Mini Cars - Turkey

Turkey

Highlights

Revenue in the Mini Cars market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.33%, resulting in a projected market volume of US$2bn by 2029.
Mini Cars market unit sales are expected to reach 108.6k vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$21k.
From an international perspective it is shown that the most revenue will be generated China (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Mini Cars market in Turkey has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Mini Cars market in Turkey is the changing preferences of customers. With increasing urbanization and traffic congestion, customers are looking for smaller and more fuel-efficient vehicles that are easier to maneuver in crowded city streets. Mini cars provide the perfect solution to these needs, as they are compact, agile, and economical to run. Furthermore, with rising fuel prices, customers are also seeking vehicles that offer good fuel efficiency, and mini cars are known for their impressive mileage.

Trends in the market: Another trend driving the growth of the Mini Cars market in Turkey is the increasing availability and affordability of electric and hybrid mini cars. As the government and environmental organizations promote sustainable transportation solutions, more and more customers are opting for electric or hybrid vehicles. These vehicles not only offer lower emissions but also benefit from government incentives such as tax breaks and subsidies. This trend is expected to continue as the infrastructure for electric vehicles improves and more charging stations become available across the country.

Local special circumstances: In addition to changing customer preferences and the availability of electric and hybrid options, there are also some local special circumstances that contribute to the growth of the Mini Cars market in Turkey. The country has a young population, and many young professionals and students are looking for affordable and practical transportation options. Mini cars fit these requirements perfectly, as they are often more affordable than larger vehicles and are easy to park in crowded city centers. Additionally, the compact size of mini cars makes them ideal for navigating narrow and winding streets in older parts of Turkish cities.

Underlying macroeconomic factors: The growth of the Mini Cars market in Turkey is also influenced by underlying macroeconomic factors. Turkey has experienced steady economic growth in recent years, which has led to an increase in disposable income for many households. As a result, more people are able to afford personal vehicles, and mini cars offer an affordable entry point into car ownership. Furthermore, the Turkish government has implemented policies to stimulate the automotive industry, including tax incentives and subsidies for domestic production. These factors have contributed to the growth of the Mini Cars market in Turkey. Overall, the Mini Cars market in Turkey is experiencing growth due to changing customer preferences, the availability of electric and hybrid options, local special circumstances, and underlying macroeconomic factors. As these trends continue, it is expected that the market will continue to expand 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).