Turkish Autos Market faces a downturn in 2024. October sales marked the 7th consecutive month of year-on-year decline, with 96,554 units registered (-6.3%). YTD figures totaled 943,144 (-2.2%). Chery jumped 4 spots into 6th.
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%).
Although it seems that all these factors are still very positive in 2024, while the 2-wheeler market in Turkey remains strong, the car passenger market seems to have taken a different direction.
Looking at new car sales data up to October 2024, brand-wise the leader became Fiat with 110,391 sales (-30.3%), followed by Renault, who lost one spot, in second with 102,922 new registrations (+0.5%) and Ford in third with 77,207 units sold (-6.9%).
Volkswagen into 4th at 73,101 sales (+5.1%), followed by Peugeot at 54,611 (-14.5%), Chery -up 4 spots- at 50,594 (+45%), and Hyundai -up 1 spot- in 7th with 48,537 new car registrations (+4.6%).
Citroen dropped 1 spot and ranked 8th with 46,802 sales reported (-8.2%), followed by Opel -down 3 spots- with 46,755 units sold (-21%) and Toyota -down 1 spot- closing the top 10 with 45,433 sales (+8.3%).
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.
