Smart Appliances - Turkey

Turkey

Revenue in the Smart Appliances market is projected to reach €369.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.34%, resulting in a projected market volume of €526.9m by 2029.
In the Smart Appliances market, the number of active households is expected to amount to 7.3m users by 2029.
Household penetration will be 10.8% in 2024 and is expected to hit 36.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €173.10.

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Analyst Opinion

The Smart Appliances market in Turkey is experiencing significant growth and development, driven by various factors such as increasing consumer demand, technological advancements, and favorable government initiatives. Customer preferences in the Smart Appliances market in Turkey are shifting towards energy-efficient and connected appliances.

Consumers are increasingly looking for appliances that not only provide convenience but also help them save on energy costs. This trend is driven by growing awareness of environmental issues and the need to reduce energy consumption. Additionally, consumers are seeking appliances that can be controlled and monitored remotely through smartphones or other smart devices, allowing them to manage their homes more efficiently.

Trends in the Smart Appliances market in Turkey include the adoption of smart home systems and the integration of artificial intelligence (AI) technology. Smart home systems, which connect multiple appliances and devices in a home, are becoming more popular as they offer convenience and energy savings. AI technology is also being integrated into appliances, enabling them to learn and adapt to user preferences, further enhancing convenience and efficiency.

Local special circumstances in Turkey contribute to the development of the Smart Appliances market. The country has a young and tech-savvy population, which is driving the demand for smart appliances. Additionally, the government has been actively promoting the use of energy-efficient appliances through incentives and regulations.

This has encouraged manufacturers to develop and market smart appliances that meet the country's energy efficiency standards. Underlying macroeconomic factors in Turkey, such as a growing middle class and increasing disposable incomes, are also driving the growth of the Smart Appliances market. As more households have the financial means to invest in smart appliances, the market is expanding rapidly.

Furthermore, the urbanization trend in Turkey is leading to smaller living spaces, which creates a demand for compact and multifunctional appliances that can maximize space utilization. In conclusion, the Smart Appliances market in Turkey is witnessing significant growth and development due to changing customer preferences, technological advancements, favorable government initiatives, and underlying macroeconomic factors. The demand for energy-efficient and connected appliances, the adoption of smart home systems, and the integration of AI technology are some of the key trends driving the market.

Local special circumstances, such as a young and tech-savvy population and government support for energy-efficient appliances, further contribute to the market's growth.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.