Turkey's 2024 Automotive Market: A Year of Growth Despite Challenges
In 2024, Turkey's automotive sector demonstrated resilience, marking notable growth in vehicle sales and exports despite facing some challenges. Total motor vehicle sales for the year reached 1,285,632 units, representing a modest 0.1% year-on-year increase. This slight growth reflects a steady demand in the local market, supported by positive trends observed in the latter part of the year.
December 2024: A Strong Finish for Sales
December 2024 proved to be a particularly strong month for Turkey's automotive market, with sales hitting a total of 176,545 units, which was up by 41.1% compared to November and 7.2% higher year-on-year. This surge can be attributed to both the year-end push in sales and the success of new models and promotions that helped drive consumer demand.
Passenger car sales in December also showed positive performance, totaling 134,811 units, an increase of 6.6% compared to the same month in 2023. This growth indicates a solid consumer preference for cars, which has been a consistent trend in recent years.
Motor Vehicle Exports: Slight Decline but Strong Revenue Growth
While motor vehicle exports in 2024 saw a slight decline of 0.5%, totaling 1,013,034 units, revenue generation from vehicle and component exports continued to show positive growth. Export revenues for the year amounted to $36.75 billion, marking a 3.0% increase compared to 2023. This increase in revenues can be attributed to higher prices and demand in key export markets, even though the volume of exports slightly dipped.
Passenger car exports saw a similar trend, decreasing by 1.4% to 654,115 units. However, the revenue from passenger car exports increased by 3.2% to $11.28 billion, signaling that Turkey’s automotive sector is able to command higher prices and maintain competitiveness on the international stage despite a dip in export volume.
In addition to passenger vehicles, Turkey also exported 279,520 small trucks, which saw a 4.0% decrease compared to 2023. Despite this decline, the performance of small truck exports still contributed to the overall success of Turkey’s automotive export market.
Motor Vehicle Imports: Strong Growth in December
On the import side, Turkey experienced significant growth in motor vehicle imports in December 2024. Total imports for the month reached 123,178 units, reflecting an increase of 42.5% compared to November and 16.5% year-on-year. Passenger car imports alone totaled 93,883 units, an increase of 46.9% compared to the previous month and 10.9% higher year-on-year.
Throughout the year, Turkey's total motor vehicle imports amounted to 893,480 units, a rise of 9.5% compared to 2023. Passenger car imports also saw growth, totaling 690,124 units, up 6.1% year-on-year. This increase in imports indicates a growing demand for foreign-made vehicles, likely driven by consumer preferences for specific car models or the desire to diversify the available car inventory in the domestic market.
Challenges and Opportunities in 2025
Looking ahead, the Turkish automotive industry faces both opportunities and challenges. While the growth in sales and export revenues is encouraging, the sector will need to navigate challenges such as fluctuating international demand, changes in trade policies, and potential economic pressures in key export markets. However, the country's strong manufacturing base, experienced workforce, and competitive pricing in international markets should help sustain its position as a significant player in the global automotive industry.
The continued expansion of both vehicle sales and imports suggests a dynamic automotive market that is expected to thrive in 2025, supported by strong demand and efforts to enhance domestic production capabilities.
