From 2013 to 2023, new registrations of passenger cars in Turkey showed significant fluctuations. 2013 saw a 15.75% increase in registrations, but this was followed by a 10.55% decline in 2014. The highest spike was observed in 2015 with a 27.41% increase. The following years were relatively stable until 2018, which saw a sharp decline of 29.07%. A slow recovery began in 2019, but it was interrupted by a 16.98% drop in 2020. Registrations gradually improved in 2021 and 2022, stabilizing in 2023 with a minor 0.018% increase, reaching 598,360 registrations.
Looking at the compound annual growth rates (CAGR), 2015 had a high of 8.98%, but this fell to -7.83% in 2020 and slightly rebounded to 2.6% in 2023. The five-year forecast from 2024 to 2028 predicts a steady trend with a minimal average annual growth of 0.03%, indicating market stability. By 2028, the market is expected to have grown by only 0.14% from its 2023 levels.
Future trends to watch for include potential impacts of economic conditions, shifts towards electric vehicles, regulatory changes, and consumer preferences affecting the registration dynamics. Emerging technologies and environmentally friendly policies could influence future growth rates significantly.
