Turkey Automotive Loan Market By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), By Provider Type ((Banks, NBFCs (Non-Banking Financial Services), OEM (Original Equipment Manufacturer), Others (Fintech Companies)), By Percentage of Amount Sanctioned (Less than 25%, 25-50%, 51-75%, More than 75%), By Tenure (Less than 3 Years, 3-5 Years, More than 5 Years), By Region, Competition Forecast & Opportunities, 2018-2028F
Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationTurkey Automotive Loan Market By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), By Provider Type ((Banks, NBFCs (Non-Banking Financial Services), OEM (Original Equipment Manufacturer), Others (Fintech Companies)), By Percentage of Amount Sanctioned (Less than 25%, 25-50%, 51-75%, More than 75%), By Tenure (Less than 3 Years, 3-5 Years, More than 5 Years), By Region, Competition Forecast & Opportunities, 2018-2028F
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD4.83 Billion |
| CAGR (2023-2028) | 5.95% |
| Fastest Growing Segment | OEM |
| Largest Market | Passenger Cars |
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Turkey automotive loan market is witnessing robust growth due to the increasing prices of vehicles and increasing customer preferences for replacing old models, etc. It offers several benefits and, compared to other forms of loan, has a very low-interest rate. Since more people are using auto loans to pay for the purchase of new vehicles, the market for auto loans in Turkey is expected to grow throughout the forecast period.
An automotive loan is secured against the vehicle intended to purchase. For instance, a loan against a car means the car serves as collateral for the loan. Lenders can take a person's vehicle if they receive payments on time. The loan is paid back in fixed installments during the duration of the loan. The lender provides the loan, and the borrower is responsible for paying it back in equal monthly instalments (EMIs) over a certain length of time at a specified interest rate. Until the clients complete the final payment, the lender holds legal ownership of the vehicle.
According to Hürriyet News, light commercial vehicle sales decreased to 58,692 units in April and 2020 due to the COVID-19 pandemic, compared to the first three months of the year when 74,395 light commercial vehicles were sold, respectively. According to CEIC Data 2022, car sales in Turkey was around 86,481 units in November 2022. Moreover, around 772,266 automotive cars were sold in 2021, according to the report of MarkLines.
Expansion of Green Automotive Loan Fueling the Market Growth
In Turkey, financial institutions are offering green auto loans with low-interest rates compared to conventional vehicle loans to encourage the adoption of environmentally friendly vehicles. People are buying electric or hybrid cars and taking advantage of green auto loans in Turkey. This green auto loan, offered by financial institutions, can finance commercial vehicles, including minibuses, pick-up trucks, etc. For instance, Garanti BBVA is expanding its green auto loan offering, leading the transition towards using hybrid and electric vehicles among companies with very competitive interest rates. Therefore, with the expansion of green automotive loans and electric and hybrid cars, the demand for automotive loans will increase in Turkey during the forecast years.
High Prices of Vehicles in Turkey Fuels Market Growth
Purchasing a new vehicle in Turkey is becoming more difficult for the average consumer due to the high prices of cars. Prices are increasing due to the Lira's collapse and the tax on vehicles. The costs of imported and domestic vehicles are also increasing due to soaring prices and shortage of imported parts. But the people of Turkey prefer to have their own cars. More car ownership is rising due to the more developed roads. Therefore, despite the high prices of vehicles in Turkey, people are availing automotive loans to purchase cars, which is driving the automotive loan market in Turkey during the forecast years.
Benefits of Automotive Loan Fuels Market Growth
The automotive loan is an excellent option for people who want to buy a vehicle with monthly payments. With the help of the automotive loan, it is possible to divide the entire automotive loan into medium- and long-term prices and repay a significant portion of the vehicle's invoice amount. In addition, an individual can create the payment schedule of choice with an automotive loan calculator offered by the financial institution with appropriate interest rates and repayment duration. Thus, the Turkey automotive loan market has been driven by the benefits of automotive loans.
Market Segmentation
The Turkey automotive loan market is segmented based on vehicle type, provider type, percentage of amount sanctioned, tenure, regional distribution and competitive landscape. The market is divided into two-wheeler, passenger cars, and commercial vehicles based on vehicle type. Based on the provider type, the market is segmented into banks, NBFCs (non-banking financial services, OEM (original equipment manufacturers), and others (fintech companies). Based on percentage of amount sanctioned, the market is segmented into less than 25%, 25-50%, 51-75%, and more than 75%. By tenure, the market is segmented into less than 3 years, 3-5 years, and more than 5 years.
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Company Profiles
Garanti Bankası A.Åž., Kuveyt Türk Participation Bank, Ziraat Bankası A.Åž., Türkiye Halk Bankası A.Åž., Akbank T.A.Åž., Albaraka Türk Katılım Bankası A.Åž., QNB Finansbank A.Åž., Yapı ve Kredi Bankası A.Åž., TEB Finansman A.Åž. (TEB Cetelem), Anadolubank A.Åž. are among the major market players in the Turkey automotive loan market.
|
Attribute |
Details |
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Base Year |
2022 |
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Historical Years |
2018 – 2021 |
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Estimated Year |
2023 |
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Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Billion and CAGR for 2018-2022 and 2023-2028 |
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Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
Vehicle Type Provider Type Percentage of Amount Sanctioned Tenure Region |
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Regional Scope |
Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, Eastern Anatolia |
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Key Companies Profiled |
Garanti Bankası A.Åž., Kuveyt Türk Participation Bank, Ziraat Bankası A.Åž., Türkiye Halk Bankası A.Åž., Akbank T.A.Åž., Albaraka Türk Katılım Bankası A.Åž., QNB Finansbank A.Åž., Yapı ve Kredi Bankası A.Åž., TEB Finansman A.Åž. (TEB Cetelem), Anadolubank A.Åž. |
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Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
|
Pricing and Purchase Options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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