Turkish automotive sector continues as export leader in 2024

Türkiye’s automotive industry marks its 17th year as an export leader, with an 8% production increase and a 9% growth in export values in early 2024

Türkiye’s automotive industry has maintained its leading position in exports for the 17th consecutive year, according to data released by the Automotive Industry Association (OSD).

The first two months of 2024 witnessed an 8% increase in production and a 9% growth in export values compared to the same period last year.

The OSD, a group of 13 leading Turkish carmakers, has released production, export, and domestic market data for the first two months of 2024.

Türkiye’s automotive production and utilization rates

Total automotive production rose to 241,861 units during this period, marking an 8% increase from the previous year. Car production specifically saw a 12% rise, reaching 151,014 units. Including tractor production, the total number reached 250,886 units. In these two months, commercial vehicle production grew by 2%, with heavy commercial vehicle production increasing by 27%.

However, light commercial vehicle production saw a slight decline of 1%. The automotive industry’s capacity utilization rate stood at 74%. By vehicle group, capacity utilization rates were 74% for light vehicles – cars and light commercial vehicles – 94% for trucks, 61% for buses and minibusses, and 72% for tractors.

Turkish export figures show positive trends

The first two months of 2024 showed a 4% increase in automotive exports to 164,560 units compared to the same period in 2023. Car exports grew by 3%, and commercial vehicle exports increased by 6%. On the other hand, tractor exports saw an 8% decline, totaling 3,147 units.

According to the Turkish Exporters Assembly, the total automotive industry exports accounted for 14% of the sectoral export ranking, maintaining its top position.

Data from Uludag Exporters’ Associations (UIB) indicates that total automotive exports reached $6 billion, a 9% increase from 2023. In euro terms, this represents an 8% increase, amounting to 5.5 billion euros ($6 billion). The main industry exports increased by 10% in dollar terms, and the supply industry exports grew by 8%.

Turkish domestic market grows

The total market in January and February of 2024 saw a 40% increase to 193,297 units compared to the same period last year.

The car market itself experienced a 52% rise, reaching 146,318 units. The commercial vehicle market grew by 11%, with heavy commercial vehicles increasing by 20% and light commercial vehicles by 10%.

The share of domestic vehicles in car sales and the light commercial vehicle market was 33% in the first two months of 2024 compared to the same period last year.

Source: Newsroom