Mumbai, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The Turkey Used Car market is expected to cross Lira 1.0 trillion by 2027, registering a CAGR of 9% during 2022-2027. The Turkey Used Car market has grown significantly in recent years. owing to the industry's rapid rise of online channels, companies are seeking to enhance customer experience and brand awareness.
Expansion of Online Platforms across the nation: Turkish online used-car trading platforms are increasingly investing in both online and brick and mortal stores however COVID-19 has been a major boosting factor that has given a boost to the online used car market.
Positioning of Turkey Used Car Market: In Turkey, the used-car (UC) market is expanding. The coronavirus epidemic undoubtedly had an influence on sales, but overall, things seem promising. The market is expected to rise at an 8% annual pace in the foreseeable future. The axis of the used car market in the past was the Istanbul region. Due to the fast-paced evolution of the used car market, trade buyers have been especially receptive to purchasing used cars online.
Soaring Used Cars Demand: Turkey's market for used cars has experienced rapid expansion, with passenger cars making up the majority of sales compared to commercial vehicles. Used automobile sales volume during the pre-COVID period increased by 22% in 2019, whereas online used car sales volume increased by 10% from the previous year.
Further Key Findings
- COVID-19 Impacted Inflation: The increase in prices of used cars is also attributed to the pandemic, causing global supply chain disruption leading to a decrease in the number of brand-new car units sold. The rising prices of used cars prompted authorities to take action with a slew of measures undertaken including allowing for secondhand imported cars, accelerating domestic competition among others.
- Swelling Need for Personal Mobility: Fear of using public transportation was one of the main factors, leading individuals to hunt for alternatives to new cars and raising the demand for used vehicles. The largest decline in used sales volumes for December 2020 was seen in Turkey, where they fell by 25.7% from the previous year. Sales volumes during the year were up 7.9% in 2020 compared to 2019 despite the December decreases. Over ten years old vehicles make up 54% of used vehicles sold in the past year.
- Growing Research & Development: The Turkish car industry is indeed attempting to enhance its research and development, design, and branding capabilities. There are 175 R&D and centers run by automotive manufacturers and suppliers in Turkey as of 2019.The Turkey-based R&D center supports not only local operations, but also operations at other factories of the parent company.
- Surge in Car Ownership: In Turkey, Istanbul is the fastest-growing regional market, owing to rising demand for affordable used cars due to their low price and good condition, increasing penetration of digital advertising, increasing proliferation of the internet empowering the accessibility of used car information, and increasing customer inclination towards used cars.
- Increasing Disposable Income: Due to expanding population abilities and employment in service-based industries, China's disposable income levels are rising. As a result, the number of people owning passenger cars is rising.
Makreo Research has published a study on Turkey Used Car market titled, “Turkey Used Car Market Revenue and Forecast to 2027”. It is a detailed study that discuss past and present performance of the used car market in the country and helps to understand future demand prospects. The report is the right blend of qualitative and quantitative information. Industry is highly dependent upon external factors therefore we have studies impact of macro and micro economic factors over the used car demand in Turkey. The report delves deeply into various parameters such as market size, segmentation, value chain analysis, and effect analysis.
Key Areas Covered in the Report:
| COVID-19 Impact Assessment | COVID-19 has proven to be a turning point for global economy and so as for Turkey. The report covers key areas where the used car market felt the impact of inverse economic conditions and disrupted supply chain. This chapter will help to assess in situations like COVID-19 what measures companies to take. |
| Market Assessment | The report examines the used car market on various parameters such as
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| Market Segmentation | Used Car Market by Passenger Cars vs. Commercial Cars Used Car Market by Fuel Type Used Car Market by Vehicle Age |
| Period | Market Assessment: 2017-2021 Market Forecast: 2022-2027 |
The report helps reader to gain information on following areas:
- How Turkey used car market has performed in the past and what is the current scenario?
- How Turkey Automobile industry is performing and what is the ratio of used cars vs new cars demand?
- What are the market driving forces of Turkey Used Car market that are helping the industry growth and what are the key challenges ahead?
- Which is the dominant car type in the Turkey used car market having maximum shares?
- What was the impact of COVID-19 over the used car demand in 2020 and what impact has it left over the future industry growth?
- What are the key variables responsible for Turkey used car pricing?
- What is the volume growth of online used car market in Turkey?
- What is the Turkey used car market revenue?
- What is the role of inflation in used car market and how used car prices varied in last few years?
- According to best case scenario what is the expected future of used cars in Turkey?
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