Singapore: Market for Diesel Engines (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Singapore

In 2022, the Singaporean market for diesel engines (other than for motor vehicles and aircraft) decreased by -43.1% to $X for the first time since 2017, thus ending a four-year rising trend. Overall, consumption, however, showed significant growth. Consumption of peaked at $X in 2021, and then reduced sharply in the following year.

Production of Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Singapore

In value terms, production of diesel engines (other than for motor vehicles and aircraft) totaled $X in 2022 estimated in export price. Overall, production enjoyed a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 152%. Over the period under review, production of hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Exports from Singapore

In 2022, exports of diesel engines (other than for motor vehicles and aircraft) from Singapore surged to X units, picking up by 108% compared with 2021. In general, exports saw a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of diesel engines (other than for motor vehicles and aircraft) rose to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of 17% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X units) was the main destination for exports of diesel engines (other than for motor vehicles and aircraft) from Singapore, accounting for a 74% share of total exports. Moreover, exports of diesel engines (other than for motor vehicles and aircraft) to Hong Kong SAR exceeded the volume sent to the second major destination, Malaysia (X units), sevenfold. Indonesia (X units) ranked third in terms of total exports with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR stood at +52.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+3.5% per year) and Indonesia (-8.9% per year).

In value terms, Indonesia ($X), Malaysia ($X) and Hong Kong SAR ($X) constituted the largest markets for diesel engines (other than for motor vehicles and aircraft) exported from Singapore worldwide, together comprising 72% of total exports.

Hong Kong SAR, with a CAGR of +23.7%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average export price for diesel engines (other than for motor vehicles and aircraft) amounted to $X per unit, which is down by -50.5% against the previous year. Over the period under review, the export price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when the average export price increased by 47%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (-2.2%), while the prices for the other major destinations experienced a decline.

Imports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Imports into Singapore

After two years of growth, overseas purchases of diesel engines (other than for motor vehicles and aircraft) decreased by -16.9% to X units in 2022. In general, imports saw a deep setback. The pace of growth was the most pronounced in 2013 when imports increased by 86% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of diesel engines (other than for motor vehicles and aircraft) amounted to $X in 2022. Over the period under review, imports recorded a deep setback. The most prominent rate of growth was recorded in 2013 when imports increased by 8.4%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports of failed to regain momentum.

Imports by Country

Japan (X units), Slovenia (X units) and China (X units) were the main suppliers of imports of diesel engines (other than for motor vehicles and aircraft) to Singapore, with a combined 62% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Slovenia (with a CAGR of +137.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and the United States ($X) constituted the largest diesel engines (other than for motor vehicles and aircraft) suppliers to Singapore, together comprising 77% of total imports. India, China, Malaysia, Slovenia, South Korea, Indonesia, Italy and Bangladesh lagged somewhat behind, together accounting for a further 8.5%.

Slovenia, with a CAGR of +107.8%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average import price for diesel engines (other than for motor vehicles and aircraft) stood at $X per unit in 2022, with an increase of 20% against the previous year. In general, the import price, however, showed a deep setback. The most prominent rate of growth was recorded in 2019 when the average import price increased by 88% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Slovenia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+121.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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