Turkey Refrigerator Market, By Type (Bottom Freezer, Top Freezer, French Door, Single Door, and Side-by-Side), By Technology (Non-Smart vs Smart), By Distribution Channel [(Multi Branded Stores, Supermarkets/Hypermarkets, Online, Others (Direct Sales, Wholesales, etc.)], By End User (Residential Vs. Commercial), By Region (Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea and Eastern Anatolia), By Top 3 Regions, Competition, Forecast & Opportunities, 2017-2027F
Turkey refrigerator market is forecast to grow at CAGR of 9.67% through 2027 to reach USD2671.93 million by 2027 due to improving living standards and technological advancements. Furthermore, rising urbanization, product innovation, and income are expected to boost the Turkey refrigerator market during the forecast period.
A refrigerator is a machine utilized for keeping things cold. It comprises a thermally protected compartment and a heat pump that transfers heat from inside to outside to cool it below room temperature. It is utilized to cool food and different items. Refrigerators are commonly used in both, homes and businesses, to provide a handy and safe way of preserving food. To attract end-users, industry manufacturers are working on introducing a higher level of luxury and new refrigeration products. The bottom freezer refrigerator type has dominated the market, with a majority of the market share of 40% in 2021.
Turkey, with 7% share, is the second-largest home appliance manufacturer in the world after China. Moreover, Turkey became Europe's largest home appliances exporter in 2021. Simultaneously, organizations are banding together with different innovations, programming, and part suppliers to help improve smart refrigerators. Furthermore, the compressor-less refrigerator is one of the remarkable mechanical advancements which will become a colossal development factor in the market.
During the COVID-19 pandemic, the demand for goods that improve comfort at home, such as refrigerators, electric cooking, washing machines, and ACs, increased due to the continuation of work from home culture. Owing to this, there was a positive effect felt on sales of appliances from March to May. Moreover, buyers of durable goods again enrolled in double-digit production growth in Q3FY21.
Rising Disposable Income is Driving the Market Growth
The rising disposable income improving living standards are driving the Turkey refrigerator market. The requirement for comfort instigates consumers to upgrade their current appliances to more advanced versions, driving the market demand for refrigerators. Moreover, the growing consumption of frozen and processed foods is fueling the demand for refrigerators. Therefore, individuals are moving toward refrigerators with advanced features for everyday comfort that will offer them large storage space, reduce manual efforts, and save time.
Technological Advancements at Low Prices are Driving Market Growth
Advancements in technology and higher market competition are why the value declines in the purchaser durables segment. Developing connected homes is energizing the interest in advanced features in new-age refrigerators. The new inverter innovation controls the energy and power utilization according to the customer's necessities so that the consumer will not have to pay very high bills. This is because there are numerous different improvements in refrigerators, such as advanced features, cost, energy efficiency, etc., which lead to the increased demand for refrigerators in the Turkey market. The future will belong to interconnected and smart devices.
Policies to Improve Energy Efficiency in Turkey are Fueling the Market Growth
Energy efficiency is just one aspect of all the features. Refrigerators require a lot of energy since they are used continuously throughout the day and are used in both, residential as well as commercial settings. Label and standard programs can be utilized to improve energy efficiency because designing more efficient models and consequently reducing the energy consumption of refrigerators is important. As Turkey's government plans to spend heavily on improving energy efficiency, consumer durables such as refrigerators will be in high demand in the future years. As a result, the current focus on technological progress has been mainly on the energy use of refrigerators.
The Turkey refrigerator market is segmented based on type, technology, distribution channel, end user, region, and competition. Based on type, the market is further segmented into bottom freezer, top freezer, french door, single door, and side-by-side. Technology is further segmented into non-smart and smart. The distribution channel is segmented into multi-branded stores, supermarkets/ hypermarkets, online, and others. It also studies the end use segment which is further segmented into residential and commercial. The market analysis also studies the regional segmentation divided into Marmara, Central Anatolia, Mediterranean, Aegean, Southeastern Anatolia, Blacksea, and Eastern Anatolia.
Arcelik A.S., BSH Ev Aletleri Sanayi ve Ticaret A.S., Vestel Elektronik A.S., Samsung Electronics Turkey (SETK), LG Electronics Ticaret A.S., Electrolux Dayanikli Tuketim Mamulleri A.S., Liebherr Makine Ticaret Servis Limited Şirketi, Midea Group Co., Ltd., Haier Smart Home Co., Ltd. etc, Godrej & Boyce Manufacturing Company Limited are some of the leading market players of the Turkey refrigerator market. New market players are also actively entering the market in the recent years and further strengthening the growth of the future market growth.
In this report, Turkey refrigerator market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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