Major Appliance Production in Turkey to Grow Over 4% Annually Through 2028
Major Appliance Production in Turkey to Grow Over 4% Annually Through 2028
PR Newswire
CLEVELAND, Sept. 27, 2024
Turkish producers are expected to particularly benefit from export opportunities in Western Europe
CLEVELAND, Sept. 27, 2024 /PRNewswire/ -- According to the new Freedonia Group study, Global Major Household Appliances production of major household appliances in Turkey totaled 27.7 million units in 2023, providing the country with a trade surplus equivalent to 60% of output. Turkey was the world's third largest manufacturer of these products behind China and India and was the second largest net exporter, trailing only China.
Turkey has become a major producer of household appliances due to its relatively high level of industrialization, large labor pool, and geographical proximity to a variety of global markets. The country is a major exporter of these products to European markets, with the UK and Germany ranking among the largest export recipients for most product categories. In addition, Turkey serves a variety of less-developed markets for household appliances in Africa, the Middle East, and Central Asia.
Through 2028, production of major household appliances in Turkey is projected to increase 4.2% per year to 34.0 million units, spurred by rising demand both domestically and abroad. Turkish producers are expected to particularly benefit from export opportunities in Western Europe as that region's manufacturing industries struggle with high operating costs. As a result, Turkey's trade surplus in these products is expected to widen considerably.
Arçelik is headquartered in Turkey and has numerous manufacturing sites in the country, including a refrigerator and washing machine plant in Manisa that the company purchased from Whirlpool in June 2021. Global appliance manufacturers with production operations in Turkey include Bosch and Haier.
If you cite the release, please send us a link to the article and we will reciprocate on our product page.
About The Freedonia Group
The Freedonia Group is a premier international business research company, providing clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. The Freedonia Group's brands also include Packaged Facts, a trusted provider of consumer market research on food & beverage, pet products and services, demographics, and financial services, and Simba Information, the leading authority for market intelligence and forecasts on the education and professional publishing industries. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
View original content to download multimedia:https://www.prnewswire.com/news-releases/major-appliance-production-in-turkey-to-grow-over-4-annually-through-2028-302261261.html
SOURCE The Freedonia Group
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying
-
The 10 Best Companies to Invest in Now
-
New 4-Star Stocks