The value added of ships and boats building in Turkey has shown significant fluctuations from 2013 to 2023. In 2013, the value was 945.99 million New Turkish Liras. There was a considerable increase in 2014, with an 84.96% year-on-year growth, reaching 1750.0 million. Despite minor declines in subsequent years and a notable 24.18% drop in 2019, the industry saw a steady upward recovery from 2020 onwards. By 2023, the value stood at 3370.0 million, reflecting a 3.17% year-on-year increase from the previous year.
Over the past five years, the Compound Annual Growth Rate (CAGR) has averaged around 2.13%, indicating modest but consistent growth. Looking ahead, the industry is forecasted to continue a positive trend, with a 5-year growth rate projection of 11.13% by 2028.
Future trends to watch for include advancements in green shipping technologies, increasing demand for leisure boats fueled by tourism growth, and potential impacts from regulatory changes within the maritime industry, which could either drive innovation or pose new challenges.
