The automotive market in Turkey is expected to rise at a compound annual growth rate (CAGR) of 8.4% during the 2011-2015, according to a new report.
TechNavio's new report, 'Automotive Market in Turkey 2011-2015: Various Automobile Giants Have Made Turkey a Platform to Enter the European Automotive Markets' revealed that the Turkish Government's support for the automotive industry is the main reason for the growth.
Accordingto the report, automotive market in the country has been observing an export shift towards the Middle East and North African regions.
The report however said that the rising prices of raw material prices could be a challenge to the growth of this market.
TechNavio's automotive team analyst said presently, the production is focused on exports to Europe and the US.
"Therefore, Turkey will have to find other export markets in the Middle East and North Africa to eliminate its dependence on the unstable European Automotive market," analyst said.
"Government intervention for setting up production, a young population, and R&D units will attract considerable foreign investments to the Automotive segment in Turkey, and these are some of the factors that will boost the export of automobiles in Turkey."
Key vendors dominating the market space in Turkey in include Renault, Ford Motor, Daimler, Otokar Otomotiv ve Savunma Sanayi.
