(MENAFN- AzerNews) The Turkish automotive market delivered a record performance in
2023, with more than a million units sold for the first time, top
executives of automotive brands operating in Türkiye told Anadolu, Azernews reports, citing Anadolu Agency.
The total market for passenger cars and light commercial
vehicles exceeded 1 million units for the first time, said Japanese
carmaker Toyota's Turkish Marketing and Sales Director Ali Haydar
Bozkurt.
Executives said the Turkish automotive market is leaving behind
a year of second-hand cars costing more than brand new ones, adding
that last year, cars were used as investment vehicles and the
availability of cars was stabilized only after the first half of
2023, thanks to the Ministry of Commerce's implementation of
"normalized" measures.
Bozkurt said 2024 will be a year in which companies will conduct
campaigns whenever there is an opportunity.
"The rise in vehicle prices, credit costs, and difficulties and
restrictions in accessing credit may cause the market to shrink by
30%-35%. Therefore, including automobiles and light vehicles, a
market volume of around 750,000-800,000 units may be realized," he
added.
Ali Bilaloglu, head of Dogus Automotive, a Türkiye-based
exporter, said the Turkish automotive industry is a sector that can
react quickly, draw conclusions from the situation it faces, and it
can rebuild its future plans.
He said they expect passenger car sales to reach 930,000 and
commercial vehicle sales to reach 270,000 at the end of the year,
closing the total market at 1.2 million units and a 30% contraction
next year.
Hakan Tiftik, head of Borusan Automotive, a Turkish automotive
company, pointed out that the market closed 2023 with
record-breaking sales figures, exceeding expectations, thanks to
factors such as the gradual decrease in global issues affecting the
sector and the accumulated demand for vehicles over the last three
years as well as increased availability.
Saying that the inflationary environment faced by the world's
leading economies also affected the automotive sector, Tiftik
recalled that the country made a challenging start to 2023.
"Local elections to be held in March, more developments in the
region and fluctuations in global economies are factors that will
determine the course in 2024," he added.
When asked about his expectations for car prices, Tiflik said
that prices depend on "many parameters, especially exchange rates,"
and that prices will be directly affected by the "easing of vehicle
availability compared to the previous period.
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