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Country Report

Luxury Cars in

Premium and Luxury Cars in Turkey

Jan 2020

US$990

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Executive Summary

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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

PROSPECTS

Growth decreases as the exchange rate rises, making luxury cars more expensive for consumers

In 2019, the luxury car landscape saw a considerable decline in retail value growth, having experienced positive and significant growth over the review period. This negative result was the impact of the rise in the exchange rate.

Luxury car models boost sales and interest in hybrid cars, while SUVs are a success in Turkey

Consumers who are ready to pay for a luxury cars often seek legendary models, famous for their appearance in films - such as James Bond - and the personality of their drivers. Manufacturers often respond to this demand by relaunching vintage models in limited editions, such as the Ferrari Dino in 2015 or the Aston Martin DB4 GT in 2017.

Luxury car makers continue to expand their operations in Turkey

Turkey has just 200 cars per 1,000 people, compared to between 500 and 600 in Western Europe. In Europe, there is no VAT on cars, but Ankara imposes VAT plus a special consumption tax.

COMPETITIVE LANDSCAPE

Mercedes-Benz leads luxury cars, as the Mercedes Benz-E model performs well in 2019

Mercedes-Benz leads the landscape of luxury cars in Turkey, and in 2019, Mercedes Benz-E model cars were sold in the country, taking the largest share in the E-segment. Mercedes-Benz does not use a distributor like Audi and BMW in Turkey, instead running its own operations.

New retail concepts are used to push awareness and value sales of luxury cars

New retail concepts have been developed to broaden distribution and target a wider customer base, for example digital showrooms. Audi City Istanbul, where visitors can obtain all information related to Audi and can see virtual versions of all Audi models in their exact size, is now also open at Istinye Park.

Second-hand luxury cars continue to be a threat to the value sales and growth of luxury cars

Since 2010, Turkish banks started to offer finance for second-hand cars, adversely impacting the luxury car landscape. Additionally, the price of a 3-year-old luxury car is almost a third lower than its original cost in Turkey.

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Overview

Why buy this report?

Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

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Files are delivered directly into your account within a few minutes of purchase.

Overview

Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in Turkey with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Luxury Cars industry in Turkey, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Cars in Turkey market research report includes:

Analysis of key supply-side and demand trends
Detailed segmentation of international and local products
Historic volumes and values, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

What is the market size of Luxury Cars in Turkey?
What are the major brands in Turkey?

Why buy this report?

Gain competitive intelligence about market leaders
Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply functions

This industry report originates from Passport, our

Luxury Goods market research database.

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Premium and Luxury Cars in Turkey - Category analysis

HEADLINES

PROSPECTS

Growth decreases as the exchange rate rises, making luxury cars more expensive for consumers

Luxury car models boost sales and interest in hybrid cars, while SUVs are a success in Turkey

Luxury car makers continue to expand their operations in Turkey

COMPETITIVE LANDSCAPE

Mercedes-Benz leads luxury cars, as the Mercedes Benz-E model performs well in 2019

New retail concepts are used to push awareness and value sales of luxury cars

Second-hand luxury cars continue to be a threat to the value sales and growth of luxury cars

CATEGORY DATA

Table 1 Sales of Premium and Luxury Cars: Value 2014-2019
Table 2 Sales of Premium and Luxury Cars: % Value Growth 2014-2019
Table 3 NBO Company Shares of Premium and Luxury Cars: % Value 2014-2018
Table 4 LBN Brand Shares of Premium and Luxury Cars: % Value 2015-2018
Table 5 Forecast Sales of Premium and Luxury Cars: Value 2019-2024
Table 6 Forecast Sales of Premium and Luxury Cars: % Value Growth 2019-2024

Luxury Goods in Turkey - Industry Overview

EXECUTIVE SUMMARY

Despite a decline in growth, the increase in tourism, the rise of men’s apparel and the opening of new luxury stores, positively benefited luxury goods

The growing health and wellness trend, customisation and a desire for co-ordinated outfits shapes luxury offerings

Luxury car players led the landscape, as competitors launch limited-edition products to gain value share

Store-based retailing remains the dominant distribution channel, however, internet purchases are on the rise

Growth is predicted to increase over the forecast period, driven by women in the workforce and growth of luxury cars

MARKET INDICATORS

Table 7 Number of High Net Worth Individuals (HNWI): 2014-2019

MARKET DATA

Table 8 Sales of Luxury Goods by Category: Value 2014-2019
Table 9 Sales of Luxury Goods by Category: % Value Growth 2014-2019
Table 10 Inbound Receipts for Luxury Goods by Country of Origin: Value 2014-2019
Table 11 NBO Company Shares of Luxury Goods: % Value 2014-2018
Table 12 LBN Brand Shares of Luxury Goods: % Value 2015-2018
Table 13 Distribution of Luxury Goods by Format and Category: % Value 2019
Table 14 Forecast Sales of Luxury Goods by Category: Value 2019-2024
Table 15 Forecast Sales of Luxury Goods by Category: % Value Growth 2019-2024

Megatrends

Country Report

Premium and Luxury Cars in Turkey

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Executive Summary

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PROSPECTS

Growth decreases as the exchange rate rises, making luxury cars more expensive for consumers

Luxury car models boost sales and interest in hybrid cars, while SUVs are a success in Turkey

Luxury car makers continue to expand their operations in Turkey

COMPETITIVE LANDSCAPE

Mercedes-Benz leads luxury cars, as the Mercedes Benz-E model performs well in 2019

New retail concepts are used to push awareness and value sales of luxury cars

Second-hand luxury cars continue to be a threat to the value sales and growth of luxury cars

Overview

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Overview

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Table of Contents

Premium and Luxury Cars in Turkey - Category analysis

HEADLINES

PROSPECTS

Growth decreases as the exchange rate rises, making luxury cars more expensive for consumers

Luxury car models boost sales and interest in hybrid cars, while SUVs are a success in Turkey

Luxury car makers continue to expand their operations in Turkey

COMPETITIVE LANDSCAPE

Mercedes-Benz leads luxury cars, as the Mercedes Benz-E model performs well in 2019

New retail concepts are used to push awareness and value sales of luxury cars

Second-hand luxury cars continue to be a threat to the value sales and growth of luxury cars

CATEGORY DATA

Luxury Goods in Turkey - Industry Overview

EXECUTIVE SUMMARY

Despite a decline in growth, the increase in tourism, the rise of men’s apparel and the opening of new luxury stores, positively benefited luxury goods

The growing health and wellness trend, customisation and a desire for co-ordinated outfits shapes luxury offerings

Luxury car players led the landscape, as competitors launch limited-edition products to gain value share

Store-based retailing remains the dominant distribution channel, however, internet purchases are on the rise

Growth is predicted to increase over the forecast period, driven by women in the workforce and growth of luxury cars

MARKET INDICATORS

MARKET DATA

SOURCES

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