Turkey Electric Vehicle Market to be Dominated by Propulsion Segment till 2027
The implementation of favorable government subsidies and
policies stimulates the sales is expected to drive the market growth in the
forecast period, 2023-2027.
According
to TechSci Research report, “Turkey Electric Vehicle - By Region, Competition
Forecast & Opportunities, 2027”,
the Turkey electric vehicle market is expected to witness growth at a
significant rate in 2023-2027. An electrical vehicle (EV) represents a
self-propelling automobile that is generally used for transporting passengers
and goods. It gets charged by self-charging devices, such as turbochargers and
regenerative braking systems that able to convert the kinetic energy into
electrical energy or can be powered by a large traction battery pack present at
charging stations. Some of the widely available EVs in the market are
battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and
hybrid electric vehicles (HEVs). When compared with the traditionally used
automobiles, EVs do not emit tailpipe emissions, lower the dependency on oil
and are more economical to operate. The escalating demand for fuel-efficient
automobiles across Turkey is one of the primary factors driving the growth of
the market. The elevating concerns regarding the detrimental environmental
effects owing to the greenhouse gases (GHGs) emissions, coupled with the implementation
of favorable government policies encouraging sustainable development, are
further supporting the market growth. The usage of electric vehicles offers
numerous benefits, such as tax exemptions, subsidies, low buying costs and free
charging facilities, by the government policies that encourages their overall
adoption rates. Several manufacturers
are focusing on the development of upgraded technologies to produce zero- and
low-emission vehicles with enhanced fuel efficiency and soundless operations.
With this, improvements in the EV charging infrastructure are leading to
extensive investments in utilities, charging hardware manufacturers and other
power sector stakeholders. Apart from this, the elevating levels of
urbanization, inflating disposable incomes and extensive research and
development (R&D) activities, are estimated to witness the market growth
over the forecast period.
However,
the expanding adoption of vehicle safety technologies is expected to hamper the
electric vehicle in the forecast years.
Browse over XX market
data Figures spread through 70 Pages and an in-depth TOC on "Turkey
Electric Vehicle"
The
Turkey electric vehicle market is segmented into vehicle type, propulsion, range, battery
capacity, regional distribution, and competitive landscape.
Based
on vehicle type, the market is divided into two-wheeler, passenger car, LCV,
and M&HCV. Passenger car segment is expected to hold the largest share in
the market in the forecast years, 2023-2027. The diesel and gasoline-based
passenger vehicle market is witnessing a shift toward electric passenger
vehicles on account of the extensive investments by the government in EV
infrastructure, coupled with the tax benefits offered to consumers.
Based
on propulsion, the market is divided into BEV, PHEV, FCEV. The
battery electric vehicle (BEVs) is anticipated to dominate the market in the
coming years,2023-2027. BEVs helps in cutting down vehicular emissions and reducing
the total cost of ownership in the long run. Advancement in technology of the
battery and the decreasing lithium-ion battery prices are also expected to
drive the demand for BEVs in the predicted years.
Based
on battery capacity, the market is segmented into <50 kWh, 51–100 kWh,
101–200 kWh, 201-300 kWh, above 300 kWh. 101–200 kWh segment is expected to
grow at the highest CAGR during the forecast period. This is due to the growing
adoption of electric buses and trucks, especially for public transportation and
freight service applications. The adoption of EVs with such power output is escalating
owing to the rise in fuel prices and launch of government initiatives for
lowering fleet emissions of buses and trucks propels the segmental growth.
Several
key market players operating in the Turkey electric vehicle market is:
- Turkey's Automobile Joint Venture Group Inc.
- Ford Motor Company
- Tesla Inc.
- Toyota Motor Corporation
- Groupe Renault
- Fiat Automobiles S.p.A.
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“Electric vehicle (EV) is an
emerging technology in present times of the transportation sector. Several
vehicle manufacturers have relocated their resources to design electrical
models which further allow government bodies to consider electrification in
transportation as an effective tool for the growth of economies across Turkey.
With this, the expanding number of imported electric vehicles across Turkey is
propelling the market growth. Several private firms leading by energy companies
to build the commercial charging network fuelling the market growth. The number of electric vehicles on Turkish
roads rose by 150 percent over the last year, as per the statistical institute
of the country. Additionally, green transformation has augmented in several
areas from industry to the services sector and these developments have led the
leading automotive companies across the world to accelerate investments in electric
car production. This, in turn, is projected to bolster the growth of the market
till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm”.
“Turkey Electric Vehicle Market By Vehicle Type
(Two-Wheeler, Passenger Car, LCV, M&HCV), By Propulsion (BEV, PHEV, FCEV),
By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400
Miles), By Battery Capacity (<50 kWh, 51–100 kWh, 101–200 kWh, 201-300 kWh,
Above 300 kWh), By Region, Competition Forecast & Opportunities, 2027 has analyzed the future
growth potential of Turkey electric vehicle market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and assist decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with significant drivers, challenges, and
opportunities in Turkey electric vehicle market.
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