Artificial Intelligence
The Turkey used car market is projected to exceed $150Bn by 2026F owing to increase in price of new cars and government initiatives: Ken Research
Gurugram, India, Jan. 20, 2023 (GLOBE NEWSWIRE) — The Turkey Used Car Auctions market is moderately fragmented with multiple dealers (both organized and unorganized) operating in the industry. Majority of the used cars are sourced from car-rental/ leasing companies & auctions. Direct buying from consumers or individual sellers is another major source.
- Turkey is operating in a market where used car demand exceeds supply and this looks likely to remain unchanged as restricted new car availability forces leasing companies to extend contracts and lead times impact on dealers delivering new cars to retail customers.
- 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.
- Vehicles with average mileage of 81,000-100,000 Km are expected to dominate the industry in the future. Along with mileage, consumers preference for good condition, which would be crucial factor for used car sales.
- Sedans and Hatchbacks will continue to dominate the industry being a preferred car type among large families in cities as well as semi-urban areas with multi-brand and authorized dealerships are likely to expand their network to different regions across Turkey.
- 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.
Increase in demand for New Technology: Leveraging technologies such as Artificial Intelligence & Virtual Reality to enhance the digital experience for consumers by offering 360° interior & exterior view of the car, estimating car price online via uploaded images, analyzing consumer behavioral insights to show relevant ads according to interests & more. Vertical Platforms are giving buyers & sellers new ways to interact online and facilitate the buying decision by offering a plethora of options and focusing on user browsing experience.
Government Initiatives to Regulate Turkey Used Car Market: Regulations to Encounter the Increase in Prices of Used Car. According to the Regulation, Unauthorized secondhand vehicle dealers will now have to obtain the authorization certificate which will be valid for 5 years. Sales of more than three vehicles in one calendar year will be considered commercial activity and sanctions will be imposed on informal activities. The responsibility of giving information and following the rules will also be on the old owner of the vehicle.
Partnerships and Collaborations for future growth: Brand authorized/direct dealership agents as well as large multi-brand outlets can partner with cab aggregators operating in the country such as Uber, Careem Etc. Dealerships can collaborate with mid-size corporates & companies to offer additional discounts to people within that age bracket if they buy a car using the company’s referral. This collaboration will enable the dealership in generating higher number of leads through the companies, which can ultimately lead to better conversion rates and boost pre-owned car sales.
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 in used car industry, an 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
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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
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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
- ikinciyeni.com
- sahibinden.com
- Arabam.com
- Araba.com
- Vavacar.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 below link:-
Turkey Used Car Market
Related Reports By Ken Research:-
The used car industry is expected to recover from the Covid-19 pandemic and witness growth by 2026. The increasing demand from smaller cities such as Jazan, Arar among others is expected to drive the growth of the industry. The growing traction towards online platforms is expected to compel dealerships to expand their presence online. Online platforms are expected to leverage the latest technologies such as artificial intelligence & virtual reality to enhance the user browsing experience. The overall used to new car sales ratio in the country is also expected to improve in the future.
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. The prolonged waiting period for new vehicles encouraging a large number of customers across the country to opt for used vehicles, which is likely to drive the market growth during the forecast period.
The used car industry in SEA is expected to grow in the future at a double digit CAGR over the forecast period 2021 to 2026F. The industry is expected to establish strong demand arising due to preference of personal vehicles over public transportation as the after effects of the pandemic. Increasing internet and smartphone penetration in the South-East Asian countries will result in large number of consumers preferring to buy and sell cars through online used car platforms, due to which the used car market is expected to become more organized and gain more traction in the coming years.
Australia Used Car market has grown at a steady growth rate over the past few years supported by increase in population in the country along with the rising trends of upgrading the cars within the period of 1-2 years. Growth of transactional marketplaces offering one-stop solutions to buyers & connecting dealers, financing and insurance companies are also driving the used car market in Australia. Australia used car market is moderately fragmented market with Toyota, fiord and Holden as the market leaders owing to the high market share on the basis of number of used cars sold; followed by other used car brands like Mazda, Mitsubishi, Nissan and Hyundai.
Over the forecast period 2022-2026F, the Egypt Used Car Market Revenue is further anticipated to increase showcasing a CAGR of 15.3%. The used Cars sales volume is expected to get doubled during this period with slight increase in price. More players and manufacturers are expected to enter into the used car market with unorganized sector remains to be dominant. Rising Millennials, Digital Transformation and collaborations among players with increase in demand of used cars will drive the Egypt used car market.
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