Singapore: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in Singapore

The Singaporean air conditioning machine market soared to $X in 2021, growing by 68% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a relatively flat trend pattern. Air conditioning machine consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Air Conditioning Machine Exports

Exports from Singapore

In 2021, after four years of decline, there was significant growth in overseas shipments of air conditioning machines, when their volume increased by 13% to X units. Over the period under review, exports, however, recorded a abrupt downturn. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, air conditioning machine exports contracted to $X in 2021. In general, exports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 4.3%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Bangladesh (X units), Cambodia (X units) and Vietnam (X units) were the main destinations of air conditioning machine exports from Singapore, with a combined 59% share of total exports. These countries were followed by Thailand, Mali, Burkina Faso, Oman, Malaysia, Sweden, Maldives, Saudi Arabia, Brunei Darussalam and India, which together accounted for a further 24%.

From 2012 to 2021, the biggest increases were in Burkina Faso (with a CAGR of +169.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cambodia ($X), Bangladesh ($X) and Vietnam ($X) were the largest markets for air conditioning machine exported from Singapore worldwide, together accounting for 53% of total exports. These countries were followed by Malaysia, Maldives, Thailand, Oman, Mali, Burkina Faso, India, Brunei Darussalam, Sweden and Saudi Arabia, which together accounted for a further 25%.

In terms of the main countries of destination, Burkina Faso, with a CAGR of +129.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average air conditioning machine export price stood at $X per unit in 2021, declining by -15.5% against the previous year. Over the period under review, the export price saw a mild decline. The pace of growth was the most pronounced in 2018 when the average export price increased by 17%. Over the period under review, the average export prices reached the maximum at $X per unit in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Maldives ($X per unit), while the average price for exports to Saudi Arabia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+11.0%), while the prices for the other major destinations experienced mixed trend patterns.

Air Conditioning Machine Imports

Imports into Singapore

Air conditioning machine imports into Singapore soared to X units in 2021, picking up by 25% against the previous year's figure. In general, imports, however, saw a noticeable descent. Imports peaked at X units in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, air conditioning machine imports soared to $X in 2021. Overall, imports, however, saw a slight slump. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Thailand (X units) constituted the largest air conditioning machine supplier to Singapore, accounting for a 57% share of total imports. Moreover, air conditioning machine imports from Thailand exceeded the figures recorded by the second-largest supplier, Malaysia (X units), fourfold. The third position in this ranking was taken by the United States (X units), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Thailand was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-13.5% per year) and the United States (+32.4% per year).

In value terms, the largest air conditioning machine suppliers to Singapore were Thailand ($X), the United States ($X) and Malaysia ($X), together comprising 81% of total imports.

In terms of the main suppliers, the United States, with a CAGR of +32.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average air conditioning machine import price stood at $X per unit in 2021, jumping by 37% against the previous year. Over the last nine years, it increased at an average annual rate of +3.6%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+5.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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