The Turkey used car industry is growing, owing to increase in price of new cars and government initiatives: Ken Research

Focus on Embracing Digitization, New Government Policies and Entry of Online portals in the market are major factors contributing towards development of Used Car Market in Turkey.

COVID affecting Market Growth: 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

In 2020, the market became very distorted that used car prices became comparable with the cost of brand-new vehicles. Supply and stock problems coupled with high prices are pushing the customers towards the used car market.

Government regulations: Turkey is affected by a number of short-term restrictions and measures being implemented by the government. As a result of these measures, there has been a decrease in sales volume, but still well positioned relative to most European countries when compared to other countries.

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Increasing demand for Used & New Cars in Turkey: Due to its perfect location and easy transportation opportunities, global automotive giants benefit from Turkey and they make huge investments to expand production in Turkey. Fifteen companies operating in the automotive main industry in Turkey and ten with their branches operates in different cities. The automotive industry is one of the largest industrial sectors in Turkey and is the hub for several European and Japanese manufacturers that invested in production facilities to cover the domestic demand while exporting in Europe, the Levant, and North Africa.

Business Model: Turkey is a production base for Ford's Transit van line sold outside North America, Russia and China and also home to export-focused Toyota (Corolla) and Hyundai plants. A well-established local supplier network ensures high local content. France, Turkey's second main market in the automotive sector, topped the list of countries in the country's car exports.

Analysts at Ken Research in their latest publication "Turkey Used Car Market Outlook to 2026F - Driven By Increase in New Car Prices, Government Initiatives and Surge in Online Used Car Platforms"by Ken Research observed that Used Car Market in Turkey is at a rebounding stage from the economic crisis after pandemic. The rising government policies and demand for used car industry, increase in disposable income along with rising online platforms for used cars is expected to contribute to the market growth over the forecast period. The market is expected to grow at 11.8% CAGR during 2021-2026F owing to increase in prices of new cars, rise in demand for used cars and government initiatives.

Key Segments Covered in the report

Turkey Used Car Market

By Type of Market Structure  
Organized Channel
Unorganized Channel
OEM Certified Franchise Dealers
Multi Brand Dealers
DDSA
C2C Transaction
Local Dealership
Auction Companies
By Type Of Car
Sedan
Hatchback
SUV
Van
Crossover
Others
By Brand
Volkswagen
Renault
Ford
Fiat
Opel
Hyundai
Others
By Age of Vehicle
0-2 years
2-4 years
4-6 years
6-8 years
8-10 years
More than 10 years
By Kms Driven
0-40,000
41,000-80,000
81,000-1,00,000
1,00,000-1,40,000
1,20,000-1,80,000
By Region
Istanbul
Bursa
Adana
Ankara
Others

Key Target Audience

Used Car Dealers
Used Car Equipment Manufacturers and Distributors
Auto Portals
Online Dealers
Car Showrooms
Unauthorized Dealers
Market Research and Consulting Firms
Automotive Companies
Car manufacturing Companies
Tourism Agencies
Government Bodies & Regulating Authorities

Time Period Captured in the Report:

Historical Period: 2016-2021
Base Period: 2021
Forecast Period: 2021-2026F

Companies Covered:

      Leading companies

Borusan Araç
Autorola Turkey
com
com
com
com
com

Major OEMs

Toyota
Ford Motors
Volkswagen
Fiat
Isuzu
Mercedes
BMW
Opel
Honda
Peugeot
Renault

Key Topics Covered in the Report

Turkey Automotive Market Overview
Turkey Used Car Market Overview and Genesis
Ecosystem of Turkey Used car Market
Overview and Genesis of Turkey Used Car Market
Step- by-Step Sales Process of Used Car in Turkey
Value Chain Analysis of Turkey Used Car Market
Sourcing of Used Cars for Dealers and Lead generation in Turkey Used Car Market
Turkey Used Car Market Sizing, 2016-2021
Customer Profile of Used Car Market in Turkey
Customer Pain points in Used Car industry
Decision Making Parameters for Customers before Selecting a Used Car
Key Factors and Price Determinants Influencing Used Car Purchasing Decision
Findings on Consumer Analysis of Turkey Used Car Market
Snapshot on Online Classified Used Car Platforms in Turkey
Cross Comparison of Major Used Car Auction Players
Turkey Used Car Industry Analysis
SWOT Analysis of Turkey Used Car Market
Trends and Recent Development's in Turkey Used Car Market
Issues and Challenges in Turkey Used Car Market
Buying and Selling Process of Used Car in Turkey
Government Initiatives to Regulate Turkey Used Car Market
Cross Comparison of Major Players in Turkey Used Car Market
Covid-19 Impact on Turkey Used Car Market
Outlook and Future Projections for Turkey Used Car Market
Market Opportunity and Analyst Recommendations
Competition Framework for Turkey Used Car Market
Market Share of Used Car providers in Turkey Used Car Market
Future Outlook of Turkey Used Car Market, 2021-2026F
Market Opportunity and Analyst Recommendations
Research Methodology

For more insights on the market intelligence, refer to the link below: -

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/turkey-used-car-market-outlook-to-2026/596207-100.html

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.