Over the last decade, the production in the repair of motor vehicles and motorcycles sector in Turkey has shown a steady increase. Starting from 234.22 billion New Turkish Liras in 2013, it stood at 989.4 billion New Turkish Liras in 2023. The year-on-year growth rate has generally been positive, with variations appearing consistently above 10%, peaking at 23.8% in 2017. However, it has slightly tapered in recent years, settling at 10.23% in 2023. The five-year CAGR from 2019 to 2023 was 12.92%, indicating robust growth.
Looking forward, the forecast suggests continued growth but at a slower rate. From 2024 to 2028, the sector is expected to grow with a five-year CAGR of 5.84%, reaching 1434.9 billion New Turkish Liras by 2028, representing a 32.82% overall growth in this period.
Future trends to watch for in this sector include advancements in automotive technology, increased emphasis on electric and hybrid vehicle repairs, and regulatory changes impacting the industry. Additionally, macroeconomic factors such as inflation rates and consumer spending power will play significant roles in shaping the sector’s trajectory.
- Production in 2023: 989.4 billion New Turkish Liras
- Recent Year-on-year Variation (2022 to 2023): 10.23%
- Latest Five-year CAGR (2019-2023): 12.92%
- Forecast Five-year CAGR (2024-2028): 5.84%
