Size of consumer electronic market to reach 750 billion liras: CEO

ISTANBUL

The size of the Turkish consumer electronics market is expected to exceed 750 billion Turkish Liras ($23.2 billion) in 2024, according to Hulusi Acar, the CEO of MediaMarkt.

In the first quarter of the year, the market expanded by 100 percent in terms of turnover, Acar said.

The size of the local consumer electronics market was 534 billion liras in 2023 and it was 182 billion liras in the January-Mart period of 2024, he added.

“The growth of the consumer electronics market has started to slow in the second quarter, but we expect the size of the market will exceed 750 billion in the whole of this year," Acar said.

The Turkish consumer electronics market is more vibrant compared to its peers in Europe, according to Acar.

He stressed that some 565,000 marriages and 172,000 divorces take place in Türkiye, creating demand for consumer electronics as people buy those goods for their homes.

“In addition to this, there are 26 million students, including 7 million university students,” Acar said.

“The demographics and socioeconomic conditions in Türkiye support the growth of the consumer electronics market,” he added.

MediaMarkt Türkiye has 98 stores in 30 of the country's 81 provinces with a total sales area of more than 240,000 square meters and 3,742 employees, Acar said.

Its physical stores and online store receive 300 million visits each year, according to Acar.

In the 2023 fiscal year, MediaMarkt Türkiye climbed to the second spot within MediaMarktSaturn Retail Group after Germany in terms of in-store sales volume thanks to new store openings, Acar said.