Second-Hand Success: Turkey Used Car Market Gears Up for 11.8% CAGR, Driven by Affordability and Innovation: Ken Research
GURUGRAM, India, Feb. 22, 2024 /PRNewswire/ -- In a world increasingly focused on sustainability and cost-consciousness, Turkey's used car market is flourishing. Ken Research's insightful report, Turkey Used Car Market Outlook to 2026: Navigating the Road to Growth, delves into this dynamic market, revealing a landscape primed for a 11.8% CAGR over the next five years. This press release summarizes the key findings and offers valuable insights for investors, industry players, and car enthusiasts alike.
Market Overview:
Fueled by several key factors, the Turkish used car market is poised for a remarkable journey:
- Rising New Car Prices: Skyrocketing prices for new cars are pushing consumers towards more affordable alternatives in the used car market.
- Government Initiatives: Supportive government policies, such as tax breaks and financing options, are further boosting demand.
- Increasing Disposable Incomes: Growing economic prosperity is enabling more individuals to own cars, often starting with used options.
- Shifting Consumer Preferences: Sustainability concerns and environmental awareness are driving interest in pre-owned vehicles.
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Segmentation Spotlight:
Ken Research provides a comprehensive market segmentation, allowing you to pinpoint your target audience:
- By Type of Market Structure: Organized dealerships are gaining traction, offering enhanced trust and service compared to unorganized local vendors.
- By Type of Car: Sedan and hatchback models dominate due to their affordability and fuel efficiency, while SUVs are gaining popularity.
- By Brand: Local and international brands share the market, with each catering to specific preferences and budgets.
- By Age of vehicle: Vehicles between 3-5 years old hold the largest share, offering a balance between price and quality.
Competitive Landscape:
The market features a diverse mix of players:
- Established players: Al Drees Petroleum & Transport Services Company, Saudi Automotive Services Co, Liter Group etc.
- Emerging players: Online platforms like [invalid URL removed] and Autovit are disrupting the market with digital solutions.
- Local dealerships: These players offer personalized service and cater to specific regional needs.
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Recent Developments:
- Digitalization: The rise of online platforms and mobile apps is transforming the car buying experience.
- Focus on car quality: Increasing government regulations and consumer demand are driving improvements in car inspection and certification processes.
- Subscription models: Innovative offerings like car subscription services are gaining traction, offering flexibility and convenience.
Future Outlook:
The Turkish used car market is expected to witness exciting developments:
- Growing online penetration: Online platforms will play a pivotal role in connecting buyers and sellers, increasing market transparency and efficiency.
- Focus on sustainability: The adoption of electric and hybrid vehicles in the used car market will accelerate.
- Data-driven insights: Utilizing big data and analytics will help players personalize offerings and optimize pricing strategies.
Challenges to Address:
While the market boasts significant potential, some roadblocks remain:
- Economic uncertainties: Fluctuations in the Turkish economy could impact consumer spending and market growth.
- Regulation compliance: Adapting to evolving regulations and ensuring fair market practices is crucial.
- Consumer trust: Building trust and transparency is essential for attracting new buyers and retaining existing ones.
Why This Report Matters:
This report empowers various stakeholders to navigate the Turkish used car market:
- Investors: Identify lucrative investment opportunities across different segments and player types.
- Industry players: Gain insights into consumer preferences, regulatory requirements, and emerging trends to adapt their offerings and expand their reach.
- Policymakers: Develop policies that support market growth, promote fair competition, and ensure consumer protection.
- Car buyers and sellers: Understand market dynamics, make informed decisions, and leverage the benefits of the used car market.
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Taxonomy
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 and Type of Fuel Engine
- 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
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The GCC is emerging as a prominent automotive hub for various car types, poised to grow at a CAGR of 6.4% from 2023 to 2028. Key growth drivers include a growing population, influx of expatriates, rising income levels, and easy financing options. Rising incomes enable consumers to consider a broader range of vehicles, contributing to market expansion.
UAE used car market to witness growth slowdown in 2023 due to improved conditions in the new car market related to semiconductor shortages. Reduced waiting periods for new cars shift consumer preference, but strong demand in the used car market persists, especially for mid-level cars.
Malaysia Used Car Market will expand at a CAGR of 8.5% between 2022 and 2027 owing to the rising middle class and online used car platforms The boom in the number of online auto-classified platforms and the traction of the consumers towards online platforms will contribute to the inclining used car sales in the country.
France used car market was valued at USD ~ Billion in 2021, and it is expected to reach a value of USD ~ billion by 2027, registering a CAGR of ~% during the forecast period (2022 - 2027). Amid the COVID-19 pandemic-associated lockdown, the demand for used cars witnessed a halt in sales for the first half of the year 2020. However, since the second half of the year 2020, the demand for used vehicles started to pick the pace and continued until 2021.
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