerged as the main markets for Bulgaria's bicycle imports by value. Romania accounted for 21.5% of imports, Serbia for 18.0%, and the Netherlands for 12.9%, together making up 52.4% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Bulgaria in value, 2017-2020