Although Turkey was one of the emerging markets in the world, slow growth in Europe, internal political turmoil, and a deteriorating geopolitical environment on its borders have negatively impacted exports, investment, and growth.

In addition, the influx of 3 million Syrian refugees in 2015 and 2016 created new social, economic, and political demands, particularly in urban centers where most refugees are living, according to a report by the World Bank.

Internally, political turmoil in 2015 and 2016 has exerted downward pressure on the country's economy.

In terms of the fleet market, there are more than 17 million vehicles in Turkey, of which 40% are fleet vehicles. Fewer than 13% of the population in Turkey either owns or drives a vehicle, according to research by Automotive Fleet magazine.

In terms of fleet passenger cars, only 10% of the 2.4 million company cars in Turkey are leased, but demand for fleet leasing has been growing.

One area of growth in both the retail and fleet market has been the issuance of fuel cards. More than 170,000 new fuel cards will be issued between 2016 and 2021, totaling to 864,951 cards in the market. Of those cards 47.6% will be held by fleet vehicles, according to GlobalData. Total fleet card volumes rose by 9.8% in 2015 to total 3,328m litres continuing the upward trend started in 2013. Petrol Ofisi maintained its market share in 2015 as it continued to be the dominant fuel card market leader accounting for 24.3% in 2015, according to GlobalData.

Over 170,000 new fuel cards will be issued between 2016 and 2021, totaling to 864,951 cards in the market, according to a report issued by GlobalData.

Another indicator of fleet market vitality is the tire market in Turkey, which is projected to be more than $3 billion by 2022, according to a study by Research and Markets.

According to the study, the Marmara region of Turkey dominated demand for tires in the country, due to large population base and large automobile fleet size in the region. Turkey is prominently divided into seven regions including Marmara Region, Central Anatolia, Aegean Region, Mediterranean Region, Black Sea Region, South Eastern Anatolia Region, and Eastern Anatolia Region.

Demand for tires in Turkey emanates from OEM and replacement segments, said Research and Markets. Rising demand for tires in Turkey is attributed to expanding automobile fleet size, rising vehicle sales, and growing automobile production across the country. According to the World Bank, per capita Gross National Income of Turkey stood at $9,950 in 2015. Rising disposable income levels coupled with increasing standards of living across the country are anticipated to boost demand for automobiles and related tires across the country during 2017-2022.

P.S. Check out the latest on the 2017 Global Fleet Conference in Miami June 6-8, 2017: www.globalfleetconference.com