Turkey is becoming a top 10 economy

Dec. 2, 2015
Turkey is experiencing strong and sustainable economic growth, and is working hard toward its goal of becoming one of the world’s Top 10 economies by 2023.

Turkey is experiencing strong and sustainable economic growth, and is working hard toward its goal of becoming one of the world’s Top 10 economies by 2023.

Turkey also is a strong market for North American automotive aftermarket products, so the Overseas Automotive Council (OAC) of the Automotive Aftermarket Suppliers Association (AASA) has chosen it as the first of its U.S. Department of Commerce certified trade missions in April 2016.

Why Turkey? Its gross domestic product (GDP) per capita has more than tripled over the past decade. Turkey's rising middle class has resulted in an explosion of consumer demand. The country is home to a young, educated labor force with more than half of its population under the age of 30.

Much of this consumer demand is focused on automotive-related spending. Turkey’s average age for passenger cars is 11.8 years, according to the Frost & Sullivan report, “Strategic Analysis of the Turkish Automotive Aftermarket: Capitalizing on Growth in Vehicle Maintenance and Repairs.”

In the light vehicle segment, nearly 65 percent of the vehicle parc is above five years old. This shows a considerable amount of vehicles are in the aftermarket “sweet spot” in terms of needed repair and maintenance. An overview of the Frost & Sullivan report appears in the Q3 2015 issue of the OAC / AASA Global Report.

Turkey’s market has a high demand for U.S. exports and it is a friendly climate for U.S. companies. More than 1,000 small, medium and large U.S. firms have already opened offices in Turkey. Given its close proximity to markets in Europe, the Middle East and Central Asia, Turkey serves as a regional hub for many of these firms.

Automotive aftermarket exporters can expand their global business in Turkey by joining the OAC’s certified trade mission to Istanbul on Sunday, April 3, through Thursday, April 7, 2016. The Turkey Trade Mission agenda will include a welcome/networking reception, one-on-one meetings with local distributors, site visits of local distribution facilities and follow up meetings with potential customers and/or participation in Automechanika Istanbul.

The AASA OAC trade mission is certified by the U.S. Commercial Service. USCS representatives will provide market briefings on Turkey for the delegation and recruit local aftermarket distributors for AASA OAC member companies to meet.

Companies interested in participating in the AASA OAC trade mission may submit applications to the Department of Commerce here. Please note that registering companies will be vetted by the Department of Commerce in January, so applications should be submitted as soon as possible. For more information, contact [email protected].

The AASA OAC is planning a certified trade mission to Chile and Peru in the fall of 2016. Future trade missions also are planned for Bolivia (Santa Cruz), Columbia, China, Guatemala/Panama, Poland, the Middle East, Russia, South Africa and South Korea.

The OAC strives to be the premier international community for all North American manufacturers and exporters, and all international importers, distributors and agents who participate in the automotive aftermarket. For more information about the OAC, AASA and its global outreach services, visit www.oac-intl.org.

Editor’s note: Ben Brucato is the director of membership and sponsorship of the Automotive Aftermarket Suppliers Association (AASA) and executive director of the AASA Overseas Automotive Council (OAC).

The AASA OAC promotes the sale in foreign markets of automotive and heavy-duty products manufactured in North America. Those products include components, accessories, chemicals, hand and power tools, service maintenance and repair equipment, and paint and body supplies for cars and trucks. OAC has more than 350 members in more than 40 countries.

AASA exclusively serves manufacturers of aftermarket components, tools and equipment, and related products that support 710,000 employees in the United States.

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