Water heaters and immersion heaters market in Bulgaria

Earlier Report Observations

In 2018, the Bulgarian water heater market saw the launch of the first European electric boiler with smartphone remote control by TESY, enhancing functionality and energy efficiency, alongside the introduction of a minimum Class C energy label for units over 100 liters. These developments set the stage for market evolution, with volume remaining steady at 678 thousand units in 2019 before a slight dip to 668 thousand units in 2020.

Market volume surged by 16% to a peak of 777 thousand units in 2021. The following year, despite a correction to 693 thousand units, the market witnessed growing interest in hybrid boilers with advanced control panels, the arrival of inverter-controlled models for better efficiency, and a clear consumer shift towards more economical and well-insulated products, supported by local manufacturers like TESY expanding their smart technology offerings.

Growth resumed in 2023, reaching 715 thousand units, and continued to 732 thousand units in 2024. This upturn was supported by stricter EU-mandated energy efficiency and safety standards, a wider product range including instant, storage, flat, and universal models, and increased demand for combined electric-and-coil systems. Rising electricity market prices in 2024 further spurred consumer interest in highly efficient models, such as those from ELDOM, which use three times less energy than conventional water heaters.

Production water heaters and immersion heaters in Bulgaria

In value, 2017-2020, K $ US

Bulgaria's production of water heaters and immersion heaters experienced a decline in 2020 after two years of growth. The output was valued at 90 976 thousand US dollars, marking a modest decrease of 5.6% compared to 2019. Over the period from 2017 to 2020, production increased by 14.3%, with a compound annual growth rate of 4.6%. The peak value was recorded in 2019 at 96 400 thousand US dollars, while the largest annual increase occurred in 2018 at 14.5%.

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

In kind, 2017-2020, K unit

Bulgaria's production volume of water heaters and immersion heaters grew for the third consecutive year in 2020. The country produced 1 170 thousand units, representing a year-on-year increase of 0.9%. From 2017 to 2020, production rose by 12%, which translates to an annualized growth rate of 3.8%.

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

Exports water heaters and immersion heaters from Bulgaria

Exports in kind, K unit

Bulgaria's export volumes of water heaters and immersion heaters increased for the third year in a row in 2020. The country exported 933.1 thousand units, up by 4.9% compared to 2019. Between 2017 and 2020, exports grew by 17.5%, with an annualized rate of 5.5%.

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

From 2017 to 2020, the export partner structure for water heaters and immersion heaters remained fragmented. Ukraine accounted for 15.0% of exports in kind, Spain for 14.2%, and Romania for 11.8%. Together, these three countries represented only 40.9% of total flows, with no single country holding a dominant share.

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, K $ US

Bulgaria's exports of water heaters and immersion heaters in value terms rose for the third consecutive year in 2020. Exports reached 68 371 thousand US dollars, reflecting a moderate increase of 8.1% compared to the previous year. Over the 2017-2020 period, exports grew by 25.2%, with a compound annual growth rate of 7.8%.

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

Between 2017 and 2020, Bulgaria supplied water heaters and immersion heaters to a diverse range of markets. Even the largest destinations—Spain, Ukraine, and Romania—collectively accounted for only 41.8% of total exports in value terms.

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

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

Imports water heaters and immersion heaters to Bulgaria

Imports in kind, K unit

After two years of decline, Bulgaria's import volumes of water heaters and immersion heaters increased in 2020. Imports reached 430.6 thousand units, up by 5.7% compared to the previous year. The lowest value was recorded in 2019 at 407.5 thousand units, while the largest annual decrease occurred in 2018 at 6.2%.

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

From 2017 to 2020, China remained the dominant partner for Bulgaria's imports of water heaters and immersion heaters in kind, holding a 70.3% share of total flows. Other markets contributed to a long tail of smaller shares.

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, K $ US

In 2020, Bulgaria's imports of water heaters and immersion heaters in value terms amounted to 7 956 thousand US dollars, reflecting a decrease of 10.8% compared to 2019. Between 2017 and 2020, imports declined by 5.3%, equating to an annualized rate of -1.8%. The peak value was recorded in 2019 at 8 914 thousand US dollars, with the largest annual increase also occurring in 2019 at 10.0%.

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

Throughout 2017-2020, China, North Macedonia, and Romania formed the key group of partners for Bulgaria's imports of water heaters and immersion heaters in value terms. China accounted for 40.0% of imports, North Macedonia for 8.8%, and Romania for 8.4%. Together, they represented 57.2% 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