OSD: Automotive Exports Surpass $30 Billion in Just 10 Months
The Automotive Industry Association (OSD), which serves as the umbrella organization for the Turkish automotive industry with its 13 members, has announced production and export figures along with market data for the January-October 2024 period.
According to the announcement, total automotive production in the first ten months of the year decreased by 7% compared to the same period last year, reaching 1,122,567 units. Car production also saw a 5% decline, totaling 742,303 units. Including tractor production, total output reached 1,162,178 units. During this period, production in the commercial vehicle segment declined by 12% year-over-year, while heavy commercial vehicle production decreased by 25% and light commercial vehicle production fell by 10%. The automotive industry's capacity utilization rate during this period was recorded at 69%. Capacity utilization rates by vehicle type were 70% for light vehicles (cars + light commercial vehicles), 72% for trucks, 51% for buses-midibuses, and 63% for tractors.
In October, the highest monthly export value was achieved!
In the first ten months of the year, automotive exports remained parallel to the same period of the previous year in terms of units, totaling 826,259 vehicles. During this period, car exports decreased by 2% compared to the previous year, while commercial vehicle exports increased by 1%. Tractor exports, however, saw a significant decline, dropping by 24% year-on-year to 11,860 units. According to data from the Turkish Exporters Assembly, total automotive industry exports remained in first place in the sectoral export ranking for the first ten months of 2024, with a total export value of $3.6 billion in October, marking the highest monthly export value. According to the Uludağ Exporters' Associations (UIB), total automotive exports in the first ten months of 2024 increased by 3% compared to the same period in 2023, reaching $30.2 billion. In euro terms, exports rose by 2%, amounting to €27.7 billion. During this period, main industry exports increased by 5% in dollar terms, while supply industry exports also grew by 2%.
The total market approached 1 million!
In the first ten months of 2024, the total market decreased by 2% compared to the same period last year, reaching 983,968 units. In this period, the car market remained stable compared to last year, reaching 750,935 units. Looking at the commercial vehicle market, the total commercial vehicle market declined by 7%, heavy commercial vehicle market fell by 10%, and light commercial vehicle market decreased by 6% in the first ten months of the year compared to the same period last year. The market share of domestic vehicles in car and light commercial vehicle sales during the January-October 2024 period was recorded at 29%.