Turkey is known as a destination for some of the largest car manufacturers in the world and spare parts producer and recent surveys show the automotive industry is one the most performant sectors of the economy. In 2016, this industry rose by 8%, according to the Automotive Manufacturers Association in Turkey (OSD). Foreign investors interested in opening a company in this economic sector can rely on our Turkish company formation consultants.
The report issued by the OSD at the end of December 2016, shows that between January and November, the automotive sector registered a total growth of 8%, compared to the previous year. Turkish companies manufacturing car parts announced they produced close to 1,377,000 units, among which passenger cars, commercial vehicles and tractors. Automobiles registered the highest increase of 18% reaching 844,000 units. The sales of auto vehicles which also include light commercial vehicles and tractors also rose by 2% compared to the sales registered during the previous year, their total number reaching 863,000 units.
Turkey also registered an impressive result in the automotive exports area which rose by 14%, reaching close to 1 million units exported during January and November 2016, compared to the same period of 2015. The total income generated by the export of automotive was 21,9 billion USD, out of which 7,3 billion USD came from the export of passenger cars.
Turkey is known for producing vehicles and spare car parts for great automotive companies in Japan, France, Italy and even the United States. One of the reasons exports have known such growth is that the production is oriented towards the European market. At the end of 2015, Turkey was the 15th largest car manufacturer in the world, and the 5th largest in Europe.
For the new year, the OSD announced the automotive industry will increase its research and development capabilities and will also develop new design and branding ones.
For assistance in opening a company in the automotive industry, do not hesitate to contact our company registration representatives in Turkey.