The turnover in the Manufacture of Motor Vehicles sector in Turkey has seen substantial growth from 2013 to 2023, standing at 238.17 Billion New Turkish Liras in 2023. This period highlights a series of notable year-on-year variations, such as a high of 37.07% in 2017 and more modest increases like the 8.67% observed in 2023. Over the last two years, the sector experienced a cumulative growth rate of just under 19%. A review of the Compound Annual Growth Rate (CAGR) also reveals a deceleration from previous highs, finishing at 12.06% over the last five years.
Looking forward, the forecasted data from 2024 to 2028 suggests a continuation of growth, though at a slower pace. The average annual growth rate is expected to drop to 4.39%, indicating a more stabilized expansion following a period of rapid increase.
Future trends to watch for include the impact of new technologies, such as electric and autonomous vehicles, shifts in international trade policies, potential economic fluctuations within Turkey, and evolving consumer preferences towards sustainable transportation solutions.
