Electric Vehicles - Turkey

Turkey

In 2024, it is projected that the revenue in the Electric Vehicles market in Turkey will reach US$448.7m.
Furthermore, it is expected that the revenue will experience an annual growth rate of 17.16% (CAGR 2024-2028), resulting in a projected market volume of US$845.5m by 2028.
Additionally, it is anticipated that the unit sales of Electric Vehicles market in Turkey will reach 18.53k vehicles by 2028.
The volume weighted average price of Electric Vehicles market in Turkey is expected to amount to US$46.0k in 2024.
From an international perspective, it is evident that the highest revenue will be generated in China, with an estimated amount of US$319,000m in 2024.
Despite the growing global demand for electric vehicles, Turkey lags behind in the adoption of electric cars due to limited charging infrastructure and high import taxes.

Key regions: United States, Germany, Netherlands, China, United Kingdom

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Analyst Opinion

The Electric Vehicles market in Turkey has been experiencing significant growth in recent years.

Customer preferences: There is a growing interest among Turkish consumers in electric vehicles due to their environmental benefits and cost savings. Electric vehicles are seen as a more sustainable and eco-friendly alternative to traditional gasoline-powered cars. Additionally, the increasing availability of charging infrastructure across the country has made electric vehicles more practical and convenient for daily use.

Trends in the market: One of the key trends in the Turkish electric vehicle market is the increasing number of models available to consumers. Major automakers have been introducing new electric vehicle models to the Turkish market, providing consumers with a wider range of options to choose from. This has contributed to the growing popularity of electric vehicles in the country. Another trend in the market is the government's efforts to promote the adoption of electric vehicles. The Turkish government has implemented various incentives and subsidies to encourage consumers to purchase electric vehicles. These incentives include tax breaks, reduced registration fees, and financial support for the installation of charging infrastructure. These measures have helped to increase the affordability and accessibility of electric vehicles in Turkey.

Local special circumstances: Turkey has a strategic focus on reducing its dependence on imported energy sources, and electric vehicles play a role in achieving this goal. The government has set a target to have 1 million electric vehicles on the road by 2030, and has implemented policies to support the growth of the electric vehicle market. This includes the development of a domestic electric vehicle industry, with plans to establish manufacturing facilities and promote local production of electric vehicles and components.

Underlying macroeconomic factors: The growth of the electric vehicle market in Turkey is also influenced by broader macroeconomic factors. Turkey has a young and tech-savvy population, which is more open to adopting new technologies and embracing sustainable practices. Additionally, rising fuel prices and concerns about air pollution have made electric vehicles a more attractive option for Turkish consumers. The government's focus on renewable energy and sustainability has also created a favorable environment for the growth of the electric vehicle market. In conclusion, the Electric Vehicles market in Turkey is experiencing significant growth due to customer preferences for sustainable and cost-effective transportation options, the increasing availability of electric vehicle models, government incentives and subsidies, local special circumstances, and underlying macroeconomic factors. As the Turkish government continues to support the growth of the electric vehicle market and consumers become more aware of the benefits of electric vehicles, the market is expected to continue its upward trajectory in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).