SUVs - Turkey

Turkey

Revenue in the SUVs market is projected to reach US$14bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.23%, resulting in a projected market volume of US$13bn by 2029.
SUVs market unit sales are expected to reach 234.2k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$59k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$333bn in 2024).

Key regions: United States, Germany, United Kingdom, India, China

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Analyst Opinion

The SUVs market in Turkey has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Turkish consumers have shown a growing preference for SUVs due to their versatility, spaciousness, and perceived safety. SUVs offer ample space for families and their luggage, making them suitable for both daily commuting and long-distance travel. Additionally, the elevated driving position and robust build of SUVs provide a sense of security on the road, which is highly valued by Turkish consumers.

Trends in the market: One of the key trends in the SUVs market in Turkey is the shift towards more fuel-efficient and environmentally friendly models. With increasing concerns about climate change and rising fuel prices, Turkish consumers are becoming more conscious of their carbon footprint and fuel consumption. As a result, there is a growing demand for hybrid and electric SUVs that offer better fuel efficiency and lower emissions. Another trend in the market is the increasing popularity of compact SUVs. These smaller-sized SUVs offer the benefits of a traditional SUV, such as higher ground clearance and a spacious interior, but in a more compact and maneuverable package. Compact SUVs are particularly appealing to urban dwellers in Turkey, where parking spaces can be limited and congested.

Local special circumstances: Turkey's unique geography and diverse climate also contribute to the popularity of SUVs in the country. The country has a diverse landscape, ranging from mountains to coastal areas, and SUVs are well-suited for navigating these varied terrains. Additionally, Turkey experiences harsh winters in some regions, and SUVs with their all-wheel drive capabilities are highly sought after by consumers looking for vehicles that can handle snowy and icy roads.

Underlying macroeconomic factors: The growing middle class in Turkey has also played a significant role in the development of the SUVs market. As disposable incomes have increased, more Turkish consumers have been able to afford SUVs, which are generally priced higher than sedans or hatchbacks. Additionally, the availability of financing options and attractive leasing deals have made SUVs more accessible to a wider range of consumers. In conclusion, the SUVs market in Turkey is experiencing growth due to changing customer preferences, including a preference for more fuel-efficient and compact models. The unique geography and climate of Turkey also contribute to the popularity of SUVs, as they are well-suited for navigating varied terrains and harsh weather conditions. The growing middle class and the availability of financing options have further fueled the growth of the SUVs market in Turkey.

Methodology

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).