Posted On: 2021-02-02
The Electric Passenger car acquired the largest revenue share in the Turkey Electric Vehicle Market – 6Wresearch.
Turkey Electric Vehicle & Charging Infrastructure Market witnessed substantial growth in recent years on account of the growing government efforts in the form of tax incentives to promote electric vehicles across the country. With an aim to reduce the dependency on imported energy, the government of Turkey is focusing on the development of public charging infrastructure and e-mobility under its Turkey Automobile sector strategy document and action plan 2016-2019, thus, fostering the demand for electric vehicles. Further, with growing awareness regarding the air pollution and to decarbonize the transport sector, the adoption of electric vehicles is anticipated to increase at a considerable rate during the forecast period, on account of the contribution of electric vehicles to the cleaner urban landscape.
According to 6Wresearch, Turkey Electric Vehicle And Charging Infrastructure Market size is projected to grow at a CAGR of 51.6% during 2020-26. As per the National Energy Efficiency Action Plan (2017-2023), electric vehicle charging facilities need to be installed at the parking lots, fuel stations and other suitable locations with the affirmative consent of the affiliated electricity distribution company. As per the guidelines given in the draft, at least one of fifty parking spaces must have charging stations at paid parking lots on the street sides and shopping malls. Thus, with the growing adoption of electric vehicles and an increasing number of charging stations, the electric vehicle and charging infrastructure market revenues are anticipated to witness robust growth during the forecast period.
According to Alpana Tyagi, Senior Research Analyst, 6Wresearch, “based on type, electric passenger cars acquired the major share in overall Turkey electric vehicle market revenues and would continue to maintain its dominance over the coming period as well. The main reason cited for the dominance of electric passenger cars is lower maintenance cost and the higher resale value.
Additionally, due to the strong support provided by the government in the form of tax incentives, the demand for electric passenger cars is bound to increase in the years to come”, Alpana concluded.
According to Ayush Goel, Research Associate, 6Wresearch, “DC chargers garnered a major share in overall Turkey electric vehicle charging infrastructure market revenues, owing to its huge usage at the commercial and public charging stations. The same trend is anticipated to persist in the coming years as well.”
Turkey Electric Vehicle and Charging Infrastructure Market (2020-2026F) report provides an-in-depth analysis with 14 figures and 5 tables, covered in 75 pages. The report estimates and forecast the Turkey electric vehicle and charging infrastructure market by product, type and applications. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.