From 2013 to 2023, new vehicle registrations in Turkey displayed notable fluctuations. After a decline in 2014, registrations saw a peak in 2015 and stabilized until a sharp drop in 2018 and 2019. The market rebounded dramatically in 2020, experiencing an unprecedented surge, which was followed by moderate growth through 2023, where registrations stood at 2,783.8 thousand.
Year-on-year variations over the last two years showed a consistent but slowing growth: 0.60% in 2022 and 0.95% in 2023. The compound annual growth rate (CAGR) for the last 5 years indicates an average annual growth of 34.12%.
Looking ahead, the forecast for 2024 to 2028 anticipates a continued but much slower growth rate, with a 5-year forecast CAGR of 0.71%, translating to a 3.59% increase by 2028.
Future trends to watch for include the potential impact of economic conditions, government policies on emissions and electric vehicle incentives, and shifts in consumer preferences towards sustainable mobility solutions.
