DUBLIN, Ireland--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/509ec4/bulgarian_automoti) has announced the addition of the "Bulgarian Automotive Market: Passenger Cars, Suppliers and Aftermarket 2007-2010" report to their offering.Bulgaria is, with a population of 7.7 million, a medium market in Central and Eastern Europe (“CEE”). GDP per capita in 2007 was 3.747 EUR and average income was at 217 EUR per month, making Bulgaria one of the poorer countries in CEE. However, with around 5% GDP growth rate at constant prices, Bulgaria's economy is growing faster than that of most other European countries. In addition, there is a substantial grey economy in Bulgaria.
Bulgaria’s car penetration is one of the highest in CEE and just about 20% lower than for example in France. While the park was growing at about 10% annually over the last years, growth will reduce to about 3%. The car park today is relatively old. Bulgarians, however, will start replacing very old cars through newer ones.
Since Bulgaria became a member of the EU in 2007, imports of used cars increased dramatically. The imports reached an all time high in 2007, mainly consisting of relatively old and hence very cheap cars.
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