Passenger car registrations in Turkey have shown significant fluctuations over the past decade, with notable troughs and peaks. The actual registrations in 2023 stood at 2,522.4 thousand units. Between 2013 and 2023, the market experienced dramatic shifts, including a sharp decline in 2018 and a substantial jump in 2020. The compound annual growth rate (CAGR) from 2018 to 2023 was 38.99%, reflecting a robust uptrend in recent recovery years.
Looking ahead from 2024, the forecast projects a steady growth in passenger car registrations, with an average annual increase of 3.8% leading to a total of 3,208.0 thousand units by 2028. This forecast suggests a cumulative growth rate of 20.5% over the next five years.
Future trends to watch for:
- Increasing demand for eco-friendly vehicles.- Potential market disruptions due to new governmental regulations.- Impact of technological advancements on car sales and ownership trends.- Rising consumer interest in electric and autonomous vehicles.