The production in the manufacture of electric lighting equipment sector in Turkey has shown a consistent upward trajectory over the past decade. From a value of 2.8 billion New Turkish Liras (TRY) in 2013, it has surged to 18.37 billion TRY in 2023. Over the last two years, the industry grew by 18.26% in 2022 and by 15.28% in 2023. The five-year Compound Annual Growth Rate (CAGR) from 2018 to 2023 was a robust 20.69%, indicating a strong and sustained growth momentum.
Looking ahead to the forecast period from 2024 to 2028, the sector is expected to continue its expansion, though at a slightly moderated pace, with a forecasted 5-year CAGR of 7.75%. By 2028, the industry is projected to reach a production value of 30.18 billion TRY, reflecting a growth rate of 45.26% over the five-year forecast period.
Future trends to watch for in this sector include technological advancements in lighting solutions, increased energy efficiency standards, and the rising adoption of smart lighting systems. Additionally, economic and regulatory changes in Turkey, as well as global market dynamics, will also play significant roles in shaping the sector's trajectory.
