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Turkey Autos Report Q1 2014

Turkey vehicle production is forecast to increase by 9.1% in 2014


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2014-01-09 08:51:01 - Turkey Autos Report Q1 2014 - a new market research report on companiesandmarkets.com

Turkish vehicle production increased 12% year-on-year (y-o-y) in November, to 113,678 units, as export volumes and the domestic market picked-up during the month following a brief period of weakness, in line with analyst´s expectations. Over the first 11 months of the year, vehicle output increased 6% y-o-y, to 1,042,400 units. We expect to see a continued uptick in manufacturing in the country over the coming months on the back of increases in domestic and export demand. This has informed our 2013 forecast of a 6.4% increase in vehicle production.

In 2014, we forecast a 9.1% increase in total vehicle production in Turkey, as the domestic market continues to grow, albeit fairly modestly, and exports to a resurgent European market increase.

Furthermore, the

 

 

country has a number of strong fundamentals which should help to attract autos investment and boost production volumes over the longer term. Turkey´s Customs Union with the EU should facilitate growth in exports to the bloc, and wages remain relatively competitive compared with other production hubs across Europe. Indeed, a number of international auto and supply manufacturers have recently invested in the country, in line with our bullish outlook.

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