Vestel to become a global player in mobility and energy storage

Vestel Mobility aims to reach billion-dollar market cap within the next three years

Türkiye's technology giant Vestel unites all mobility and energy storage projects, run on substantial investments throughout the last ten years, under an umbrella organization of 'Vestel Mobility.' Vestel CEO Ergün Güler noted that the company will focus on charging stations and automotive electronics in the electric vehicle industry which is on course to grow by 30 percent on average per year, as well as battery energy storage systems.

ISTANBUL, April 5, 2024 /PRNewswire/ -- Vestel will unite years of investment in mobility in Turkish and European markets under the 'Vestel Mobility' structure. Targeting a billion-dollar market cap within the next three years, the company has long been investing in mobility, a high-ranking growth area of tomorrow.

Vestel CEO Ergün Güler pointed out that by 2030, electric vehicles will reach 45 percent share in overall global vehicle sales, subsequently creating significant opportunities in automotive electronics with an increasing demand for EV charging stations. Güler explained that the advancing electric vehicle industry also advances battery technologies, prompting a high growth potential for non-automotive battery use. Vestel Mobility, in turn, focuses on AC/DC charging stations, automotive electronics and battery energy storage solutions to take advantage of this growth. Güler added, "Geopolitical transformations are unfolding across the world, accompanied by subsequent technological changes. Vestel follows these changes closely and invests in up-and-coming areas. We have been investing for years now in mobility and energy storage solutions, in both of which we foresee exponential growth. Building on our well-established experience in electronics, we manufacture EV charging stations since 2017 and export them since 2018. We already have a significant market share in this field in Türkiye and Europe."

Electric vehicle market grows rapidly

Ergün Güler reminded that electric vehicles will gain further popularity in the near future: "As of late 2023, electric vehicles constitute around 12 percent of new car sales. That means, if 90 million vehicles are sold per year, then around 10 million of them are electric vehicles. We expect this ratio to reach 40-45 percent by 2030. As the number of electric vehicles soars, so will the market for electric vehicle components, up to around $440 billion by 2030. Boston Consulting Group estimates that the worldwide electric vehicle stocks will reach 225 million by 2030. In direct correlation, the number of charging sockets will reach 124 million, which corresponds to around $42 billion in market size. Driven by the 30 percent yearly average growth in the electric vehicle market, Germany is predicted to maintain its position as the largest market in Europe, with the UK market also set to expand significantly. Vestel is the largest EVC manufacturer and exporter in Türkiye. We export to nearly 30 countries with Germany, Italy, the UK, and Spain taking the lead."