Istanbul, May 6 () - Turkey's car and light commercial vehicle market soared by 57.11 percent the first 4 months of the year, against in the same period in 2014, when the market shrinked due to lira depreciation and rising interest rates on consumer loans, according to the data released by the Auotomotive Distrubuters Association (ADA), on Wednesday.
Total car and light commercial vehicle market rose to 265 thousand units in the first quarter, up from 169 thousand units in the same period of last year.
Car sales rose by 49.26 percent to 197 thousand units in the first quarter, against in the same period of 2014, while light commercial vehicle sales rose by 85.54 percent to 68 thousand units over the same period.
"In 2015, expectation on interest-rate increase by U.S. Federal Reserve Bank (Fed) in
parallel with economic recovery, decision to continue with monetary expansion by European Central Bank (ECB) in order to support economic recovery, the general election process we are in, geopolitical developments, Central Bank of Turkey's determination to fight against inflation, improvement in current account deficit, structural reforms to be made and forthcoming elections will be decisive" ADA said in the statement on the market developments in the first 4 months of the year.
"We foresee that the automotive industry's total market for the year 2015 to be between 900 and 950 thousand in quantity" it added, lifting upper and lower limits of the estimation by 75 thousand units from between 825 and 875 thousand.
