Singapore: Market for Electrical Boards, Panels, Consoles, Desks and Cabinets 2024

Market Size for Electrical Boards, Panels, Consoles, Desks and Cabinets in Singapore

In 2021, the Singaporean market for electrical boards, panels, consoles, desks and cabinets decreased by -19.1% to $X, falling for the second consecutive year after two years of growth. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Production of Electrical Boards, Panels, Consoles, Desks and Cabinets in Singapore

In value terms, electric board, desk and panel production shrank dramatically to $X in 2021 estimated in export price. In general, production saw a perceptible curtailment. The growth pace was the most rapid in 2020 with an increase of 171%. Electric board, desk and panel production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Exports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Exports from Singapore

In 2021, shipments abroad of electrical boards, panels, consoles, desks and cabinets increased by 15% to X units, rising for the second year in a row after two years of decline. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 55%. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, electric board, desk and panel exports stood at $X in 2021. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 46%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X units), Malaysia (X units) and China (X units) were the main destinations of electric board, desk and panel exports from Singapore, with a combined 50% share of total exports. These countries were followed by Australia, Vietnam, the Philippines, India, Germany, Hong Kong SAR, Saudi Arabia, South Korea, Thailand and the United States, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +42.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electric board, desk and panel exported from Singapore were Indonesia ($X), Malaysia ($X) and China ($X), with a combined 49% share of total exports. Australia, Vietnam, the Philippines, India, Germany, Hong Kong SAR, Saudi Arabia, South Korea, Thailand and the United States lagged somewhat behind, together accounting for a further 34%.

Germany, with a CAGR of +42.8%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average export price for electrical boards, panels, consoles, desks and cabinets amounted to $X per unit, which is down by -5.2% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the average export price increased by 9.8% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per unit) and the Philippines ($X per unit), while the average price for exports to Saudi Arabia ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+0.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Imports into Singapore

In 2021, purchases abroad of electrical boards, panels, consoles, desks and cabinets was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 22% against the previous year. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, electric board, desk and panel imports soared to $X in 2021. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -14.4% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 35% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Malaysia (X units), China (X units) and Japan (X units) were the main suppliers of electric board, desk and panel imports to Singapore, together accounting for 46% of total imports. These countries were followed by the United States, India, Germany, Italy, the UK, Spain, the Czech Republic, Vietnam, Taiwan (Chinese) and Thailand, which together accounted for a further 40%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Czech Republic (with a CAGR of +36.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest electric board, desk and panel suppliers to Singapore were Malaysia ($X), China ($X) and Japan ($X), together accounting for 46% of total imports. These countries were followed by the United States, India, Germany, Italy, the UK, Spain, the Czech Republic, Vietnam, Taiwan (Chinese) and Thailand, which together accounted for a further 40%.

In terms of the main suppliers, the Czech Republic, with a CAGR of +46.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for electrical boards, panels, consoles, desks and cabinets amounted to $X per unit, increasing by 6.9% against the previous year. Overall, import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, electric board, desk and panel import price increased by +86.5% against 2012 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 11% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Vietnam ($X per unit) and India ($X per unit), while the price for Taiwan (Chinese) ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :