TURKEY AUTOMOTIVE AFTERMARKET MARKET IS PREDICTED TO REACH USD XX BILLION BY 2033: SPER Market Research
The manufacturing, remanufacturing, distribution, redistribution, end-of-sale, resale, and installation of automobiles are all included in the automotive aftermarket. The aftermarket includes parts for replacement, collision repair, cosmetic, and performance enhancement. The automotive aftermarket is becoming more appealing as a result of the digitization of automobile maintenance and component sales brought about by the use of advanced technology. Products and services with a strong digital component are setting new trends and propelling market expansion.
According to SPER market research, ‘Turkey Automotive Aftermarket Market Size- By Vehicle Type, By Replacement Parts, By Distribution Channel, By Certification- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Turkey Automotive Aftermarket Market is predicted to reach USD XX Billion by 2033 with a CAGR of XX%.
Turkey has established a robust production and engineering foundation within the worldwide automotive supply chain. Turkey boasts the 15th largest automobile sector in the world, a testament to its incredible potential. The nation’s average export rate continues to be robust, securing its status as a major hub for engineering, production, and export to international markets for multinational brands.
A small number of important cities, namely Izmit, Bursa, Ankara, Izmir, and Aksaray, are home to the majority of the Turkish automobile industry’s production and research centers. In addition, Turkey’s automotive industry has seen a rise in domestic demand due to favorable business circumstances.
Improvements in safety, connectivity, convenience, and driver assistance features are all in great demand, as are replacement parts. The sophisticated vehicle sector in Turkey is characterized by these features. But issues like enhancing and managing shortages of chips are noted as potential obstacles for automakers in the region.
With backing from the Turkish government, which views the automotive industry as a major source of income, OEM manufacturers are proactively getting ready to expand their manufacturing facilities in Turkey. The automobile industry is rapidly expanding because of the government’s vigorous promotion of foreign direct investment in this sector.
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Among the most significant and quickly growing car markets in the region is Turkey. Numerous factors, such as the availability of skilled labor, efficient R&D initiatives, favorable geographic location, and government support, are credited with the industry’s success. The nation is anticipated to witness a notable surge in automobile sales by the projected year, owing to a favorable economic outlook and increasing consumer spending power.
Impact of COVID-19 on Turkey Automotive Aftermarket Market
The COVID-19 pandemic had a significant impact on the Turkish automotive aftermarket industry. This included disruptions to the supply chain, a decline in consumer purchasing, and a decrease in vehicle usage as a result of lockdown measures. With economic uncertainty, consumers prioritised necessary spending, affecting aftermarket sales. Furthermore, movement limitations and social separation techniques limited car repair and maintenance. But once restrictions were removed, aftermarket demand started to steadily increase. This was due to both pent-up repair requests and a tendency toward personal vehicle ownership for safety concerns, which gave rise to optimism for a market resurgence despite ongoing challenges.
Aisin Corporation, Basbug Auto Spare Parts AS, Continental AG, ZF Friedrichshafen AG, and Other are a few more major companies in the industry.
For More Information, refer to below link:-
Turkey Automotive Aftermarket Market Revenue
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