The first registrations of new vehicles in Turkey have experienced several fluctuations over the past decade. Notable peaks occurred in 2015 and 2016, with values reaching 995.12k and 968.47k thousands of registrations, respectively. However, the market saw significant declines in 2018 and 2019, followed by a revival in 2020 with a 60.26% year-on-year increase. As of 2023, the market stood at 764.94k registrations, showing a mild decline of 0.65% year-on-year. The CAGR over the past five years was a modest 2.52%.
Future trends to watch for include a gradual decline in first registrations, with forecasts predicting a decrease to 739.85k by 2028. The projected five-year CAGR is -0.53%, reflecting the expected negative growth rate of -2.63%.
