January 19, 2021

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HOME REGIONS Russia & CIS › Russian market exceeds US$40 billion

Russian market exceeds US$40 billion

by Stuart Wilson, Thursday 14 March 2013

Research house GfK’s latest analysis of the ICT, telecoms and consumer electronics market in Russia indicates that the total market value grew 9.1% year-on-year in the fourth quarter of 2012 to hit US$12.68 billion. This took the annual market value for calendar 2012 to US$42.3 billion dollars in Russia – a 10.4% increase over 2011. Consumer electronics, telecoms products including smartphones and small domestic appliances played a significant role in driving overall market growth.

GfK stated: “The overall market accumulated over US$42.3 billion, which was not widely expected. With double digit growth against 2011, the Russian market is now relatively stable and is experiencing high competition across its sectors.”

GfK’s research measures the size of what it terms 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.

Fourth quarter 2012 sales in the telecoms sector were up 23.7% year-on-year at US$2.4 billion taking total telecoms sales for calendar 2012 up to US$7.88 billion. GfK commented: “The share of smartphones in this sector witnessed a healthy increase, with new players entering and helping to stimulate the market.”

Sales in the consumer electronics sector in full year 2012 hit US$9.12 billion – up 12.4% compared to 2011. This growth was driven by high-end TV and audio system sales, according to GfK. Active promotional campaigns were launched in most retail chains for home video and sound. Almost one third of all LCD TVs sold in Russia during the fourth quarter of 2012 were equipped with 3D technology.

The Russian IT sector saw sales of almost US$11 billion dollars in full year 2012, according to GfK. Significant form factor trends were noted with tablet sales flourishing, price erosion on notebooks and a decline in netbook sales.

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