Industry revenue of “manufacture of motor vehicles“ in Turkey 2011-2023

Although Turkey’s indigenous car manufacturing capabilities are still very much in their nascency, it houses some of the biggest automotive companies in the world such as Fiat, Toyota and Ford.  One of the main reasons Turkey is seen as a key manufacturing destination for these companies is its geographical proximity to major markets in the Middle-East and Europe as well as favorable macroeconomic conditions. Therefore, it is not surprising to see Turkey emerging as one of the largest producers of light commercial vehicles in Europe, ranking eighth in terms of passenger car production. Consequently, the revenues generated from manufacturing motor vehicles have also been rising and are projected to grow over three-fold between 2011-2023.

However, the industry is currently going through a period of stagnation due to the outbreak of Covid-19. Factories have been shut and production has temporarily been suspended. The industry is expected to recover only slowly as consumers put a hold on discretionary spending on unessential products such as automobiles.