Turkey automotive loan market is witnessing robust growth due to the increasing prices of vehicles and increasing customer preferences for replacing old models, etc. It offers several benefits and, compared to other forms of loan, has a very low-interest rate. Since more people are using auto loans to pay for the purchase of new vehicles, the market for auto loans in Turkey is expected to grow throughout the forecast period.

An automotive loan is secured against the vehicle intended to purchase. For instance, a loan against a car means the car serves as collateral for the loan. Lenders can take a person's vehicle if they receive payments on time. The loan is paid back in fixed installments during the duration of the loan. The lender provides the loan, and the borrower is responsible for paying it back in equal monthly instalments (EMIs) over a certain length of time at a specified interest rate. Until the clients complete the final payment, the lender holds legal ownership of the vehicle.

According to Hürriyet News, light commercial vehicle sales decreased to 58,692 units in April and 2020 due to the COVID-19 pandemic, compared to the first three months of the year when 74,395 light commercial vehicles were sold, respectively. According to CEIC Data 2022, car sales in Turkey was around 86,481 units in November 2022. Moreover, around 772,266 automotive cars were sold in 2021, according to the report of MarkLines.

Expansion of Green Automotive Loan Fueling the Market Growth

In Turkey, financial institutions are offering green auto loans with low-interest rates compared to conventional vehicle loans to encourage the adoption of environmentally friendly vehicles. People are buying electric or hybrid cars and taking advantage of green auto loans in Turkey. This green auto loan, offered by financial institutions, can finance commercial vehicles, including minibuses, pick-up trucks, etc. For instance, Garanti BBVA is expanding its green auto loan offering, leading the transition towards using hybrid and electric vehicles among companies with very competitive interest rates. Therefore, with the expansion of green automotive loans and electric and hybrid cars, the demand for automotive loans will increase in Turkey during the forecast years.

High Prices of Vehicles in Turkey Fuels Market Growth

Purchasing a new vehicle in Turkey is becoming more difficult for the average consumer due to the high prices of cars. Prices are increasing due to the Lira's collapse and the tax on vehicles. The costs of imported and domestic vehicles are also increasing due to soaring prices and shortage of imported parts. But the people of Turkey prefer to have their own cars. More car ownership is rising due to the more developed roads. Therefore, despite the high prices of vehicles in Turkey, people are availing automotive loans to purchase cars, which is driving the automotive loan market in Turkey during the forecast years.

Benefits of Automotive Loan Fuels Market Growth

The automotive loan is an excellent option for people who want to buy a vehicle with monthly payments. With the help of the automotive loan, it is possible to divide the entire automotive loan into medium- and long-term prices and repay a significant portion of the vehicle's invoice amount. In addition, an individual can create the payment schedule of choice with an automotive loan calculator offered by the financial institution with appropriate interest rates and repayment duration. Thus, the Turkey automotive loan market has been driven by the benefits of automotive loans.


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Market Segmentation

The Turkey automotive loan market is segmented based on vehicle type, provider type, percentage of amount sanctioned, tenure, regional distribution and competitive landscape. The market is divided into two-wheeler, passenger cars, and commercial vehicles based on vehicle type. Based on the provider type, the market is segmented into banks, NBFCs (non-banking financial services, OEM (original equipment manufacturers), and others (fintech companies). Based on percentage of amount sanctioned, the market is segmented into less than 25%, 25-50%, 51-75%, and more than 75%. By tenure, the market is segmented into less than 3 years, 3-5 years, and more than 5 years.

Company Profiles

Garanti Bankası A.Ş., Kuveyt Türk Participation Bank, Ziraat Bankası A.Ş., Türkiye Halk Bankası A.Ş., Akbank T.A.Ş., Albaraka Türk Katılım Bankası A.Ş., QNB Finansbank A.Ş., Yapı ve Kredi Bankası A.Ş., TEB Finansman A.Ş. (TEB Cetelem), Anadolubank A.Ş. are among the major market players in the Turkey automotive loan market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Vehicle Type

Provider Type

Percentage of Amount Sanctioned

Tenure

Region

Regional Scope

Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, Eastern Anatolia

Key Companies Profiled

Garanti Bankası A.Ş., Kuveyt Türk Participation Bank, Ziraat Bankası A.Ş., Türkiye Halk Bankası A.Ş., Akbank T.A.Ş., Albaraka Türk Katılım Bankası A.Ş., QNB Finansbank A.Ş., Yapı ve Kredi Bankası A.Ş., TEB Finansman A.Ş. (TEB Cetelem), Anadolubank A.Ş.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

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Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, the Turkey Automotive Loan market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Turkey Automotive Loan Market, By Vehicle Type:
    • Two-Wheeler
    • Passenger Car
    • Commercial Vehicle
  • Turkey Automotive Loan Market, By Provider Type:
    • Banks
    • NBFCs (Non-Banking Financial Services
    • OEM (Original Equipment Manufacturer)
    • Others
  • Turkey Automotive Loan Market, By Percentage of Amount Sanctioned:
    • Less than 25%
    • 25-50%
    • 51-75%
    • More than 75%
  • Turkey Automotive Loan Market, By Tenure:
    • Less than 3 Years
    • 3-5 Years
    • More than 5 Years
  • Turkey Automotive Loan Market, By Region:

o   Marmara

o   Central Anatoli

o   Mediterranean

o   Aegean

o   Southeastern Anatolia

o   Blacksea

o   Eastern Anatolia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Turkey automotive loan market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information:

  • Detailed analysis and profiling of additional market players (up to five).

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1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.     By Gender

4.2.2.     By Age

4.2.3.     By Occupation

4.3.  Brand Awareness

4.4.  Factors Influencing Purchase Decision

4.5.  Sources of Information

4.6.  Challenges Faced After Purchase

5.    Turkey Automotive Loan Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.2.  Market Share & Forecast

5.2.1.     By Vehicle Type Market Share Analysis [Two-Wheeler, Passenger Car, Commercial Vehicle]

5.2.2.     By Provider Type Market Share Analysis [Banks, NBFCs (Non-Banking Financial Services, OEM (Original Equipment Manufacturer), Others (Fintech Companies)]

5.2.3.     By Percentage of Amount Sanctioned Market Share [Less than 25%, 25-50%, 51-75%, More than 75%]

5.2.4.     By Tenure Market Share [Less than 3 Years, 3-5 Years, More than 5 Years

5.2.5.     By Regional Market Share Analysis

5.2.5.1.         Marmara Market Share Analysis

5.2.5.2.         Central Anatoli Market Share Analysis

5.2.5.3.         Mediterranean Market Share Analysis

5.2.5.4.         Aegean Market Share Analysis

5.2.5.5.         Southeastern Anatolia Market Share Analysis

5.2.5.6.         Blacksea Market Share Analysis

5.2.5.7.         Eastern Anatolia Market Share Analysis

5.2.6.     By Company Market Share Analysis

5.3.  Turkey Automotive Loan Market Mapping & Opportunity Assessment

5.3.1.     By Automotive Type Market Mapping & Opportunity Assessment

5.3.2.     By Provider Type Market Mapping & Opportunity Assessment

5.3.3.     By Percentage of Amount Sanctioned Market Mapping & Opportunity Assessment

5.3.4.     By Tenure Market Mapping & Opportunity Assessment

5.3.5.     By Region Market Mapping & Opportunity Assessment

6.    Turkey Two-Wheeler Automotive Loan Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Provider Type Market Share Analysis

6.2.2.     By Percentage of Amount Sanctioned Market Share Analysis

6.2.3.     By Tenure Market Share Analysis

7.    Turkey Passenger Car Automotive Loan Market Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Provider Type Market Share Analysis

7.2.2.     By Percentage of Amount Sanctioned Market Share Analysis

7.2.3.     By Tenure Market Share Analysis

8.    Turkey Commercial Vehicle Automotive Loan Market Outlook

8.1.  Market Size & Forecast          

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Provider Type Market Share Analysis

8.2.2.     By Percentage of Amount Sanctioned Market Share Analysis

8.2.3.     By Tenure Market Share Analysis

9.    Market Dynamics

9.1.  Drivers

9.1.1.     Rising Demand of Loans for Commercial Electric Vehicles

9.1.2.     Expansion of Green Automotive Loan for Vehicles

9.1.3.     High Prices of Vehicles

9.2.  Challenges

9.2.1.     Increasing Interest Rate Competition

9.2.2.     Bad Credit History

10.  Impact of COVID-19 on Turkey Automotive Loan Market

10.1.              Impact Assessment Model       

10.1.1.  Key Segments Impacted

10.1.2.  Key Regions Impacted

10.1.3.  Key Provider Type Impacted

11.  Market Trends & Developments

11.1.              Reduction in Interest Rate for of Automotive Loan

11.2.              Increased Use of Direct Digital B2C Channels

11.3.              Growing Sales of Cars

11.4.              Rise in Fintech Companies

11.5.              Surging Demand from Commercial Industries

12.  Porter’s Five Forces Model

12.1.              Competitive Rivalry

12.2.              Bargaining Power of Buyer

12.3.              Bargaining Power of Supplier

12.4.              Threat of New Entrants

12.5.              Threat of Substitutes

13.  SWOT Analysis

13.1.              Strengths

13.2.              Weaknesses

13.3.              Opportunities

13.4.              Threats

14.  Policy & Regulatory Landscape

15.  Turkey Economic Profile

16.  Competitive Landscape

16.1.              Company Profiles

16.1.1.  Garanti Bankası A.Ş.

16.1.1.1.      Company Details

16.1.1.2.      Product & Services

16.1.1.3.      Financials (As Reported)

16.1.1.4.      Key Market Focus & Geographical Presence

16.1.1.5.      Recent Developments

16.1.1.6.      Key Management Personnel

16.1.2.  Kuveyt Türk Participation Bank

16.1.2.1.      Company Details

16.1.2.2.      Product & Services

16.1.2.3.      Financials (As Reported)

16.1.2.4.      Key Market Focus & Geographical Presence

16.1.2.5.      Recent Developments

16.1.2.6.      Key Management Personnel

16.1.3.  Ziraat Bankası A.Ş.

16.1.3.1.      Company Details

16.1.3.2.      Product & Services

16.1.3.3.      Financials (As Reported)

16.1.3.4.      Key Market Focus & Geographical Presence

16.1.3.5.      Recent Developments

16.1.3.6.      Key Management Personnel

16.1.4.  Türkiye Halk Bankası A.Ş.

16.1.4.1.      Company Details

16.1.4.2.      Product & Services

16.1.4.3.      Financials (As Reported)

16.1.4.4.      Key Market Focus & Geographical Presence

16.1.4.5.      Recent Developments

16.1.4.6.      Key Management Personnel

16.1.5.  Akbank T.A.Ş.

16.1.5.1.      Company Details

16.1.5.2.      Company Details

16.1.5.3.      Product & Services

16.1.5.4.      Financials (As Reported)

16.1.5.5.      Key Market Focus & Geographical Presence

16.1.5.6.      Recent Developments

16.1.5.7.      Key Management Personnel

16.1.6.  Albaraka Türk Katılım Bankası A.Ş.

16.1.6.1.      Company Details

16.1.6.2.      Product & Services

16.1.6.3.      Financials (As Reported)

16.1.6.4.      Key Market Focus & Geographical Presence

16.1.6.5.      Recent Developments

16.1.6.6.      Key Management Personnel

16.1.7.  QNB Finansbank A.Ş.

16.1.7.1.      Company Details

16.1.7.2.      Product & Services

16.1.7.3.      Financials (As Reported)

16.1.7.4.      Key Market Focus & Geographical Presence

16.1.7.5.      Recent Developments

16.1.7.6.      Key Management Personnel

16.1.8.  Yapı ve Kredi Bankası A.Ş.

16.1.8.1.      Company Details

16.1.8.2.      Product & Services

16.1.8.3.      Financials (As Reported)

16.1.8.4.      Key Market Focus & Geographical Presence

16.1.8.5.      Recent Developments

16.1.8.6.      Key Management Personnel

16.1.9.  TEB Finansman A.Ş. (TEB Cetelem)

16.1.9.1.      Company Details

16.1.9.2.      Product & Services

16.1.9.3.      Financials (As Reported)

16.1.9.4.      Key Market Focus & Geographical Presence

16.1.9.5.      Recent Developments

16.1.9.6.      Key Management Personnel

16.1.10.                Anadolubank A.Ş.

16.1.10.1.    Company Details

16.1.10.2.    Product & Services

16.1.10.3.    Financials (As Reported)

16.1.10.4.    Key Market Focus & Geographical Presence

16.1.10.5.    Recent Developments

16.1.10.6.    Key Management Personnel

17.  Strategic Recommendations/Action Plan

17.1.              Key Focus Areas

17.2.              Target Regions

17.3.              Target Vehicle Type

17.4.              Target Provider Type

17.5.              Target Percentage of Amount Sanctioned

17.6.               Target Tenure

18.  About Us & Disclaimer

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