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Industry Trends & Forecasts: The Developing Russian Specialty Equipment Market
When:November 4, 2013 - 1:00pm - 2:00pm
Where:Las Vegas Convention Center, N254
Moderated by: Linda Spencer, SEMA
This seminar will explore the specialty-equipment market in the world’s largest country in terms of area (more than 6.6 million square miles).
This will be the first time Russia, one of the fastest-growing emerging market economies will be featured with key local buyers and SEMA members already active in the market will provide insight into some of the great opportunities and challenges in the market. Including:
• Russia ranks sixth in the world in terms of annual passenger-vehicle sales. The country’s auto market has rebounded from the 2008–2009 recession with new vehicles sales for 2012 up 11% from the previous year, which makes Russia the second-largest European vehicle market. With 2.9 million passenger vehicles sold last year, the country is quickly gaining on Germany, the top market in Europe, and many experts estimate that the positions will flip between these two countries in the next few years.
• There are now 38.7 million passenger vehicles on Russian roads. But with 140 million people, a large, unmet demand still exists for those who have not yet had the opportunity to purchase a vehicle.
• SUVs represent the largest and fastest growing automotive sector in Russia, making up 31% of all passenger sales in 2012. Nearly one-third of all passenger-vehicle sales were SUVs—more than double the rate of SUV sales throughout the rest of Europe.
• Purchasing Power: Russia has the highest gross domestic product per capita among the members of BRICS. “[By] 2020, Russia should be one of the biggest consumer markets on a global basis,” said Russian Machines Chairman Siegfried Wolf in a Just-Auto.com interview. The company also owns the GAZ Group automotive division.Per capita, Wolf said, Russia has double the per capita income of the Chinese—$20,000 compared to $11,000—and India is at about $6,000.