March 26, 2019

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HOME REGIONS Russia & CIS › Russian market value hits US$24.5 billion in 2017

Russian market value hits US$24.5 billion in 2017

by Stuart Wilson, Friday 2 March 2018

Moscow, Russia
Moscow, Russia

Research house GfK’s most recent TEMAX analysis of the ICT, telecoms and consumer electronics market in Russia indicates that the total market value hit US$7.61 billion in the fourth quarter of 2017 – up 4.3% year-on-year. For calendar 2017, the total value of the market exceeded US$24.5 billion, highlighting the significant and growing market opportunity for tech brands within Russia.

The market was supported by ‘postponed demand coming back’, according to GfK as demand for consumer tech products continues to recover. Consumer electronics sales were up 7.1% year-on-year in the fourth quarter at US$1.36 billion, with telecoms revenues climbing 5.8% to US$2.35 billion and IT sales jumping 3.8% to US$1.62 billion.

GfK’s research identified categories including speakers, consoles and memory products as growth drivers within the consumer electronics segment. Within the IT segment, the market for laptops and desktops stabilised in the fourth quarter and monitor sales experienced double-digit growth, according to GfK.

Gaming products continued to grow strongly, highlighting significant opportunities in this sector for tech brands selling in Russia. Increased demand for gaming products had a positive impact across multiple categories including gaming notebooks, gaming monitors and gaming accessories.

In the telecoms space, the Russian smartphone market continued to perform well driven by the increased affordability of devices with advanced features such as NFC and bezel-less designs. Mobile accessories including headset contributed to telecoms growth with a clear growth trend in the Bluetooth stereo headset market.

GfK’s TEMAX research measures the size of the ‘technical consumer goods’ market, which includes the following product categories: consumer electronics; photo; major domestic appliances; small domestic appliances; IT; telecoms, office equipment and consumables. GfK TEMAX is an index developed by GfK to track the technical consumer goods market in countries around the world. The findings are based on GfK’s retail panel, comprising data from around half a million retail outlets worldwide.

GfK will participate as an Event Partner at DISTREE Russia 2018 delivering a series of presentations. The 15th annual DISTREE Russia will take place in Moscow on May 30th to June 1st, 2018. DISTREE Russia, the country’s leading annual tech channel hosted buyer event, offers technology brands and distributors access to executives from more than 250 of Russia’s leading retailers, e-tailers and resellers in one place at one time. The hosted buyer event covers both business-to-consumer (B2C) and business-to-business channels (B2B).

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