President Recep Tayyip Erdogan vowed on Monday to correct any mistakes that led to his party's defeat in Turkey's local elections where the opposition capitalized on economic woes.

Sunday's vote marked Erdogan and his AK Party's (AKP) worst defeat in more than 20 years in power, revitalizing the opposition party and strengthening Istanbul Mayor Ekrem Imamoglu's standing as the president's main rival, Reuters reported.

Redrawing a political map long dominated by the AKP, the Republican People's Party (CHP) won the popular vote for the first time in decades and swept most of the main cities, penetrating far into conservative central Turkey.

Analysts said voters lost patience with both a cost-of-living crisis driven by near 70% inflation and Erdogan's divisive political style.

The result bruised his hopes of adopting a new constitution, which could potentially extend his rule beyond 2028 when his term ends, they said. Though AKP and its allies have a majority in parliament, Erdogan would need broader support or a successful referendum for a new constitution.

Erdogan delivered a somber and introspective speech in the early hours of Monday. "This is not an end for us, but actually a turning point," he said, acknowledging a "loss of altitude" for the AKP.

"If we made a mistake, we will fix it," he told crowds gathered at the AKP headquarters in Ankara, without indicating what changes he might make within his party or in policy.