Turkey Commercial Vehicle Market to be dominated by Light Commercial Vehicle (LCV) till 2027
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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Commercial Vehicle Market"
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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.
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:
- TEMSA
- Otokar Otomotiv ve Savunma Sanayi A.Ş.
- BMC Otomotiv Sanayi ve Ticaret A.Ş.
- Isuzu (Anadolu)
- Askam
- Karsan
- 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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