The automobile and light commercial vehicle market in Türkiye grew by 55.2% to the highest level ever recorded in the first quarter, according to the data by the Automotive Distributors and Mobility Association (ODMD).

The data showed that in the first quarter, the automobile and light commercial vehicle market reached 235,971 units, with March alone experiencing a 61.7% surge to a record-breaking 103,929 units sold.

This increase derives from several factors, such as easing supply chain constraints, pent-up demand, and low accurate interest rates.

ODMD Secretary General Hayri Erce commented on the data, noting that the availability issues that plagued the industry for over two years have been partially alleviated.

He also highlighted that the rise in sales could be attributed to pent-up demand from individual consumers and fleet customers. He said fleet purchases, including those from daily rental companies, typically begin during these months.

Erce suggested that there could be a shift in the exchange rate, which directly impacts vehicle prices due to negative, accurate interest rates. In addition, he noted that consumers increasingly seek to invest their money in tangible assets, like automobiles.

In March, passenger car sales increased by 57.9%, reaching 79,226 units. Meanwhile, the light commercial vehicle market saw an increase of 75.3%, with 24,703 units sold during the same period.

During the first quarter, Fiat emerged as a clear leader among the brands that recorded the most sales, experiencing a 121.6% increase, with 49,704 units sold.

Ford also enjoyed a notable uptick, selling 23,001 vehicles, a 62.2% increase compared to last year. Peugeot also performed well, with a sales increase of 139%, reaching 18,194 units sold. Stellantis brands also saw substantial growth in sales.