The automotive market in Turkey is expected to grow at a CAGR of 8.4% over the period 2011-2015, reports analysts from TechNavio. One of the key factors contributing to this market growth is the Turkish Government's support for the automotive industry. The automotive market in Turkey has also been witnessing an export shift toward the Middle East and North Africa. However, increasing raw material prices could pose a challenge to the growth of this market.
According to the report, incentives and subsidies given by the Government to promote vehicles are driving the automotive market in Turkey. In addition, taking the benefits of government incentives, various automobile giants have made Turkey a platform to enter the European Automotive markets, which will help boost the industry's growth in Turkey.
An analyst from the company's automotive team, said, "Presently, the production is focused on exports to Europe and the U.S. 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. 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 strengthen the export of automobiles in Turkey."
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