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Report
Turkey Automotive Loan Market By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), By Provider Type ((Banks, NBFCs (Non-Banking Financial Companies), 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
Market Report (3 business days) I 2023-10-03 I 90 Pages I TechSci Research
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 Hurriyet 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 companies, 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.
Company Profiles
Garanti Bankas? A.S., Kuveyt Turk Participation Bank, Ziraat Bankas? A.S., Turkiye Halk Bankas? A.S., Akbank T.A.S., Albaraka Turk Kat?l?m Bankas? A.S., QNB Finansbank A.S., Yap? ve Kredi Bankas? A.S., TEB Finansman A.S. (TEB Cetelem), Anadolubank A.S. are among the major market players in the Turkey automotive loan market.
Report Scope:
In this report, the Turkey Automotive Loan market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Turkey Automotive Loan Market, By Vehicle Type:
o Two-Wheeler
o Passenger Car
o Commercial Vehicle
- Turkey Automotive Loan Market, By Provider Type:
o Banks
o NBFCs (Non-Banking Financial Companies)
o OEM (Original Equipment Manufacturer)
o Others
- Turkey Automotive Loan Market, By Percentage of Amount Sanctioned:
o Less than 25%
o 25-50%
o 51-75%
o More than 75%
- Turkey Automotive Loan Market, By Tenure:
o Less than 3 Years
o 3-5 Years
o More than 5 Years
- Turkey Automotive Loan Market, By Region:
o Marmara
o Central Anatoli
o Mediterranean
o Aegean
o Southeastern Anatolia
o Blacksea
o Eastern Anatolia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Turkey automotive loan market.
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Voice of Customer Analysis (B2C Model Analysis)
4.1. Sample Size Determination
4.2. Respondent Demographics
4.2.1. By Gender
4.2.2. By Age
4.2.3. By Occupation
4.3. Brand Awareness
4.4. Factors Influencing Loan Availing Decision
4.5. Sources of Information
4.6. Challenges Faced After Purchase
5. Turkey Automotive Loan Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Vehicle Type Market Share Analysis [Two-Wheeler, Passenger Car, Commercial Vehicle]
5.2.2. By Provider Type Market Share Analysis [Banks, NBFCs (Non-Banking Financial Companies, OEM (Original Equipment Manufacturer), Others (Fintech Companies)]
5.2.3. By Percentage of Amount Sanctioned Market Share [Less than 25%, 25-50%, 51-75%, More than 75%]
5.2.4. By Tenure Market Share [Less than 3 Years, 3-5 Years, More than 5 Years]
5.2.5. By Regional Market Share Analysis
5.2.5.1. Marmara Market Share Analysis
5.2.5.2. Central Anatoli Market Share Analysis
5.2.5.3. Mediterranean Market Share Analysis
5.2.5.4. Aegean Market Share Analysis
5.2.5.5. Southeastern Anatolia Market Share Analysis
5.2.5.6. Blacksea Market Share Analysis
5.2.5.7. Eastern Anatolia Market Share Analysis
5.2.6. By Top 5 Companies Market Share Analysis, Others (2022)
5.3. Turkey Automotive Loan Market Mapping & Opportunity Assessment
5.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
5.3.2. By Provider Type Market Mapping & Opportunity Assessment
5.3.3. By Percentage of Amount Sanctioned Market Mapping & Opportunity Assessment
5.3.4. By Tenure Market Mapping & Opportunity Assessment
5.3.5. By Region Market Mapping & Opportunity Assessment
6. Turkey Two-Wheeler Automotive Loan Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Provider Type Market Share Analysis
6.2.2. By Percentage of Amount Sanctioned Market Share Analysis
6.2.3. By Tenure Market Share Analysis
7. Turkey Passenger Car Automotive Loan Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Provider Type Market Share Analysis
7.2.2. By Percentage of Amount Sanctioned Market Share Analysis
7.2.3. By Tenure Market Share Analysis
8. Turkey Commercial Vehicle Automotive Loan Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Provider Type Market Share Analysis
8.2.2. By Percentage of Amount Sanctioned Market Share Analysis
8.2.3. By Tenure Market Share Analysis
9. Market Dynamics
9.1. Drivers
9.1.1. Rising Demand of Loans for Commercial Electric Vehicles
9.1.2. Expansion of Green Automotive Loan for Vehicles
9.1.3. High Prices of Vehicles
9.2. Challenges
9.2.1. Increasing Interest Rate Competition
9.2.2. Bad Credit History
10. Impact of COVID-19 on Turkey Automotive Loan Market
10.1. Impact Assessment Model
10.1.1. Key Segments Impacted
10.1.2. Key Regions Impacted
10.1.3. Key Provider Type Impacted
11. Market Trends & Developments
11.1. Reduction in Interest Rate for of Automotive Loan
11.2. Increased Use of Direct Digital B2C Channels
11.3. Growing Sales of Cars
11.4. Rise in Fintech Companies
11.5. Surging Demand from Commercial Industries
12. SWOT Analysis
12.1. Strengths
12.2. Weaknesses
12.3. Opportunities
12.4. Threats
13. Policy & Regulatory Landscape
14. Turkey Economic Profile
15. Competitive Landscape
15.1. Company Profiles
15.1.1. Garanti Bankas? A.S.
15.1.1.1. Company Details
15.1.1.2. Product & Services
15.1.1.3. Financials (As Reported)
15.1.1.4. Key Market Focus & Geographical Presence
15.1.1.5. Recent Developments
15.1.1.6. Key Management Personnel
15.1.2. Kuveyt Turk Participation Bank
15.1.2.1. Company Details
15.1.2.2. Product & Services
15.1.2.3. Financials (As Reported)
15.1.2.4. Key Market Focus & Geographical Presence
15.1.2.5. Recent Developments
15.1.2.6. Key Management Personnel
15.1.3. Ziraat Bankas? A.S.
15.1.3.1. Company Details
15.1.3.2. Product & Services
15.1.3.3. Financials (As Reported)
15.1.3.4. Key Market Focus & Geographical Presence
15.1.3.5. Recent Developments
15.1.3.6. Key Management Personnel
15.1.4. Turkiye Halk Bankas? A.S.
15.1.4.1. Company Details
15.1.4.2. Product & Services
15.1.4.3. Financials (As Reported)
15.1.4.4. Key Market Focus & Geographical Presence
15.1.4.5. Recent Developments
15.1.4.6. Key Management Personnel
15.1.5. Akbank T.A.S.
15.1.5.1. Company Details
15.1.5.2. Company Details
15.1.5.3. Product & Services
15.1.5.4. Financials (As Reported)
15.1.5.5. Key Market Focus & Geographical Presence
15.1.5.6. Recent Developments
15.1.5.7. Key Management Personnel
15.1.6. Albaraka Turk Kat?l?m Bankas? A.S.
15.1.6.1. Company Details
15.1.6.2. Product & Services
15.1.6.3. Financials (As Reported)
15.1.6.4. Key Market Focus & Geographical Presence
15.1.6.5. Recent Developments
15.1.6.6. Key Management Personnel
15.1.7. QNB Finansbank A.S.
15.1.7.1. Company Details
15.1.7.2. Product & Services
15.1.7.3. Financials (As Reported)
15.1.7.4. Key Market Focus & Geographical Presence
15.1.7.5. Recent Developments
15.1.7.6. Key Management Personnel
15.1.8. Yap? ve Kredi Bankas? A.S.
15.1.8.1. Company Details
15.1.8.2. Product & Services
15.1.8.3. Financials (As Reported)
15.1.8.4. Key Market Focus & Geographical Presence
15.1.8.5. Recent Developments
15.1.8.6. Key Management Personnel
15.1.9. TEB Finansman A.S. (TEB Cetelem)
15.1.9.1. Company Details
15.1.9.2. Product & Services
15.1.9.3. Financials (As Reported)
15.1.9.4. Key Market Focus & Geographical Presence
15.1.9.5. Recent Developments
15.1.9.6. Key Management Personnel
15.1.10. Anadolubank A.S.
15.1.10.1. Company Details
15.1.10.2. Product & Services
15.1.10.3. Financials (As Reported)
15.1.10.4. Key Market Focus & Geographical Presence
15.1.10.5. Recent Developments
15.1.10.6. Key Management Personnel
16. Strategic Recommendations/Action Plan
16.1. Key Focus Areas
16.2. Target Vehicle Type
16.3. Target Provider Type
17. About Us & Disclaimer
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