Automobile industry of turkey is booming and becoming profitable for country’s economy despite domestic recession and hence government is also supporting the growth.
Automobile manufacturers in Turkey’s Motor City, Bursa, where almost all of the country’s key automotive plants reside and are work at virtually chock-full capacity, with machines operating ceaselessly to complete orders. Even though the industry is going through a lean period on domestic front, the exceptional upsurge in foreign demand that is enabling industry to make records in exports is compelling manufacturers to strike competence. Producers are injecting fresh investments, strategizing to employ more manpower so as to move ahead of competition and facilitate to work three shits a day, as per the news published on Todays Zaman.
In 2006, vehicle exports from Turkey increased 25% to reach 637,360 vehicles - almost twice of 2003, according to Turkish Automotive Manufacturing. Turkey's vehicle exports might soar to 1.5 million vehicles annually as entire production ascends to 2 million in the middle term.
Presently, approximately fifty percent of cars manufactured in turkey are exported to EU, inclusive of Honda's Civic, Toyota's Corolla Verso, Fiat's Marea and Renault's Megane. Ford recently announced that it is soon going to start its Turkish-built Transit Connect light truck exported to U.S.
The Turkish government has progressively managed the dawn of the automobile industry in the past 15 years by implementing EU vehicle standards and supporting and granting subsidies for investments in research and development. In addition, it assisted in funding an innovative R&D center and automotive technology at the Istanbul Technical University. Fiat has moved the expansion work for new Linea sedan to its Tofas joint project in Turkey.
Turkey’s automobile export market is rising as the country has adequate and competent manufacturing capacity, robust supplier industry in conformity with worldwide standards that are capable of manufacturing at requisite terms, knowledgeable, commercial, vibrant, and competent human capital, agreement with international technical rules, aggressive manpower costs and incessant investment in technology.
Turkey’s automotive exports are also escalating annually as it possesses the potential to expand competitive power in conformity with the globalization progression. Moreover the country also benefit from its strategic geographical positioning in the perspective of proximity to developed and developing markets.
As per the research analyst at RNCOS, “certainly, automobiles have developed into fuel for economic development of Turkey, producing almost $14 billion in revenues in 2006. With the further increase in the interest of automakers towards turkey, this figure is bound to increase.”
Related Market Research Reports:
Turkey Automobile Sector Forecast (2008-2012)
China Automobile Sector to 2010
Czech Republic Automobile Sector
