The ownership of passenger cars in Turkey has shown notable fluctuations over the years. From 2013 to 2019, the number of passenger cars per thousand persons exhibited a steady increase, reaching a peak in 2018 before experiencing a decline in 2019 and a significant drop in 2020. This was followed by a robust recovery in 2021, stabilizing through 2023 with moderate increases.
In 2023, the vehicle ownership stood at 165.7 units per thousand persons. Reviewing the year-on-year variations for the last two years, we see the rate improving by 7.61% in 2022 and 2.14% in 2023. The 5-year CAGR leading into 2023 is relatively modest at 1.93%.
Looking forward, the ownership figures are forecasted to continue a steady growth trend, rising to 183.34 units per thousand persons by 2028. This represents a forecasted 5-year CAGR of 1.65% and an overall growth rate of 8.52%.
Future trends to watch for include potential impacts of economic policies, advancements in electric vehicle (EV) adoption, and shifts in consumer preferences toward more sustainable transportation options. These factors could significantly influence the growth trajectory of passenger car ownership in Turkey.
