The report provides a comprehensive analysis of the potential of Used Car industry in Turkey. The report covers an overview and genesis of the industry, market size in terms of number of used cars sold.
Its market segmentations include by Type of Market Structure, by Type of Car, by Brand, by Age of vehicle, by kms Driven; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.
Market Overview:
According to Report Ocean estimates, due to the impact of COVID-19, there has been a substantial decrease in the denominator (new car sales) while the numerator, i.e. The pre-owned car market, has been relatively stable. The Turkey used car market is expected to grow at a $% CAGR during 2021-2026F, driven by increase in prices of new cars and government initiatives. The Turkish automotive industry had a foreign trade surplus of approximately $ billion in 2021.
In past 2 years, the average price of gasoline powered cars have more than doubled and gone up by 120% for diesel vehicles, which are more popular in Turkey.
The Turkish automotive industry had a foreign trade surplus of approximately $9.5 billion in 2021.
Key Trends by Market Segment:
By Type of Market Structure (Organized and Unorganized Sector)
The car sharing platforms are increasingly gaining prominence in Turkey as brands such as Yoyo and Zipcar continue to gain popularity among the millennial population.
In past 2 years, the average price of gasoline powered cars have more than doubled and gone up by 120% for diesel vehicles, which are more popular in Turkey.
The Turkish automotive industry had a foreign trade surplus of approximately $9.5 billion in 2021.
Local dealerships are starting to offer more competitive services like repairs on used cars, leading to an increase in the number of units sold. Such Unorganised Local dealerships are clustered in large numbers on the outskirts of every major city and in urban areas. The participants in the C2C give strong preference to less-aged cars and popular brands with good resale value attracts more consumers.
By Age of Vehicle, 2021
Upper Middle/Middle Income Families, Working Professionals, and other groups prefer used cars that are 8-10 years old, 2021. 2012 models came to the fore the most with a rate of 7.3%, followed by the 2017 and 2015 ones. Vehicles from the year 2000 and before constitute 14% of the entire market.
Future Outlook
Dealerships are expected to introduce their own official website/platforms to showcase their used car inventory. Online auto portals are expected to venture into omni-channel experiences & offer varied services such as car subscription.
Value-added services such as vehicle inspection, financing options, insurance, ownership transfer & more is expected to be a focus area for used car dealers to provide a hassle-free experience to the buyers.
