Turkey 2024. Vehicle Market Continue The Run Ending The Q1 Up 25%

11378

Turkish autos market is off to a positive start in 2024. Total sales throughout March reach 109,828 units (+5.7%). Renault gains the second place,closing the gap to Fiat, while booming 80.6%. 

 

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 2024, as confirmed both by 2-wheeler and car market trend.

The Turkish vehicle market in January grew by 56.6%. Since then sales have dropped slightly but are still positive, with March registering 109,828 new sales (+5.7%). YTD sales up to 295,519 units (+25.2%). 

Looking at new vehicle sales data up to March 2024, brand-wise the leader Fiat is still fiat with 39,983 sales (-19.6%), followed by Renault -up 1 spot- in second with 36,063 new registrations (+80.6%), overtaking Ford in third with 21,751 units sold (-5.4%).

Volkswagen rises 1 spot into 4th at 18,587 sales (+6.3%), followed by Toyota -up 6 spots- at 17,589 (+92.3%), Citroen -up 3 spots- at 17,484 (+55.1%) and Peugeot -down 3 spots- in 7th with 16,298 new light vehicle registrations (-7.0%).

Chery booms 16 spots into 8th with 15,467 sales reported (+2359.0%), followed by Opel -down 2 spots- with 14,587 units sold (+17.5%) and Hyundai -down 4 spots- closing the top 10 with 14,370 sales (+6.8%).

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.

This content is for members only.
Login Join Now