Turkey Used Car Market Growth and Share, Emerging Trends, Key Players, Revenue, CAGR Status, Challenges, Future Business Opportunity and Forecast 2033: SPER Market Research
The used car market in Turkey has been growing steadily over the years, driven by various factors such as economic conditions, consumer preferences, and market dynamics.
According to SPER Market Research, ‘Turkey Used Car Market Size- By Type of Market Structure, By Type of Car, By Brand, By Age of Vehicle, By Kms Driven – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Turkey Used Car Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
In past few years, the Turkey used car market has grown quickly, with passenger cars accounting for the vast bulk of demand as compared to commercial vehicles. During the pre-COVID period, used car sales increased by XX%, but the country’s economy witnessed a significant fall in employment and consumer spending following the virus epidemic.
The automotive industry in Turkey is critical to the country’s manufacturing economy. Turkey’s automobile industry’s principal operational location is the Marmara Region. Turkey is the 14th largest automotive sector in the world and the fourth largest in the European Region, with an average export rate.
Furthermore, the Turkey used car industry is influenced by regulations and standards set by government agencies. Turkey is being impacted by a number of short-term limitations and measures imposed by the government. As a result of these efforts, sales volume has decreased, but the country is still well positioned in comparison to most European countries. This has led to a shift in the consumer’s preference from new cars to used ones.
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Despite the fact that the Turkey used automobile industry is expanding rapidly, the market is facing a number of obstacles. The Turkey used car market can be difficult to navigate, prompting concerns about vehicle history, mileage accuracy, and overall condition. This lack of transparency has the potential to damage buyer-seller trust. Furthermore, counterfeit or stolen vehicles pose a significant challenge in the market. Buyers should avoid buying from unlicensed sellers and should verify the vehicle’s authenticity to avoid legal problems. Furthermore, the Turkey used car industry is fragmented, with many small-scale sellers operating independently. Customers may find it difficult to find reliable suppliers, compare prices, and assess automotive quality as a result of this fragmentation.
The COVID-19 pandemic had a tremendous impact on Turkey’s used automobile sector. Sales declined precipitously as a result of economic uncertainty and diminished consumer confidence. Manufacturing slowdowns and trade restrictions reduced new vehicle supply, restricting the availability of second-hand vehicles. Lockdown restrictions and social distancing regulations hampered dealership operations, leading in a shift towards online sales and virtual showrooms. The pandemic also had an effect on pricing dynamics, as increased demand for used cars and unpredictable economic conditions drove up prices. The outbreak had an effect on sales, supply, dealership operations, and pricing trends in general. However, when the situation stabilises and the economy recovers, the market is expected to gradually recover.
Sedans and hatchbacks will continue to dominate the industry as the favoured automobile type among large families in cities and semi-urban areas, with multi-brand and authorised dealerships set to increase their network across Turkey. Istanbul is the fastest-growing regional market in Turkey, owing to rising demand for affordable used cars due to their low price and good condition, increased penetration of digital advertising, increased proliferation of the internet enabling access to used car information, and increased customer inclination towards used cars. Other significant regions for Used Cars include Bursa , Adana , Ankara, where there is a strong demand for Used and Second-hand Cars. In addition, some of the market key players are Araba.com, Arabam.com, Autorola Turkey, Borusan Araç , ikinciyeni.com, sahibinden.com, Vavacar.com and Others.
Turkey Used Car Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type of Market Structure: Based on the Type of Market Structure, Turkey Used Cars Market is segmented as; Organised Channel, Unorganised Channel, OEM Certified Franchise Dealers, Multi Brand Dealers, DDSA, C2C Transactions, Local Dealerships, Auction Companies.
By Type of Cars: Based on Type of Car, Turkey Used Cars Market is segmented as; Sedan, Hatchback, SUV, Van, Crossover, Others.
By Brand: Based on the Brand, Turkey Used Cars Market is segmented as; Volkswagen, Renault, Ford, Fiat, Opel, Hyundai, Others.
By Age of Vehicle: Based on the Age of Vehicle, Turkey Used Car Market is segmented as; 0-2 Years, 2-4 Years, 4-6 Years, 6-8 Years, 10 Years, More than 10 Years.
By Region: This report also provides the data for key regional segments of Istanbul, Bursa, Adana, Ankara, Rest of the Turkey.
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