Turkey 2024. Vehicle Market Booms 56.6% In January

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Turkish autos market booms exponentially to start off 2024. Total sales throughout January reach 79,701 units (+56.6%). Renault gains 2nd spot while booming 247,8%. 

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 for the 16th consecutive month, with new sales reaching 79,701 (+56.6%).

Looking at new vehicles sales data up to January 2024, brand-wise the leader Fiat is still fiat with 11,724 sales (+18.8%), followed by Renault -up 4 spots-in second with 10,005 new registrations (+247.8%), overtaking Volkswagen in third with 6,516 units sold (+28.4%).

Ford rises 1 spot into 4th at 6,282 sales (+71.6%), followed by Toyota -up 5 spots- at 5,782 (+156.2%), Chery -up 34 spots- at 4,450 and Hyundai -down 3 spots- in 7th with 4,410 new light vehicle registrations (+4.9%).

Peugeot falls 1 spot into 8th with 3,956 sales reported (+42.0%), followed by Dacia -down 6 spots- with 3,435 units sold (-32.3%) and Citroen -down 1 spots- closing the top 10 with 2,969 sales (+25.3%).

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 micro-chips.

The Turkish Vehicle Market in 2023 totalled 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.

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