From 2013 to 2023, the Turkish motor vehicles sale sector expanded substantially, rising from 10.51 billion New Turkish Liras in 2013 to 49.01 billion in 2023. This represents a compound annual growth rate (CAGR) of 15.2%. The year-on-year growth rate for the sector in 2023 stood at 11.74%. The notable surge occurred in 2020, where the sector saw a 46.78% increase, while subsequent years experienced more moderate growth.
Looking forward, the forecasted CAGR for the next five years is 6.46%, with an anticipated 36.74% increase in market size by 2028, reaching 73.98 billion New Turkish Liras.
Future trends to watch for include:
- Technological advancements in electric and autonomous vehicles.
- The impact of governmental regulations and incentives on production and sales.
- Shifts in consumer preferences towards more sustainable and eco-friendly options.
- Potential disruptions in global supply chains affecting production costs and timelines.
