The value-added of Electrical Equipment in Turkey experienced consistent growth from 2013 to 2023, reaching 31.45 billion New Turkish Liras in 2023. Over this period, we observed an overall increasing trend with a significant spike in growth in years like 2017 (24.92%) and 2018 (28.24%). However, growth sharply declined in 2020 (-15.01%) due to external shocks, followed by a strong recovery in 2021 (27.02%). The growth rate stabilized into modest single digits in 2022 and 2023 (5.05% and 4.71%, respectively). The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) averaged at 5.69%.

Future trends to watch for include:

The forecasted CAGR from 2024 to 2028 is a more conservative 3.31%, indicating a potential slowdown in growth rate.
Industry developments, technological advancements, and policy changes will likely impact future growth.
Global economic conditions and supply chain dynamics will continue to be crucial factors influencing the sector.