Retail sales of cars and light commercial vehicles in Türkiye were up by 57.4% in 2023 as compared with 2022 and numbered 1,232,635 units sold.

DOMESTIC RETAIL SALES

Retail sales of cars and light commercial vehicles in Türkiye were up by 57.4% in 2023 as compared with 2022 and numbered 1,232,635 units sold.

The principal factors nourishing demand for vehicles last year were (1) resolution of pent-up demand which had resulted from reduced vehicle availability attributable to shrinking markets and to supply-chain disruptions in 2018-2019 and (2) consumers’ desire to protect the purchasing power of TL assets whose value was being eroded by high inflation.

Pent-up demand, high inflation, and a weakening Turkish lira fueled robust vehicle sales, which were also driven by consumers seeking to preserve their purchasing power. Despite tightened CBRT monetary policy pushing interest rates higher in the final quarter, demand remained strong and surged 43% year-on-year.

With combined sales of 199,899 units, Tofaş’s Fiat, Fiat Professional, Jeep®, Alfa Romeo, Maserati, and Ferrari brands together accounted for a 16.2% share of the overall market in 2023 and corresponded to a year-on rise of 33.2%.

In 2023, the Fiat brand was once again the market leader as measured by total passenger and light commercial vehicle sales.

PASSENGER VEHICLES

Total car sales in Türkiye were up by 63.2% year-on and numbered 967,341 vehicles sold.

In 2023 Tofaş sold a total of 131,625 cars, and got a 13.6% share of the Turkish retail market for passenger vehicles.

With a total of 193,622 units sold giving it a 15.7% share of the overall 2023 market, the Fiat brand handily defended its leadership of the car & LCV segments.

A total of 124,140 vehicles across all Fiat Egea models were sold in 2023. Sales of 80,850 units made the Fiat Egea Sedan Türkiye’s best-selling car for the eighth year in a row. Successful performance by the Fiat Egea Cross, a crossover model that went on sale early in 2021, contributed to the Fiat brand’s overall market share as likewise did sales of Fiat Egea hatchbacks and cross wagons.

LIGHT COMMERCIAL VEHICLES

Sales in the overall LCV market increased by 39.2% in 2023 and amounted to 265,294 units sold. Tofaş’s Fiat and Fiat Professional brands yet again defended their strong position with a combined 25.7% share of that market.