Turkish market grows by 63.2% in 2023 compared to 2022
- The Turkish passenger cars market experienced record sales growth in 2023, of around 63.2% compared to 2022, with a volume of 967,341 passenger cars compared to 592,660 in 2022, 561,853 in 2021 and 610,109 in 2020. The Turkish market may have benefited last year from an anticipation of sales due to the announcement of the increase in 2024 of the credit rates, the price of vehicles and taxes relating to the purchase of new vehicles, a situation also amplified by catching up of missed sales during the 2020-2022 period.
- In addition, the price of used cars, often higher than that of new cars, has encouraged Turkish customers to switch to new vehicles. For 2024, Turkish economic organizations are forecasting a decline in the automobile market of around 30% due to the numerous anticipated purchases in 2023. This would result in a volume of around 675,000 new cars.
- By carmakers, the Stellantis group remains the leader of the Turkish market in 2023, with 31% of market share, thanks to its Fiat brand which has been omnipresent in Turkey since the 1960s (Fiat alone occupies 13% of the Turkish market in 2023 ). The Stellantis group, made up of its 14 brands, is well ahead of the Renault group (Renault, Dacia, Alpine) which represents 16% of the Turkish market, half as much as its competitor. The Renault group is closely followed by the Volkswagen group which also occupies 16% of the Turkish market. Behind, we note the presence of the Hyundai-Kia group (8% market share) and Chinese carmakers (6%).
- The national brand Togg occupies 2% of the market, with 20,000 sales. Note that local production represents a third of passenger car sales and half of light utility vehicle sales.