The turnover in the Maintenance and Repair of Motor Vehicles sector in Turkey has shown substantial growth from 2013 to 2023, starting at 7.17 billion New Turkish Liras in 2013 and reaching 36.62 billion New Turkish Liras in 2023. Year-on-year variations have been quite significant, peaking with a 33.64% increase in 2017. Over the last two years, the sector grew by 12.63% in 2023, following a 14.63% rise in 2022. Particularly notable is the Compound Annual Growth Rate (CAGR) over the past five years, which stood at 16.27%, illustrating robust and consistent market expansion.
Looking forward, the forecasted turnover for the Maintenance and Repair of Motor Vehicles sector in Turkey is set to continue its upward trajectory, growing to 56.55 billion New Turkish Liras by 2028. The forecast five-year CAGR shows a moderate growth rate of 6.81% between 2023 and 2028, with an overall forecast growth rate of 38.99% over the same period. This suggests a steady but slowing growth trend compared to the past decade.
Future trends to watch for:
- Technological advancements in vehicle diagnostics and repair methods impacting turnover.
- Increasing adoption of electric vehicles possibly altering repair and maintenance needs.
- Impact of economic factors such as inflation and exchange rates on consumers’ ability and willingness to spend on vehicle maintenance.
- Market consolidation or emergence of key players influencing competitive dynamics.
