Commercial Vehicles - Turkey

Turkey

The projected unit sales in the Commercial Vehicles market in Turkey are estimated to reach 347.00k vehicles by 2024.
It is anticipated that there will be a compound annual rate of 2.59% between 2024 and 2030, resulting in a projected market volume of 404.60k vehicles by 2030.
This demonstrates the potential for growth in the Commercial Vehicles market in Turkey.
Additionally, the production of Commercial Vehicles market is expected to reach 494.60k vehicles by 2030, further highlighting the potential of the market.
From an international perspective, it is worth noting that the in the United States is projected to have the highest sales volume in 2024, with a figure of 13,750.00k vehicles.
The demand for electric commercial vehicles is steadily increasing in Turkey as the country aims to reduce its carbon footprint.

Definition

A commercial vehicle is a motor vehicle that is used for business or commercial purposes rather than personal use. These vehicles are designed and used for transporting goods and passengers or providing services in exchange for compensation. The specific definition of a commercial vehicle can vary from one jurisdiction to another, and it may encompass a wide range of vehicles, depending on their size, purpose, and usage.

Structure

The Commercial Vehicles market is structured into three markets:

Light Commercial Vehicles (LCVs): This market focuses on vehicles designed for the transportation of goods or provision of services on a relatively small scale. LCVs typically include vans, mini trucks, and small cargo vehicles used by businesses and individuals for local deliveries, trade, and various commercial applications. Light commercial vehicles are defined as vehicles meant for carrying goods or passengers with a gross vehicle weight rating (GVWR) of up to 3.5 tons with some variation based on specific vehicle models, designs, and regional regulations.
Buses: Buses are motor vehicles designed for the transportation of passengers, varying in size and capacity and ranging from small minibuses to large coaches. This market considers medium and heavy buses and coaches (MHBCs). The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.
Trucks: The Trucks market is dedicated to heavy-duty vehicles used for the transportation of goods over long distances. Trucks are motor vehicles designed to transport cargo, ranging from small delivery trucks to heavy-duty freight carriers. Only heavy commercial vehicles (HCVs) are considered in this market. HCVs are typically defined as vehicles with a GVWR of 16 tons or more.

Additional Information

The market includes the production and sales of commercial vehicles within a specific region, regardless of the brand or model. Private vehicles, recreational vehicles, construction, and agricultural vehicles, as well as specialty vehicles such as ambulances and fire engines, are not included in the Commercial Vehicles market.

Notable key players in the Commercial Vehicles market include industry giants such as Daimler AG, Volvo Group, and PACCAR Inc., as well as various regional manufacturers and specialized vehicle manufacturers. These companies play a pivotal role in shaping the market landscape and driving innovation within the industry.

For further information on the displayed data, refer to the info button on the right-hand side of each box.

Market

Region

Region comparison

Currency

Analyst Opinion

The Commercial Vehicles market in Turkey has been experiencing significant growth in recent years. Customer preferences in the market are shifting towards more environmentally friendly and fuel-efficient vehicles.

This is driven by increasing awareness of the environmental impact of traditional vehicles and the desire to reduce carbon emissions. Customers are also looking for vehicles with advanced safety features and technology, as well as vehicles that offer a comfortable and spacious interior. One of the trends in the market is the growing demand for electric and hybrid commercial vehicles.

This trend is driven by government initiatives to promote the use of electric vehicles and reduce dependence on fossil fuels. Electric and hybrid vehicles offer lower operating costs and reduced environmental impact, making them an attractive option for businesses in Turkey. Additionally, advancements in battery technology have improved the range and performance of electric vehicles, further driving their adoption in the commercial vehicle market.

Another trend in the market is the increasing popularity of light commercial vehicles. These vehicles are versatile and can be used for a variety of purposes, such as transportation of goods and services. They are also more fuel-efficient compared to larger commercial vehicles, making them a cost-effective option for businesses.

The demand for light commercial vehicles is driven by the growth of e-commerce and last-mile delivery services, as well as the need for smaller vehicles in urban areas with limited parking and narrow streets. Local special circumstances in Turkey also contribute to the development of the commercial vehicles market. Turkey is strategically located between Europe and Asia, making it a key hub for trade and transportation.

The country has a strong manufacturing sector and a growing economy, which drives the demand for commercial vehicles. Additionally, the government has implemented initiatives to support the growth of the automotive industry, such as tax incentives and investment in infrastructure. Underlying macroeconomic factors also play a role in the development of the commercial vehicles market in Turkey.

Economic growth and increasing disposable income levels have led to higher consumer spending and demand for goods and services. This has resulted in increased demand for commercial vehicles to support logistics and transportation activities. Additionally, low interest rates and favorable financing options have made it easier for businesses to invest in new commercial vehicles.

In conclusion, the Commercial Vehicles market in Turkey is developing due to changing customer preferences, including a shift towards electric and hybrid vehicles and increased demand for light commercial vehicles. Local special circumstances, such as Turkey's strategic location and government initiatives, also contribute to the market's growth. Underlying macroeconomic factors, such as economic growth and favorable financing options, further support the development of the market.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of commercial vehicles.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.