Sports Cars - Turkey

Turkey

Highlights

Revenue in the Sports Cars market is projected to reach US$8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.75%, resulting in a projected market volume of US$7bn by 2029.
Sports Cars market unit sales are expected to reach 70.9k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$105k.
From an international perspective it is shown that the most revenue will be generated United States (US$20bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sports Cars market in Turkey has been experiencing steady growth in recent years, driven by changing customer preferences and favorable local circumstances.

Customer preferences: Turkish consumers have shown an increasing interest in sports cars, as they are seen as a symbol of luxury, style, and status. Many customers are attracted to the sleek design, high performance, and advanced technology that sports cars offer. Additionally, sports cars are often associated with a sense of adventure and thrill, appealing to those who seek excitement and adrenaline in their driving experience.

Trends in the market: One notable trend in the Turkish sports cars market is the growing demand for electric and hybrid sports cars. As environmental consciousness increases globally, Turkish consumers are also becoming more aware of the need for sustainable transportation options. Electric and hybrid sports cars offer the perfect combination of high performance and eco-friendliness, making them an attractive choice for environmentally-conscious consumers. Another trend in the market is the rise of luxury sports car brands entering the Turkish market. As the economy continues to grow and disposable incomes increase, there is a growing market for high-end luxury sports cars. Luxury brands such as Ferrari, Lamborghini, and Porsche are now more accessible to Turkish consumers, who are willing to invest in these prestigious and exclusive vehicles.

Local special circumstances: Turkey's strategic location as a bridge between Europe and Asia has made it an attractive market for sports car manufacturers. The country's growing economy, large population, and increasing urbanization have created a favorable environment for the sports cars market to thrive. Additionally, the government has implemented policies to encourage foreign investment and promote the automotive industry, further fueling the growth of the sports cars market.

Underlying macroeconomic factors: The Turkish economy has been experiencing positive growth in recent years, with rising GDP and increasing consumer spending power. As the economy continues to expand, more consumers are able to afford sports cars, leading to higher demand in the market. Furthermore, low interest rates and favorable financing options have made it easier for consumers to purchase sports cars, contributing to the growth of the market. In conclusion, the Sports Cars market in Turkey is developing due to changing customer preferences, including a growing interest in electric and hybrid sports cars, as well as the increasing demand for luxury brands. The favorable local circumstances, such as Turkey's strategic location and government policies, have also played a significant role in driving the market's growth. Additionally, underlying macroeconomic factors, such as positive economic growth and increasing consumer spending power, have contributed to the rising demand for sports cars in Turkey.

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).