Turkey Used Car Market Gears Up for $28.2 Billion Ride by 2027, Fueled by 11.8% CAGR and New Car Price Surge (2023-2027): Ken Research

Turkey used car market zooms to $28.2 billion by 2027, fueled by 11.8% CAGR & surging new car prices. Sedans & hatchbacks lead (58% share), with online sales growing (22% by 2027). Government initiatives boost confidence. Report empowers stakeholders to navigate this market with a focus on transparency, innovation, and customer service.

Gurugram, India, May 22, 2024 (GLOBE NEWSWIRE) — Buckle up, Turkey used car market is shifting into high gear! Ken Research’s report, Turkey Used Car Market Outlook to 2027: A $28.2 Billion Cruise Fueled by New Car Price Surge, explores this dynamic landscape poised for significant growth. The report predicts a smooth ride ahead, with the market value expected to reach a staggering $28.2 billion by 2027, propelled by a healthy 11.8% CAGR. This press release dives into the key factors driving this acceleration and offers valuable insights for used car dealers, consumers, financial institutions, and stakeholders seeking to capitalize on the opportunities within the Turkish used car market. 

New Car Price Surge Fuels Used Car Demand: 

A significant driver of the Turkish used car market is the rising cost of new vehicles. Economic factors, coupled with global supply chain disruptions, have caused new car prices to surge in recent years. This has led budget-conscious consumers to turn to the used car market, creating a strong demand for well-maintained pre-owned vehicles. 

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Sedans & Hatchbacks Rule the Road: 

Currently, sedans and hatchbacks hold the dominant share (58%) of the Turkish used car market. These fuel-efficient and practical vehicles offer a good balance of space, comfort, and affordability, making them popular choices for families and budget-conscious buyers. 

Online Platforms Gain Traction: 

Digitalization is transforming the way consumers buy and sell used cars in Turkey. Online platforms offer a convenient and user-friendly way to browse listings, compare prices, and connect with sellers. Ken Research predicts that 22% of used car sales in Turkey will be conducted online by 2027. 

Government Initiatives Boost Confidence: 

The Turkish government is implementing initiatives to promote transparency and consumer protection within the used car market. This includes regulations for used car dealers, mandatory vehicle history reports, and consumer protection measures. These initiatives are expected to boost confidence and encourage more people to participate in the used car market. 

Focus on Transparency & Trust: 

Building trust through transparent practices will be crucial for the continued growth of the Turkish used car market. Vehicle history reports, detailed vehicle descriptions, and clear pricing information will be key factors influencing consumer buying decisions. 

A Well-Oiled Future: 

The Turkish used car market is positioned for continued growth in the coming years, driven by several key trends: 

  • Rising Disposable Income: As disposable income levels increase, consumers will have more resources to invest in used cars. 
  • Focus on Sustainability: The growing environmental consciousness may lead to a rise in demand for fuel-efficient used cars. 
  • Organized Retail Expansion: The expansion of organized retail chains in the used car market will lead to more standardized practices and enhanced customer service. 

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Why This Report Matters: 

This report empowers various stakeholders to navigate the Turkish used car market: 

  • Used Car Dealers: Gain insights into evolving consumer preferences, identify high-growth segments like online sales, and invest in digital marketing strategies. 
  • Consumers: Access valuable information to make informed purchasing decisions, understand market trends, and leverage online platforms for a convenient car buying experience. 
  • Financial Institutions: Develop tailored loan products and financing options for used car purchases, catering to different budget segments. 
  • Government Agencies: Continue implementing policies that promote transparency, consumer protection, and fair competition within the used car market. 

Building a Sustainable Ecosystem: 

By leveraging the insights and opportunities outlined in this report, stakeholders can collaborate to create a sustainable and thriving ecosystem within the Turkish used car market. This ecosystem will be characterized by: 

  • Focus on Innovation: Embracing technological advancements to enhance the online car buying experience and streamline transactions. 
  • Increased Transparency: Providing detailed vehicle information, offering vehicle history reports, and establishing clear pricing models. 
  • Enhanced Customer Service: Providing excellent customer service throughout the buying and selling process to build trust and loyalty. 

The Road Ahead for Turkey’s Used Car Market: 

The Turkish used car market presents a promising future for all stakeholders. By working together and leveraging valuable insights from this report, they can ensure a smooth and successful journey towards a more dynamic and well-oiled market, catering to the needs of budget-conscious consumers and driving economic growth within Turkey.  

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About Ken Research: 

Ken Research is a leading provider of market research and consulting services, offering in-depth analysis and insights across various industries. With a global network of experts and a commitment to quality research, Ken Research helps businesses make informed decisions and achieve their strategic goals.

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

For More Insights On Market Intelligence, Refer To The Link Below: –

Turkey Used Car Market

Related Reports by Ken Research: –

GCC New and Used Car Market Outlook to 2028 Driven by Investments in transportation infrastructure are improving accessibility and convenience, encouraging car ownership

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 Outlook to 2028 Driven by increasing expats population and global shortage of semiconductor chips

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 Outlook to 2027 Driven by Growth of Online Used Car Platforms, Increased Credit Availability and Car Ownership in Malaysia

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 Cars Market Outlook to 2027 Segmentation by Market Structure (Organized and Unorganized Market); by Type of Used Cars (MPVs / Sedan, Economy / Hatchbacks and SUVs); By Brand (Renault, Peugeot, Citroen, and others)

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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Contact Us:-
Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249

CONTACT: Contact Us:- Ken Research Private Limited Ankur Gupta, Director Strategy and Growth Ankur@kenresearch.com +91-9015378249

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

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