Turkey 2023. Vehicle Market Booms 66.6% In October With Peugeot Up 196.2%

The 2024 Volksagen Atlas
The 2024 Volksagen Atlas

Turkish autos market in October 2023 grows for the 14th consecutive month, with new registrations at 79,044 (+66.6%). YTD figures at 736,395 are up 64.9% from the previous year. Peugeot up 196.2% in 5th spot.

Market Trend and Outlook

Turkey is the 19th largest economy in the world, with a GDP of roughly $906 billion. It is a member of the OECD and the G20, and an increasingly important donor of official development assistance (ODA). The economy grew by 5.6% in 2022, from 11.4% the previous year, as exports, investment, and manufacturing activity lost momentum. However, private consumption remained robust, expanding 19.6% in 2022. Value-added growth was led by the services sector (up 9.7%) and industry (up 3.3%). 

Its seems that all this factors are still very positive in 2023, as confirmed both by 2-wheeler and car market trend.

The Turkish Vehicle Market in October 2023 grows for the 14th consecutive month, with new sales reaching 79,044 (+66.6%). YTD figures at 736,395 are up 64.9% from the previous year.

Looking at new vehicles sales data up to October 2023, brand-wise the leader Fiat is still fiat with 106,285 sales (+44.5%), followed by Renault in second with 86,813 new registrations (+42.5%), overtaking Volkswagen in third with 56,013 units sold (+34.6%).

Opel rises 3 spots into 4th at 49,147 sales (+133.7%), followed by Peugeot -up 4 spots- at 48,034 (+196.2%), Hyundai at 41,626 (+19.3%) and Citroen -up 3 spots- in 7th with 35,009 new light vehicle registrations (+125.6%).

Dacia falls 3 spots into 8th with 34,844 sales reported (+14.9%), followed by Toyota -down 3 spots- with 32,335 units sold (+15.0%) and Chery -up 31 spots- closing the top 10 with 29,685 sales.

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 micro-chips.

Tables with sales figures

In the tables below we report sales for all Brands and top 10 Manufacturers Groups.

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