Luxury Cars - Turkey

Turkey

Highlights

Revenue in the Luxury Cars market is projected to reach US$871m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.01%, resulting in a projected market volume of US$828m by 2029.
Luxury Cars market unit sales are expected to reach 1.8k vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$494k.
From an international perspective it is shown that the most revenue will be generated United States (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Luxury Cars market in Turkey is experiencing significant growth and development in recent years.

Customer preferences: Turkish consumers have shown a growing interest in luxury cars, with a preference for high-end brands and models. They value luxury cars for their status symbol and prestige, as well as the advanced features and technology they offer. Turkish consumers also appreciate the comfort and performance that luxury cars provide, making them a popular choice among those who can afford them.

Trends in the market: One of the key trends in the Luxury Cars market in Turkey is the increasing demand for SUVs. SUVs have gained popularity in recent years due to their versatility, spaciousness, and perceived safety. Turkish consumers are drawn to the rugged and powerful appearance of SUVs, as well as their ability to navigate various terrains. This trend is in line with the global market, where SUVs have become the dominant segment in the luxury car market. Another trend in the Turkish luxury car market is the growing interest in electric and hybrid vehicles. As sustainability becomes a more important consideration for consumers worldwide, Turkish consumers are also embracing the shift towards greener transportation options. Luxury car manufacturers are responding to this trend by introducing more electric and hybrid models to the market, offering Turkish consumers a wider range of eco-friendly choices.

Local special circumstances: Turkey's geographical location and its proximity to Europe and Asia make it an attractive market for luxury car manufacturers. The country serves as a gateway between the two continents, allowing luxury car brands to easily reach both European and Asian markets. This strategic location has led to increased investments in the Turkish luxury car market, with manufacturers establishing production facilities and expanding their dealership networks in the country.

Underlying macroeconomic factors: The growth and development of the Luxury Cars market in Turkey can be attributed to several underlying macroeconomic factors. Turkey has experienced steady economic growth in recent years, with a growing middle class and increasing disposable incomes. This has resulted in a larger consumer base with the means to afford luxury cars. Additionally, low interest rates and favorable financing options have made luxury cars more accessible to Turkish consumers, further driving market demand. In conclusion, the Luxury Cars market in Turkey is witnessing significant growth and development, driven by customer preferences for high-end brands and models, the increasing demand for SUVs, and the growing interest in electric and hybrid vehicles. The country's strategic location and favorable macroeconomic factors have also contributed to the market's expansion. As Turkey's economy continues to grow and consumer preferences evolve, the luxury car market is expected to further flourish in the coming years.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. 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, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

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. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).