Delhi, India (PressExposure) May 12, 2009 -- According to a Research Analyst at RNCOS, the automobile production in Turkey is anticipated to see upward trend by the end of 2009, overcoming the slowdown during the initial months due to credit crunch.
RNCOS new research report, âTurkey Automobile Sector Forecast (2008-2012)â, also highlights that Turkey continues to be one of the most rapidly growing automobile markets in the world. The automotive production is expected to surge at a CAGR of nearly 11% during 2008-2012.
The automobile production in Turkey witnessed 11% increase in 2007 as compared to 2006 in the backdrop of rising Foreign Direct Investment (FDI), says the report. Moreover, the FDI, which mainly came in the form of property sales, mergers & acquisitions and privatizations, surged by 9.8% to US$ 21.9 Billion in 2007. Around 10% of the total FDI in the country is in the automobile sector.
According to report, more and more FDI is making its way into the Turkish automobile industry that has been a big beneficiary of outsourcing in the European automotive industry for last two decades.
Apart from this, low-cost service is another major factor for this stupendous growth. Low production and cheap labor are encouraging overseas manufacturers to set up their production units in Turkey and export automobiles to the European nations.
From the future perspective, the report estimates that planned investments in Turkeyâs automobile industry are comprised of US$ 3.5 Billion for capacity building, US$ 3.5 Billion aimed at developing new models and US$ 2 Billion for upgrading the existing technology. By virtue of these investments, the annual automobile production is expected to grow to 1.8 Million by 2012.
âTurkey Automobile Sector Forecast (2008-2012)â provides comprehensive information and rational analysis on the automotive industry in Turkey. The report thoroughly discusses the market trends, analyzes its various segments, like Passenger Cars, Tractors, Commercial Vehicles and Automobile Component Market, and gives insight into the industry structure.
The report also gives projections on critical segments of the industry including Automotive Productive, Automotive Exports, Commercial Vehicle Registrations, Passenger Car Stock, Passenger Car Registrations as well as Premium from Passenger Car Insurance.
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