Consumer electronics market grew 30% in the first 3 quarters

In the first three quarters of the year, the global consumer electronics market, which experienced a decline of 5 to 10 percent, grew by 30 percent in Turkey, showing a positive differentiation. Samsung Electronics Turkey Mobile Business Unit Vice President Murat Azdemir said that Samsung, which allocates 15 billion dollars annually to R&D studies, is focusing its investments on artificial intelligence technologies. The global smartphone market is around 1.5 billion units annually, while the tablet market is around 150 million units. While the global consumer electronics market shrank by 5 to 10 percent, the sector in Turkey grew by 30 percent, showing a positive differentiation. Samsung Electronics Turkey Mobile Business Unit Vice President Murat Azdemir, who was a guest on the Agenda Technology program on Bloomberg HT, shared the market’s first 3-quarter data by saying, “In the global consumer electronics market, there is a slight decrease in consumption due to concerns about recession and the effect of inflation in different geographies. When we look at it in the long term, the smartphone market is around 1.5 billion units annually, while the tablet market is around 150 million units. This year, the global shrinkage was between 5 and 10 percent.” He summarized it as follows. “In the first 3 quarters, the consumer electronics market in Turkey achieved 30 percent growth” Pointing to the strong demand in Turkey, Azdemir said, “There is strong demand in Turkey. The interest in new models is high and demand was brought forward. When we look at the market in general, we observe 30 percent growth in consumer electronics in Turkey in the first three quarters. As Samsung, we will also close the year with growth. There was growth in every category, both smartphones and smart watches. We are the market leader in Turkey on the phone and tablet side. On the other hand, we expect some normalization in the sector, which is subject to tightening policies in Turkey, in 2024. There will not be a liveliness like in 2023, but a market volume larger than 2022 will still occur.” Regarding consumption habits, Samsung Turkey Vice President Murat Azdemir said, “A user in Turkey looks at their phone every 5 minutes and it is a market with great potential due to a strong young population. The market will maintain its annual growth of 5 percent in the long term. Turkey is the largest market in the MENA Region. Our investments in Turkey continue. The population’s interest in technology ensures that its ecosystem is strong.” “Samsung spends $15 billion annually on R&D” The annual budget of Samsung’s R&D department is $15 billion. One of the company’s main focuses is artificial intelligence. Stating that there will be intensive research and investments in this area, Azdemir said, “We use the artificial intelligence in devices to manage the performance of the phone. For example, the charging time of the devices is extended. This is the energy management side of the business. On the other hand, we are increasing the camera experience with artificial intelligence.” “November discounts will provide a strong increase in sales” Murat Azdemir, who said that the market grew with periodic campaigns organized on special days such as Singles’ Day, Legendary Friday, and Cyber Monday in November, said, “These campaigns are longer in Turkey compared to other countries. All brands started their campaigns strongly this year as well and this period will be completed with strong growth. The determining factors on prices next year in general will be the exchange rate and purchasing solutions offered to users.”