The surge in industrial activities and the growing automotive industry are expected to drive the demand for the Turkey commercial vehicle market in the forecast period, 2023-2027.
According to TechSci Research report, “Turkey Commercial Vehicle Market By Region, Competition Forecast & Opportunities, 2027”, the Turkey commercial vehicle market is expected to witness steady growth in the forecast period, 2023-2027. Commercial vehicles are defined as any motorized vehicles that are used for the transportation of goods. Digitization of the automotive industry and the ongoing infrastructure developments are driving the demand for commercial vehicles in the country. The high internet penetration and proliferation of smart devices are boosting the popularity of the e-commerce industry. Market players are making use of commercial vehicles for last-mile delivery purposes to ensure goods are transported on time and in the right condition. The surge in demand and investments by the leading authorities to develop the public transportation system in the country is expected to bolster Turkey's commercial vehicle market growth in the coming years.
Also, efforts are taken by the leading authorities to construct 8,200 km in Turkey to increase connectivity to every place in the country, which is expected to boost the economic activities in the country. The rise in the demand from various end-user industries and the favorable government policies are expected to accelerate the market growth over the next five years.
However, the high initial investment costs and the complexity of using advanced operating systems may restrain Turkey commercial vehicle market growth in the coming years.
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Turkey commercial vehicle market is segmented into vehicle type, propulsion, transmission type, regional distribution, and competitive landscape.
Based on vehicle type, the market is divided into light commercial vehicle (LCV), medium commercial vehicle (MCV), heavy commercial vehicle (HCV). The light commercial vehicle (LCV) holds the dominant market share and is expected to maintain its dominance over the next five years. They are considered a cost-effective option for transporting passengers and goods. Light commercial vehicles are majorly preferred for last-mile delivery. Also, they are available everywhere and can be sourced when required.
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Based on propulsion, the market is bifurcated into ICE and electric. ICE segment is expected to capture the highest market share in the forecast period. The majority of the commercial vehicles present in the market make use of ICE propulsion. Market players are introducing new vehicles using ICE propulsion equipped with advanced features. Also, the lack of electric vehicle charging infrastructure in the country supports the sales of commercial vehicles using ICE propulsion.
Based on transmission type, the market is divided into the manual transmission and automatic transmission. Automatic transmission is expected to account for a significant market share in the forecast period. Automatic transmission gives the driver freedom to drive freely as there is no requirement to shift the gears and worry about the driving ability. The ease of driving using automatic transmission is expected to accelerate the segment growth in the coming years.
Major market players operating in the Turkey commercial vehicle market are:
- Otokar Otomotiv ve Savunma Sanayi A.Ş.
- BMC Otomotiv Sanayi ve Ticaret A.Ş.
- Isuzu (Anadolu)
- MAN A.S.
- Daimler AG
- Volkswagen AG
- Ford Motor Company
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“Market players are advised to invest in research and development activities to find new innovative solutions and integrate novel technologies in commercial vehicles to capture the highest market share. Adoption of Advanced Driving Assistance System (ADAS) in commercial vehicles, such as blind spot detection systems, driver monitoring systems, lane departure warning systems, and driver drowsiness detection systems, are expected to fuel the market growth. The use of telematics and connectivity technology is transforming operations and enhancing the safety and security of commercial vehicles. The launch of novel and advanced commercial vehicles in the market and the automation trend in commercial vehicles are expected to propel the Turkey commercial vehicle market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Turkey Commercial Vehicle Market By Vehicle Type (Light Commercial Vehicle (LCV), Medium Commercial Vehicle (MCV), Heavy Commercial Vehicle (HCV)), By Propulsion (ICE, Electric), By Transmission Type (Manual Transmission and Automatic Transmission), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Turkey commercial vehicle market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Turkey commercial vehicle market.
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