Around 75 percent of Bulgarian families own one or two cars; almost 80 percent of Bulgarian companies with business activities have motor pools consisting of cars, vans, minibuses, SUVs and light trucks.
The percentage of the hybrid and e-cars in the country was constantly increasing until the pandemic in 2020. The smart mobility infrastructure is constantly developing in Bulgaria with many new tenders opened by the Ministry of Regional Development and Public Works and Ministry of Transportation, as well as local municipalities and authorities.
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Best sales prospects for US companies in the automotive sector will include:
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The shared services are slowly and carefully penetrating the Bulgarian market. Companies like Spark and UAB Ride share are offering shared e-cars for the biggest cities starting with the capital Sofia. The vehicles that are available so far are: VW e-up!, Nissan Leaf AC only, Nissan Leaf 24, Nissan Leaf 40, Hyundai Kona 40, Hyundai IONIQ 30, BMW i3, Nissan eNV 200 Cargo, Nissan eNV 200 Passenger, VW e-up! 36, Skoda CITIGO e iV. As of 2020 there are 158 charging stations in Sofia. Eldrive charging stations are free for all Spark users who have the opportunity to recharge their electric car in about three hours.
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Market Entry
The Bulgarian market is traditionally well receptive to well-established U.S. goods and services, as well as new and smart technologies. Bulgarian governments introduced a number of investment incentive programs, created and developed several new industrial zones and Tech parks and provided significant assistance corresponding to the level of investment. Bulgaria is known as having one of the lowest corporate taxes in the EU.
Finding a good local representative or partner is a key strategy to a successful market entry but conducting a due diligence report before selecting an agent or representative is crucial as it provides a detailed market overview and report from a trusted source. Bulgaria’s official statistics on the automotive and ICT sectors are very reliable.
For years Bulgaria has aimed to optimization its investment climate by offering investors a 10 percent flat corporate tax rate and improving the registration process for new business. The Government is recently focusing on introducing various programs on promoting hybrid and e-vehicles for personal and public cars and developing the corresponding infrastructure.
Autonomous Vehicles
Denmark has passed legislation that allows for SAE level 4 vehicles on the roads, as long as the user is easily able to switch to manual steering. Currently a few tests are being carried out with completely self-driving shuttle busses, but challenges exist in relation to approval processes for fully autonomous vehicles.
Current Market Trends & Demand