The production in the Manufacture of Domestic Appliances Sector in Turkey has been experiencing a strong upward trend over the past decade, marked by significant growth. In 2023, production reached a value of 109.16 Billion New Turkish Liras, which was an increase of 13.73% from the previous year. Over the last two years (2022 and 2023), the sector grew by an average of approximately 14.92% annually. Over the previous five years, from 2019 to 2023, the compound annual growth rate (CAGR) stood at 18.25%, indicating robust performance.
Key trends in production growth from 2013 to 2023 include a notable surge in 2018 and 2020, with annual growth rates of 31.38% and 30.78% respectively. These years marked some of the highest year-on-year increases in the period under consideration, contributing significantly to the overall expansion of the sector.
As we look towards the future, the sector is expected to continue its growth trajectory. Forecasts suggest a 5-year CAGR of 7.21%, with production expected to reach 173.11 Billion New Turkish Liras by 2028, representing a total growth rate of 41.66% over these five years.
Future trends to watch for include:
- Technological advancements and innovation within the domestic appliances sector
- Increasing consumer demand driven by rising disposable incomes and urbanization
- Expanding export markets and Turkey’s strategic position in global supply chains
- Potential impacts of economic factors such as inflation, exchange rates, and trade policies
