The automotive sector of the nation has come across several growth rates while achieving a solidifying position of top vehicle exporters in the European Union. The strategic location at the crossroads of Asia, Europe, and Africa, indulging the nation as a gateway for trade between these leading markets has allowed for easy access to efficient transportation of goods, countering the valuation by a positive rate.

The growing demand of vehicles from different regional areas across the globe along with the government investments in evolution of the manufacturing units has resulted in an export trade value of vehicles worth 50 billion US dollars in 2024 from a staggering valuation of 30 billion US dollars of vehicles in 2019. The major automotive plants operated by domestic and foreign companies, such as Ford, Toyota, Hyundai, and Renault, are the ones behind the 30% growth rate of the vehicle exports of Turkey.

The Significance of Vehicle Exports in the Economy of Turkey in 2024

The vehicle export has been contributing significantly to the annual GDP value. From 2020 onwards, the sector has accounted for 14% of total export revenue, which has increased by an annual trade share of 18% in 2024. The automotive industry has recorded itself as one of the largest employers in Turkey, providing opportunities to both skilled and unskilled workers, increasing the employment rate by around 38% in 2024.

Vehicle export has been a role player in the foreign exchange earnings, which has strengthened the currency and balanced the trade deficit. The sector is most specifically known for its rapid technological advancement and global innovations. It has also led to a huge success of the Turkish vehicle exports and attraction of foreign investors via competitive pricing strategies.

Overview of Turkey's Trade in 2024

Turkey, with its diversifying portfolio, has continued its upward trajectory in the global vehicle supply. According to the Turkey Export Data, the top 10 leading variants of vehicles exported from the nation in 2024 are,

1. Sedans - Export Valuation - 15 billion US dollars; Annual trade share - 25%

2. SUVs - Export Valuation - 12 billion US dollars; Annual trade share - 20%

3. Pickup Trucks - Export Valuation - 9 billion US dollars; Annual trade share - 15%

4. Electric Vehicles - Export Valuation - 7 billion US dollars; Annual trade share - 12%

5. Commercial Vans - Export Valuation - 6 billion US dollars; Annual trade share - 9%

6. Luxury Cars - Export Valuation - 4.8 billion US dollars; Annual trade share - 6%

7. Motorcycles - Export Valuation - 3.7 billion US dollars; Annual trade share - 5%

8. Buses - Export Valuation - 3.1 billion US dollars; Annual trade share - 4%

9. Tractors - Export Valuation - 2.8 billion US dollars; Annual trade share - 3%

10. Crossovers - Export Valuation - 2.4 billion US dollars; Annual trade share - 2%

Major Export Trade Partners of Turkey for Vehicles in 2024

Turkey has established solid trade relations with most of the regions of closer geographical proximity for efficient revenue generation of vehicle exports. The country chooses the destination as on consumer-based demands and tariff rates. According to the Turkey Trade Data, the top 10 export trade partners of the nation for vehicles exported in 2024 are,

1. Germany - According to the Germany Import Data, the valuation of the vehicles exported from Turkey in 2024 - 18 billion US dollars.

2. United Kingdom - According to the United Kingdom Import Data, the valuation of the vehicles exported from Turkey in 2024 - 14 billion US dollars.

3. France - According to the France Import Data, the valuation of the vehicles exported from Turkey in 2024 - 12 billion US dollars.

4. Italy - According to the Italy Import Data, the valuation of the vehicles exported from Turkey in 2024 - 9 billion US dollars.

5. Spain - According to the Spain Import Data, the valuation of the vehicles exported from Turkey in 2024 - 8 billion US dollars.

6. Poland - According to the Poland Import Data, the valuation of the vehicles exported from Turkey in 2024 - 7 billion US dollars.

7. Romania - According to the Romania Import Data, the valuation of the vehicles exported from Turkey in 2024 - 6 billion US dollars.

8. Netherlands - According to the Netherlands Import Data, the valuation of the vehicles exported from Turkey in 2024 - 5 billion US dollars.

9. United States - According to the USA Import Data, the valuation of the vehicles exported from Turkey in 2024 - 4 billion US dollars.

10. Belgium - According to the Belgium Import Data, the valuation of the vehicles exported from Turkey in 2024 - 3 billion US dollars.

Top Vehicle Manufacturing Companies of Turkey in 2024

The manufacturing companies of Turkey are the attributing factors that maintain regulation in the overall vehicle shipments worldwide. According to the Turkey Customs Data, the top vehicle manufacturing companies of the nation, balancing the trade in 2024 are,

1. Ford Otosan - A joint venture with Ford Motor Company and KOC Holding; The company is a cornerstone of Turkey's vehicle export sector that serves around 746,500 vehicles in the global supply. The annual trade share of Ford Otosan in the vehicle export of Turkey is around 42% in 2024.

2. Tofas - TOFAS is a joint venture between Fiat Chrysler Automobiles and KOC Holdings. It is popular for a wide range of models, including the popular Fiat Egea. The annual trade share is around 24% in 2024.

3. Togg - Wrapping up, Togg is one of the crucial role players of the vehicle exports of Turkey. The company has quickly gained attraction in the global market with its T10X model, recording itself as the second best-selling vehicle of Turkey. The annual trade share was around 18% in 2024.

Conclusion - The vehicle exports of Turkey are proven as a crucial tool for beginner business holders that are looking to invest their services on the global vehicle trade. Import Globals with its Turkey trade data highlights all the regional shipments of vehicles from the country towards leading importing destinations to highlight the potential marketing regions for the business holders to help them make decisions based on the latest trade strategies.

FAQ'S

Que. What is the export trade value of Vehicles from Turkey in 2024?
Ans. The export trade value of Vehicles from Turkey in 2024 is 50 billion US dollars.

Que. Who is the top export trade partner of Turkey for vehicles in 2024?
Ans. Germany is the top export trade partner of Turkey for vehicles in 2024.

Que. Name the top vehicle manufacturing company in Turkey in 2024?
Ans. Ford Otosan is the top vehicle manufacturing company in Turkey in 2024.

Que. Why can you get a detailed trade analysis of the vehicles exported from Turkey in 2024?
Ans. By subscribing to Import Globals, you can get a detailed trade analysis of the vehicle exports of Turkey in 2024.

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