Latest 2023 Development of Turkey Electric Vehicle Market

Turkey Electric Vehicle Market has been rapidly growing and some of the latest developments involve emerging new models and partnerships with global automakers such as Renault, Volkswagen, and BMW as they have announced plans to launch new electric vehicle models in the market. The government has implemented several incentives to promote the use of electric vehicles, such as tax exemptions for the purchase of EVs. Moreover, Turkey is investing in building a widespread charging infrastructure along with plans to install thousands of charging stations across the country. 

Further, the government has also encouraged local production of electric vehicle components, with several new factories being established in recent years to develop the electric vehicle industry. in addition, the country is making a significant investment to support the growth of this market. There has also been an increase in the number of EV manufacturers and models available in the market, including both domestic and international companies. In terms of the latest developments, the government has set a goal to have enough EVs on the road in the coming years. To achieve this, the government has proposed a new tax system for traditional gasoline and diesel vehicles to encourage consumers to shift towards EVs.

Turkey electric vehicle market Synopsis

Turkey electric vehicle market report comprehensively covers the market by vehicle types and regions including Aegen, Black Sea, Central Anatolia, Eastern Anatolia, South-eastern Anatolia, Marmara, and the Mediterranean. The Turkey electric vehicle market outlook provides an unbiased and detailed analysis of the Turkey electric vehicle market trends, opportunities, high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Turkey has a huge potential market for the automobile sector as consumers expend extensively on vehicle in the country. Electricity is one of the major energy sources in most countries and it is also a vital condition for the economic development of a country. Growth in the electric vehicle market in the country is observed due to the rise in sales of electric vehicles. The government is spreading awareness about energy efficiency and the usage of an electric vehicle is the key aspect of an increase in Turkey electric vehicle market.

According to 6Wresearch, Turkey Electric Vehicle Market size is projected to grow during 2020-2026. Under the national energy efficiency action plan, the government has aimed for a tax rule based on fuel consumption and carbon dioxide emission, which would lead to a surge in demand for electric vehicles in the country over the next six years. The number of electric vehicles is expected to increase in turkey’s transport market due to favourable government policies and investments. An increasing number of charging stations would further lead to a surge in demand for the electric vehicle market in turkey.

Turkey Electric Vehicle Market is anticipated to register sound revenues in the upcoming six years on the back of rising government investment in renewable power plants coupled with an increase in the number of the electrical grid which is expected to generate ample sustainable energy in order to eliminate the dependency of crude oil over commercial trade and would propel the significant deployment for electric vehicles in the coming years. Further, a rise in the effort of low maintenance cost in electrical batteries along with long battery life is expected to boost the progressive growth of the Turkey electric vehicle market in the coming years.

Turkey electric vehicle market is projected to register sound revenues during the forecast period 2020-26F backed by rising environmental awareness among the population. Additionally, the turkey electric vehicle market is anticipated to generate high sales revenues in the market due to rising foreign investors and simultaneously rising automobile companies' efforts like SUVs would begin mass production of indigenous cars electrically powered probably by 2022 and factories being constructed on the outskirts of Istanbul. Moreover, This mass production is estimated to reflect promising futures of electric vehicle market growth in Turkey in the upcoming six years.

Market Analysis by Vehicle type 

In Turkey, the passenger vehicle segment is anticipated to dominate the market share revenue in the Turkey electric market in the coming years owing to the reduction of consumption tax. Moreover, the use of electric vehicles is also expected to bring environmental benefits such as the reduction of greenhouse gases. Manufacturers are also working on the progress of technologies used in the electric vehicle market which is further expected to boost the growing automotive industry in the coming years.

COVID-19 Impact on Turkey Electric Vehicle Market

The health emergency caused by the outbreak of COVID-19 has led to a decline in almost every industry. The government imposed various travel restrictions and lockdowns in the countries which further led to a decline in the growth of the industry. Moreover, only essential travel was allowed during this time in order to curb the spread of the disease. Changing behaviour of the consumer during the pandemic led to a decline in the sales of electric vehicles. Shutting down of manufacturing and business units led to disruption in the supply chain of electric vehicles. 

Key players in the market

Some of the key players in Turkey Electric Vehicle Market are:

• Toyota Motor Corporation
• Tesla Motors Inc.
• Volkswagen AG
• Honda Motor Company Ltd
• General Motors Group
• Hyundai Kia Automotive Group

Key Highlights of the Report:

• Turkey Electric Vehicle Market Overview
• Turkey Electric Vehicle Market Outlook
• Turkey Electric Vehicle Market Forecast
• Historical Data of Turkey Electric Vehicle Market Revenues and Volume, for the Period 2016-2019
• Turkey Electric Vehicle Market Size and Turkey Electric Vehicle Market Forecast of Revenues and Volume, Until 2026
• Historical Data of Turkey Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2016-2019
• Market Size & Forecast of Turkey Electric Vehicle Market Revenues and Volume, By Vehicle Types, until 2026
• Historical Data of Turkey Electric Vehicle Market Revenues, By Regions, for the Period 2016-2019
• Market Size & Forecast of Turkey Electric Vehicle Market Revenues, By Regions, until 2026
• Turkey Electric Vehicle Market Drivers and Restraints
• Turkey Electric Vehicle Market Trends and Industry Life Cycle
• Turkey Electric Vehicle Market Porter’s Five Force Analysis
• Turkey Electric Vehicle Market Opportunity Assessment
• Turkey Electric Vehicle Market Share, By Players
• Turkey Electric Vehicle Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The Turkey Electric Vehicle Market report provides a detailed analysis of the following market segments:

By Vehicle Types

• Two-Wheeler
• Passenger Vehicle
• Bus
• Trucks

By Regions

• Aegen
• Black Sea
• Central Anatolia
• Eastern Anatolia
• South-eastern Anatolia
• Marmara
• Mediterranean

Frequently Asked Questions About the Market Study: FAQs

1). What are the initiatives taken by the government to surging the demand for electric vehicles in Turkey?

Under the national energy efficiency action plan, the government has aimed for a tax rule based on fuel consumption and carbon dioxide emission, which would lead to a surge in demand for electric vehicles in the country over the next six years.

2). Who are the key players in Turkey Electric Vehicle Market?

Some of the key players in the Turkey Electric Vehicle Market are Toyota Motor Corporation, Tesla Motors Inc., Volkswagen AG, Honda Motor Company Ltd, General Motors Group, and Hyundai Kia Automotive Group.

3). Which segment based on vehicle type is anticipated to dominate the market during the upcoming years?

In Turkey, the passenger vehicle segment is anticipated to dominate the market share revenue in the Turkey electric market in the coming years.

4). Does the report include the impact of COVID-19?

Yes, the report includes the impact of COVID-19.