Turkey Electric Vehicle Market Share, Revenue, Trends, Growth Drivers, Challenges, Key Manufacturers and Future Investment Opportunities Till 2033


Turkey Electric Vehicle Market Share, Revenue, Trends, Growth Drivers, Challenges, Key Manufacturers and Future Investment Opportunities Till 2033: SPER Market Research

 Published: Jun-2024
 Author: SPER Analyst

Turkey Electric Vehicle Market is projected to be worth USD XX billion by 2033 and is anticipated to surge at a CAGR of XX%.

Electric vehicles (EVs) are innovative automobiles that can transport goods and passengers while self-propelled. They include plug-in hybrid electric cars (PHEVs), battery electric vehicles (BEVs), and hybrid electric vehicles (HEVs) as standard types. EVs run on stored energy from batteries, which may be readily charged utilizing self-charging devices such as turbochargers and regenerative braking systems, which transform kinetic energy into electricity. One big advantage of EVs is that they have zero tailpipe emissions, which contributes to a cleaner environment and reduces dependency on conventional fossil fuels. Furthermore, their operational cost-effectiveness in comparison to traditional automobiles makes them an increasingly appealing alternative for consumers globally, accelerating their wider acceptance and ensuring a sustainable future for transportation.

Turkey Electric Vehicle Market Driving Factors and Challenges

Driving Factors: Autonomous delivery vehicles, industrial vehicles, and public transportation vehicles are the main categories of battery-powered electric cars. It can calculate an electric car battery's cost in kilowatt-hours (kWh), which determines the battery's range and the power output of the motor it provides. Several technological advances have reduced the price of electric vehicles. High-capacity battery production and low battery costs are the main priorities of EV battery makers in order to keep the total cost of a car within the subsidized range. The market is expanding due to a number of government rules that phase out fossil fuel-powered vehicles, growing worries about the environmental impact of conventional vehicles, improvements in battery capacity, and supportive policies and regulations from the government.

Challenges: The initial purchase price of an electric automobile is substantially higher than that of a combustion vehicle, despite the fact that its total cost of ownership is lower. According to the Natural Resources Defense Council, buying an electric automobile costs approximately USD 19,000 more than buying a gas-powered vehicle. Because of the significant disparity in the initial purchase price of electric vehicles, price-conscious purchasers find it difficult to make a purchasing decision. This situation is expected to change in the future years as more individuals become aware of the overall benefits and cheap costs of owning an electric vehicle. Furthermore, it is expected that the discrepancy in vehicle purchase prices will fade in the future years as battery technology progresses and production volume increases.

Impact of COVID-19 on Turkey Electric Vehicle Market
The health catastrophe caused by the COVID-19 epidemic has resulted in a drop in almost every industry. The government imposed various travel restrictions and lockdowns across the countries, greatly limiting industry expansion. Furthermore, only necessary travel was permitted at this time to slow the spread of the disease. Changing customer behaviour during the outbreak led to a decrease in electric vehicle sales. The suspension of production and commercial operations damaged the electric vehicle supply chain.

Turkey Electric Vehicle Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Turkey’s Automobile Joint Venture Group Inc, Ford Motor Company, Tesla Inc, Toyota Motor Corporation, Groupe Renault, Fiat Automobile S.p.A. and Others.

Turkey Electric Vehicle Market Segmentation:

By Vehicle Type: Based on the Vehicle Type, Turkey Electric Vehicle Market is segmented as; Two-Wheeler, Passenger Car, LCV, M&HCV.

By Propulsion: Based on the Propulsion, Turkey Electric Vehicle Market is segmented as; BEV, PHEV, FCEV.

By Range: Based on the Range, Turkey Electric Vehicle Market is segmented as; 0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, Above 400 Miles.

By Battery Capacity: Based on the Battery Capacity, Turkey Electric Vehicle Market is segmented as; <50 kWh, 51-100 kWh, 101-200 kWh, 201-300 kWh, Above 300 kWh.

By Region: This research includes data for Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, Eastern Anatolia.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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