The implementation of favorable government subsidies and policies stimulates the sales is expected to drive the market growth in the forecast period, 2023-2027.
According to TechSci Research report, “Turkey Electric Vehicle Market – By Region, Competition Forecast & Opportunities, 2027”, the Turkey electric vehicle market is expected to witness growth at a significant rate in 2023-2027. An electrical vehicle (EV) represents a self-propelling automobile that is generally used for transporting passengers and goods. It gets charged by self-charging devices, such as turbochargers and regenerative braking systems that able to convert the kinetic energy into electrical energy or can be powered by a large traction battery pack present at charging stations. Some of the widely available EVs in the market are battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs). When compared with the traditionally used automobiles, EVs do not emit tailpipe emissions, lower the dependency on oil and are more economical to operate. The escalating demand for fuel-efficient automobiles across Turkey is one of the primary factors driving the growth of the market. The elevating concerns regarding the detrimental environmental effects owing to the greenhouse gases (GHGs) emissions, coupled with the implementation of favorable government policies encouraging sustainable development, are further supporting the market growth. The usage of electric vehicles offers numerous benefits, such as tax exemptions, subsidies, low buying costs and free charging facilities, by the government policies that encourages their overall adoption rates. Several manufacturers are focusing on the development of upgraded technologies to produce zero- and low-emission vehicles with enhanced fuel efficiency and soundless operations. With this, improvements in the EV charging infrastructure are leading to extensive investments in utilities, charging hardware manufacturers and other power sector stakeholders. Apart from this, the elevating levels of urbanization, inflating disposable incomes and extensive research and development (R&D) activities, are estimated to witness the market growth over the forecast period.
However, the expanding adoption of vehicle safety technologies is expected to hamper the electric vehicle in the forecast years.
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The Turkey electric vehicle market is segmented into vehicle type, propulsion, range, battery capacity, regional distribution, and competitive landscape.
Based on vehicle type, the market is divided into two-wheeler, passenger car, LCV, and M&HCV. Passenger car segment is expected to hold the largest share in the market in the forecast years, 2023-2027. The diesel and gasoline-based passenger vehicle market is witnessing a shift toward electric passenger vehicles on account of the extensive investments by the government in EV infrastructure, coupled with the tax benefits offered to consumers.
Based on propulsion, the market is divided into BEV, PHEV, FCEV. The battery electric vehicle (BEVs) is anticipated to dominate the market in the coming years,2023-2027. BEVs helps in cutting down vehicular emissions and reducing the total cost of ownership in the long run. Advancement in technology of the battery and the decreasing lithium-ion battery prices are also expected to drive the demand for BEVs in the predicted years.
Based on battery capacity, the market is segmented into <50 kWh, 51–100 kWh, 101–200 kWh, 201-300 kWh, above 300 kWh. 101–200 kWh segment is expected to grow at the highest CAGR during the forecast period. This is due to the growing adoption of electric buses and trucks, especially for public transportation and freight service applications. The adoption of EVs with such power output is escalating owing to the rise in fuel prices and launch of government initiatives for lowering fleet emissions of buses and trucks propels the segmental growth.
Several key market players operating in the Turkey electric vehicle market is:
- Turkey’s Automobile Joint Venture Group Inc.
- Ford Motor Company
- Tesla Inc.
- Toyota Motor Corporation
- Groupe Renault
- Fiat Automobiles S.p.A.
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“Electric vehicle (EV) is an emerging technology in present times of the transportation sector. Several vehicle manufacturers have relocated their resources to design electrical models which further allow government bodies to consider electrification in transportation as an effective tool for the growth of economies across Turkey. With this, the expanding number of imported electric vehicles across Turkey is propelling the market growth. Several private firms leading by energy companies to build the commercial charging network fuelling the market growth. The number of electric vehicles on Turkish roads rose by 150 percent over the last year, as per the statistical institute of the country. Additionally, green transformation has augmented in several areas from industry to the services sector and these developments have led the leading automotive companies across the world to accelerate investments in electric car production. This, in turn, is projected to bolster the growth of the market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm”.
“Turkey Electric Vehicle Market By Vehicle Type (Two-Wheeler, Passenger Car, LCV, M&HCV), By Propulsion (BEV, PHEV, FCEV), By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles), By Battery Capacity (<50 kWh, 51–100 kWh, 101–200 kWh, 201-300 kWh, Above 300 kWh), By Region, Competition Forecast & Opportunities, 2027has analyzed the future growth potential of Turkey electric vehicle market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and assist decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with significant drivers, challenges, and opportunities in Turkey electric vehicle market.
Press release : https://www.techsciresearch.com/news/7559-turkey-electric-vehicle-market.html
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