Passenger Cars - Turkey

Turkey

Revenue in the Passenger Cars market is projected to reach US$33.6bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.01%, resulting in a projected market volume of US$33.6bn by 2028.
The market's largest segment is SUVs with a projected market volume of US$11.8bn in 2024.
Passenger Cars market unit sales are expected to reach 764.60k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$43.67k in 2024.
With a vehicle unit sales share of 28.6% in 2024, Ford is expected to have one of the highest market share in the selected region.
The value market share of the make Ford in the selected region is expected to stand at 28.9% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$558bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Turkey is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend.

Customer preferences in the Passenger Cars market in Turkey are shifting towards more fuel-efficient and environmentally-friendly vehicles. As global concerns about climate change and rising fuel prices continue to grow, Turkish consumers are becoming increasingly conscious of their carbon footprint and fuel consumption. This has led to a surge in demand for hybrid and electric vehicles, as well as smaller, more fuel-efficient cars.

In addition, Turkish consumers are also placing a greater emphasis on safety features and advanced technology in their vehicle choices. Trends in the market are also playing a significant role in the development of the Passenger Cars market in Turkey. One notable trend is the increasing popularity of SUVs and crossovers.

These vehicles offer a combination of style, practicality, and versatility, making them appealing to a wide range of consumers. Another trend is the rise of online car sales platforms, which are making it easier for consumers to research and purchase vehicles from the comfort of their own homes. This convenience factor is attracting more buyers to the market.

Local special circumstances in Turkey are also contributing to the growth of the Passenger Cars market. One such circumstance is the government's emphasis on promoting domestic production and reducing reliance on imported vehicles. This has led to the establishment of local manufacturing plants by major international car manufacturers, creating jobs and boosting the economy.

Additionally, the Turkish government has implemented various incentives and tax breaks to encourage consumers to purchase new cars, further driving demand in the market. Underlying macroeconomic factors are also playing a role in the development of the Passenger Cars market in Turkey. The country's strong economic growth and increasing purchasing power have made car ownership more affordable for a larger segment of the population.

Additionally, low interest rates and favorable financing options have made it easier for consumers to finance their car purchases. These factors have contributed to an increase in car sales and overall market growth. In conclusion, the Passenger Cars market in Turkey is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

As consumer preferences shift towards more fuel-efficient and technologically advanced vehicles, the market is responding with a wider range of options. Additionally, local factors such as government incentives and the emphasis on domestic production are further driving market growth. Overall, the future looks promising for the Passenger Cars market in Turkey.

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).