Analysis of the passenger cars in use in Turkey reveals a steady increase from 9.28 million units in 2013 to 13.98 million units in 2023. The Compound Annual Growth Rate (CAGR) over the last 5 years stands at 2.44%, reflecting moderate growth. Notably, 2020 experienced a significant dip with a 14.11% decline, likely due to the COVID-19 pandemic, but the market rebounded with a 17.61% increase in 2021. The year-on-year growth shows stabilization, with a variation of 2.5% in 2023 compared to the previous year.
Over the forecast period from 2024 to 2028, the CAGR is anticipated to be 1.91%, suggesting a more moderate growth trajectory. By 2028, the number of passenger cars in use is projected to reach 15.73 million units, representing a total growth of 9.91% from 2023.
Future trends to watch for include the potential impact of electric vehicle adoption, government policies promoting sustainable transport, and socio-economic factors influencing car ownership rates. These elements could either enhance growth or introduce new dynamics to the market.
