Market Insights Consumer DIY & Hardware Store

Heating & Cooling - Turkey

Turkey

In Turkey, the revenue in the Heating & Cooling market is projected to reach €4.38bn in 2024.
The market is anticipated to witness an annual growth rate of 4.62% (CAGR 2024-2029).
Comparatively, in the United States leads the global market with revenue amounting to €117bn in 2024.
On a per capita basis, the revenue generated in Turkey amounts to €50.79 per person in 2024.
Turkey's heating and cooling market is experiencing a growing demand for energy-efficient systems due to rising energy costs.

Key regions: India, Japan, China, Turkey, Worldwide

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Analyst Opinion

The Heating & Cooling market in Turkey is currently experiencing minimal growth due to factors such as slow economic growth, DIY trends, and increased competition in the hardware store market. These factors have hindered the market's growth rate, but it is expected to gradually increase in the coming years.

Customer preferences: The DIY & Hardware Store Market in Turkey has seen a significant rise in consumer demand for energy-efficient and sustainable heating and cooling solutions. This trend is driven by increasing awareness of environmental issues and a growing focus on energy efficiency. As such, consumers are opting for products such as smart thermostats, energy-saving air conditioners, and eco-friendly insulation materials. This shift towards more environmentally-friendly options is also shaped by a cultural appreciation for nature and a desire for cost-effective solutions. Advancements in technology have further facilitated this trend, with the availability of smart home systems and energy-efficient appliances.

Trends in the market: In Turkey, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a rise in demand for energy-efficient products, with consumers becoming more environmentally conscious. Additionally, there is a trend towards smart home technology, with consumers seeking products that can be controlled remotely through mobile apps. This trend is expected to continue as consumers prioritize convenience and energy efficiency. Stakeholders in the industry should consider investing in innovative products and digital solutions to meet the changing consumer preferences and stay competitive in the market.

Local special circumstances: In Turkey, the Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by the country's unique geographical and climatic conditions. Due to its location, Turkey experiences both hot summers and cold winters, creating a high demand for heating and cooling products. Additionally, the culturally ingrained habit of haggling in the market has led to intense competition among hardware stores, driving prices down for consumers. Furthermore, the government's regulations on energy efficiency have played a significant role in shaping the market, as consumers are encouraged to switch to more eco-friendly options.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Turkey is greatly impacted by macroeconomic factors such as the country's economic health and fiscal policies. Turkey's stable economy and favorable investment climate have led to a growing demand for heating and cooling products. The government's efforts towards modernizing the country's infrastructure and promoting energy-efficient solutions have also contributed to the market's growth. Additionally, the increasing urbanization and rising disposable income of the population have led to a higher demand for home improvement and renovation, thereby boosting the sales of heating and cooling products in the DIY & Hardware Store Market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to 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 particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.