Forecast: Vehicles in Use in Turkey

Over the past decade, the number of vehicles in use in Turkey has steadily increased, with occasional fluctuations. In 2023, the volume of vehicles stood at 18.45 million units. There was a noticeable dip in 2020 by -14.98%, but recovery followed with a 17.12% increase in 2021. The growth has since stabilized, showing a moderate 7.61% rise in 2022 and 2.13% in 2023. The 5-year CAGR from 2018 to 2023 stands at 2.33%.

Looking ahead, the number of vehicles is forecasted to continue growing, with a projected 5-year CAGR of 1.65%, leading to an 8.51% total increase by 2028, reaching approximately 20.41 million units.

Future trends to watch for:

• Shifts in consumer preferences towards electric and hybrid vehicles.
• Government policies impacting vehicle ownership and emissions regulations.
• Technological advancements in automotive safety and connectivity features.
• Economic factors influencing vehicle purchase decisions among consumers in Turkey.