The turnover in the renting and leasing of motor vehicles sector in Turkey has shown significant growth from 2013 to 2023, reaching 34.79 Billion New Turkish Liras in 2023. The sector experienced a particularly high growth rate between 2013 and 2018, with peak year-on-year variations of 32.98% in 2014 and 31.97% in 2017. However, from 2019 onwards, the growth rate began to stabilize, with a notable year-on-year variation of just 5.31% in 2019 and a more moderate growth culminating in an 11% increase in 2023. The CAGR over the last five years up to 2023 was 13.09%. From 2024 onwards, the sector is projected to grow at a forecasted 5-year CAGR of 6.17%, resulting in a total forecasted growth rate of 34.92% by 2028.
Future trends to watch for include the impact of technological advancements, such as electric and autonomous vehicles, on the leasing market, potential regulatory changes, and economic factors that may influence consumer and business leasing behavior. Increased focus on sustainability and the decarbonization of transport could also shape the sector’s evolution.
