Turkiye is Automotive market could see dynamics changing in 2024
| New dynamics expected in 2024 after record 2023 Turkish auto sales |
| Record-Breaking Sales Amidst Loan Cost Increases: Turkey’s Automotive Market Resilience” |
| Turkey’s Thriving Automotive Market Surpasses Projections |
| Impact of Availability Issues on Turkey’s Auto Market in 2023 |
The industry officialls linking the course to access to loans and financing, forseeing a moderating after car sales topped 1 million unites for the fist time even before the end of the year.
the peak came dispiote skyrocheting prices,as households saw car as an invesment tool to shield themswlves from double inflation, which reached nearly 62% in november.
Record-Breaking Sales Amidst Loan Cost Increases: Turkey’s Automotive Market Resilience
Sales registered 10 consecutive monthly records before november, despite a sharp rise in the costs of loan for vehicles after six successive months of interest rate hikes by the central bank aimed at cooling demand and stemming inflation.
Some 1.07 million passenger cars and light commercial vehicles have been sold from janury through November, according to industry data, a 60.8% year-over increase. The earlier annual all time High stood at 984,000 units in 2016. Read more
Turkey’s Thriving Automotive Market Surpasses Projections
The overall potention volume is at a band between 750,000 and 1 million, according to Honda Tukiye Senior Deputy General Manager Bulent.
At this point, the totle Market, including light commerciel vehicles, is at over 1 million. The passenger car market will be around 850,000 with December data. This translates into an approximately 65% increase compared to a year ago. It is also 25% higher than our expeectations, said.
Impact of Availability Issues on Turkey’s Auto Market in 2023
In 2023, we actually sold 20% of 2024. This means that people who did not plan to change their vehicles until September, maybe those who wanted to change their vehicles in 2024 or 2025, found and bought them due to availability problems, he explaines.
Toyota’s Strategy Outlook: Embracing Opportunities Through Campaigns in 2024
Japanese carmaker Toyota is Turkiye Marketing and Sales Director Ali Haydar Bozkurt said 2024 would be a year in which companies would pursue campaigns whenever there is an opportunity.
The rice in vehicle prices, credit cost, and difficulties and restrictions in accessing credit may cause the market to shrink by 35% Bozkurt noted.
Rising Loan Interest Rates Impact Turkey’s Vehicle Market Amid Regulatory Restrictions
Vehicle loan intrest rates, which stood at 25% before the elections, have surged to more than 45% since the end of September. additionally, due to Banking Regulation and supervision Agency (BDDK) restrictions, loan usage on most vehicles is limited to less than one -third of the price.
Murat Berkel,general manager of hyubdai assan, reflected on 2023 as ayear that exceeded expectations, stressing that they increased sales by supplying vehicles.
Rising Loan Interest Rates Impact Turkey?
Vehicle loan intrest rates, which stood at 25% before the elections, have surged to more than 45% since the end of September
Impact of Availability Issues on Turkey?
In 2023, we actually sold 20% of 2024. This means that people who did not plan to change their vehicles until September,