Total Vehicle Count in the Car Rental Sector Declined by 0.2% in the First Nine Months
Foreks - The Association of All Car Rental and Mobility Organizations (TOKKDER), the leading organization in the car rental sector, announced the "TOKKDER Operational Leasing Sector Report," prepared in collaboration with independent research company NielsenIQ, detailing the results for the first nine months of 2024.
According to the report, the operational car rental sector made a new vehicle investment of 64.2 billion TL in the first nine months of the year, adding 48,300 vehicles to its fleet. As of the end of the third quarter, the sector's total active size reached 217.8 billion TL. During this period, the total number of vehicles in the sector decreased by 0.2% compared to the end of 2023, falling to 253,500.
The report indicates that Renault continued to be the most preferred brand in Turkey's operational vehicle rental sector, holding a market share of 17.9%. It was followed by Fiat with 17.2%, Toyota with 10.1%, Ford (IS:FROTO) with 9.7%, and Volkswagen with 9.5%. In this period, compact class vehicles accounted for 46.8% of the fleet, while small class vehicles took 30.3%, and upper-middle class vehicles had a share of 10.6%. The share of light commercial vehicles in the operational car rental sector was 2.9% at the end of 2018; it rose to 7.5% by the end of the third quarter of 2024. Diesel vehicles constituted 34.4% of the fleet, while petrol vehicles increased their share to 56.2%. Hybrid and electric vehicles accounted for 9.3%.
Sedans remained in the lead. Another data point from the TOKKDER report indicates that at the end of the first nine months of the year, sedans continued to dominate the vehicle preference rankings based on body type in the operational vehicle rental sector. In this context, vehicles with a sedan body type ranked first with 48.2%, followed by hatchbacks at 23.3%, and SUVs at 19.4%. Station wagons followed with a share of 0.9%. Automatic transmission vehicles constituted 80% of the total vehicle fleet, while manual transmission vehicles made up 20%.
The sector paid a total tax amount of 34.5 billion TL in the first nine months of 2024. The operational leasing sector continued to provide significant tax revenue to the economy during this period.
Due to increasing costs and challenges in accessing appropriately priced and timely financing, the sector is unable to grow! Evaluating the results of the operational leasing sector for the first nine months of 2024, TOKKDER Chairman Kağan Yaşa stated, "Although there is a demand for operational vehicle leasing, due to the increase in rental prices along with inflation and obstacles in accessing financing sources, growth has fallen short of expectations. If inflation is controlled and financing is accessible, our sector will enter a growth process again. I predict the operational vehicle leasing sector will also close the last quarter of the year with a slight decline. In 2025, the sector's development will depend on the course of economic activity, access to financing, and costs."
Kağan Yaşa also mentioned the benefits that operational leasing offers to businesses: "Regardless of their area of operation and size, every company should prioritize resilience to become a sustainable company and ensure a sustainable workforce. It has become increasingly important for companies to review and update their business plans, enhance their efficiency and implement areas where savings can be made during this period. From this perspective, the operational vehicle leasing sector continues to offer various benefits to businesses and even individuals. The sector provides vehicles at more affordable costs and manages many elements such as damage management, maintenance, and winter tires to reflect the cost advantage to its customers. Acquiring vehicles entails high investments for companies and potential inefficiencies in vehicle management. Additionally, companies that prefer purchasing must also bear the risks associated with ownership."