Market Report, "Refrigeration Appliances in Turkey", published

From: Fast Market Research, Inc.
Published: Tue Feb 03 2015

There was a sharp increase in unit prices for refrigeration appliances at the end of the review period, with an increase of 15% in current value terms in 2014 over the previous year. This was due to a sharp drop in the value of the Turkish lira against the euro and US dollar. Even though Turkey is an important global production hub for refrigeration appliances, local production relies heavily on imported components and is thus impacted by global currency fluctuations. Consequently, all players were forced to increase prices in 2014, with price increases also being linked to rising energy costs in the country. Higher prices meanwhile deterred many consumers from buying refrigeration appliances or encouraged them to postpone purchases.

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Competitive Landscape

Arçelik continues to lead refrigeration appliances and accounted for 47% volume share in 2014. Arçelik's long-term leadership is due to its widespread distribution network. The company operates the most extensive chain of electronics and appliance specialist retailers in the country and also distributes some products via leading third-party retailers. The company's long-term presence and wide price and product range also attracts consumers, with its brands Arçelik, Altus and Beko enjoying strong popularity and loyalty. Arçelik is by far the company’s most popular brand due to being most heavily advertised, whereas Altus offers more basic products at lower prices. Many Turkish consumers moving to a new home, especially newly married couples, purchase all their products from a single retailer. This benefits Arçelik due to its large chain of branded electronics and appliance specialist retailers and wide product range.

Industry Prospects

Refrigeration appliances is expected to benefit from a growing focus on energy efficiency in the forecast period. The government notably plans to invest in encouraging the use of more energy efficient refrigeration appliances, due to these appliances being left on 24hrs. This trend will support a volume CAGR of 4% over the forecast period, as Turkish consumers opt for new refrigeration appliances models with improved functionality and that are more energy efficient.

Report Overview

Discover the latest market trends and uncover sources of future market growth for the Refrigeration Appliances industry in Turkey with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Refrigeration Appliances industry in Turkey, our research will save you time and money while empowering you to make informed, profitable decisions.

The Refrigeration Appliances in Turkey market research report includes:

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