Medium Cars - Turkey

Turkey

Highlights

Revenue in the Medium Cars market is projected to reach US$4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.38%, resulting in a projected market volume of US$3bn by 2029.
Medium Cars market unit sales are expected to reach 119.8k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$30k.
From an international perspective it is shown that the most revenue will be generated China (US$89bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Medium Cars market in Turkey has been experiencing significant growth in recent years. Customer preferences have shifted towards medium-sized cars due to their versatility and fuel efficiency. Additionally, the Turkish market has seen an increase in disposable income, leading to a higher demand for medium cars.

Customer preferences: Turkish consumers have shown a preference for medium cars due to their practicality and affordability. Medium cars offer a balance between compact cars and larger vehicles, providing ample space for passengers and cargo while still being easy to maneuver in urban areas. Furthermore, medium cars are known for their fuel efficiency, which is a crucial factor for cost-conscious consumers in Turkey.

Trends in the market: The medium cars market in Turkey has witnessed a surge in demand in recent years. This can be attributed to several factors. Firstly, the Turkish economy has been growing steadily, leading to an increase in disposable income for many consumers. As a result, more people are able to afford medium cars and are choosing them as their preferred mode of transportation. Additionally, the government has implemented policies to encourage the purchase of medium cars. These policies include tax incentives and subsidies for eco-friendly vehicles, which have further boosted the demand for medium cars in Turkey. Moreover, there has been a shift in consumer preferences towards more environmentally friendly vehicles. Medium cars are often equipped with hybrid or electric engines, making them a popular choice for environmentally conscious consumers. This trend is expected to continue as the government continues to promote sustainable transportation options.

Local special circumstances: Turkey's unique geographical location and infrastructure have also contributed to the growth of the medium cars market. The country's extensive road network and well-developed transportation infrastructure make medium cars a practical choice for both urban and rural areas. Additionally, Turkey's diverse climate and terrain require vehicles that can adapt to different conditions, further driving the demand for medium cars.

Underlying macroeconomic factors: Several macroeconomic factors have played a role in the growth of the medium cars market in Turkey. The country's stable economic growth has resulted in an increase in disposable income, allowing more consumers to afford medium cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase vehicles. Furthermore, the government's commitment to promoting the automotive industry has attracted foreign investment, leading to the expansion of local production facilities. This has not only increased the availability of medium cars in the market but has also contributed to job creation and economic development. In conclusion, the Medium Cars market in Turkey has experienced significant growth due to shifting customer preferences, favorable government policies, and underlying macroeconomic factors. The versatility, fuel efficiency, and affordability of medium cars have made them a popular choice among Turkish consumers. With the continued economic growth and government support, the medium cars market in Turkey is expected to thrive 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).