Turkish Autos Market slows down in 2024, totalling 1.24 million sales (+0.8%). EV segment soars 47.1% in sales and seizes 10.1% market share.
Market Trend and Outlook
Turkey’s economic outlook for 2024 suggests a soft landing with projected GDP growth of 3.5%, supported by gradual rebalancing efforts and a still supportive fiscal stance. The government targets a budget deficit-to-GDP ratio below 5%, despite short-term savings challenges prompting plans for new revenue sources.
Consumer inflation is expected to decline 43% by the end of the year with a USD/TRY exchange rate of 38. However, the persistence of restrictive monetary policy by the CBRT, driven by the need to combat inflation, could pose challenges to achieving growth targets.
Turkey’s EV segment, pushed by Erdogan’s 5 billion USD package, in 2024 soars 47.1% and secures 10.1% of the total market. Total sales reach a new all-time high of 98,187 units.
Togg maintains leadership with a 53.9% growth while Citroen jumps into second spot pushed by a triple-digit growth. BYD secures 4th spot as the 1 billion USD production plant helps cement the manufacturer in the Turkish market.
Contrary to the 2-wheeler market, the Turkish auto market rose merely 0.8% accumulating 1.24 million sales. Following the shocking start in January (+55.5%) the Turkish market posted a series of losses lasting up to October.
Looking cumulative sales from 2024, brand-wise the leader became Fiat with 138,749 sales (-28.3%), followed by Renault with 133,596 new registrations (-1.5%) and Ford in third with 104,907 units sold (+2.5%).
Volkswagen ranked in 4th at 96,968 sales (+9.2%), followed by Peugeot at 73,542 (-6.5%), Hyundai -up 3 spots- at 62,913 (+7.1%), and Opel in 7th with 62,456 new car registrations (-15.4%).
Citroen dropped 1 spot into 8th with 61,228 sales reported (-3.0%), followed by Toyota with 61,022 units sold (+3.2%) and Chery -up 3 spots- closing the top 10 with 45,202 sales (+41.1%).
Medium-Term Market Trend
Between 2010 and 2014 the Turkish vehicles market had many ups and downs fluctuating from 750k to a maximum of 859k in 2011. In the following years sales grew, with 2015 reporting a 26.1% year-on-year variation and 2016 reaching the highest point of the decade at 978k. In 2017 started a three year collapse, with 2018 and 2019 respectively reporting 34.9% and 25.6% drops, taking sales down to 462k, the lowest levels of the past decade.
The year of the pandemic posed a big obstacle for many markets, but not for the Turkish one that boomed 67.4% back over the 700k mark, staying above it for the following two years.
The Turkish market fell 6.0% to 782,283 sales in 2022. This isn’t a big problem for the market, that following the pandemic jumped back up into a healthy position over the 700k level. In fact the Turkish market is holding well considering the global environment: overall prices for cars having increased, mainly due to a disruption in global supply-chains, caused by a lack of raw materials for the production of microchips.
In 2023 the market reached 1.24 Million registrations (+57.8%).
Tables with sales figures
In the tables below we report sales for all Brands and top 10 Manufacturers Groups.
