Forecast: Vehicles Production in Turkey

Over the past decade, vehicle production in Turkey has shown significant fluctuations. From a modest growth of 4.9% in 2013, production consistently increased until 2017. However, 2018 marked a decline of 8.59%, followed by further reductions in 2019 and 2020. A steep rebound occurred in 2022 with a 31.79% increase. As of 2023, production stood at 1.7795 million units, reflecting a 5.81% year-on-year growth. The last five years reflect a CAGR of 2.8%.

Looking ahead, the forecast indicates a continued upward trend with vehicle production expected to reach 2.0666 million units by 2028. The five-year CAGR from 2024 to 2028 is projected at 2.37%, culminating in an overall growth rate of 12.43%.

Future industry trends to watch for include advancements in electric vehicles, increased foreign investment, and potential shifts in global trade policies that could impact Turkey's production landscape.