Singapore: Electric Radiator Market 2024

Electric Radiator Market Size in Singapore

In 2021, the Singaporean electric radiator market decreased by -5.8% to $X, falling for the third year in a row after two years of growth. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Electric Radiator Production in Singapore

In value terms, electric radiator production skyrocketed to $X in 2021 estimated in export price. In general, production showed significant growth. The pace of growth was the most pronounced in 2016 with an increase of 292% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Electric Radiator Exports

Exports from Singapore

In 2021, overseas shipments of electric radiators and convection heaters were finally on the rise to reach X units after three years of decline. Over the period under review, exports posted a significant increase. The growth pace was the most rapid in 2015 with an increase of 629%. Over the period under review, the exports attained the maximum at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, electric radiator exports rose markedly to $X in 2021. Overall, exports posted a significant expansion. The growth pace was the most rapid in 2014 when exports increased by 287%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X units), Japan (X units) and Indonesia (X units) were the main destinations of electric radiator exports from Singapore, together comprising 44% of total exports. Hong Kong SAR, India, the United States, the Netherlands, the UK, China and Saudi Arabia lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +270.7%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Japan ($X) and the United States ($X) appeared to be the largest markets for electric radiator exported from Singapore worldwide, with a combined 43% share of total exports. India, the UK, the Netherlands, China, Hong Kong SAR, Saudi Arabia and Indonesia lagged somewhat behind, together accounting for a further 43%.

Among the main countries of destination, the UK, with a CAGR of +161.7%, saw the highest growth rate of 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

In 2021, the average electric radiator export price amounted to $X per unit, shrinking by -25.5% against the previous year. Overall, the export price showed a abrupt shrinkage. The pace of growth was the most pronounced in 2014 when the average export price increased by 390%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to Indonesia ($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 Saudi Arabia (+9.2%), while the prices for the other major destinations experienced a decline.

Electric Radiator Imports

Imports into Singapore

In 2021, after four years of decline, there was significant growth in overseas purchases of electric radiators and convection heaters, when their volume increased by 49% to X units. Over the period under review, imports, however, continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2016 when imports increased by 377%. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, electric radiator imports skyrocketed to $X in 2021. In general, imports posted a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 76%. Over the period under review, imports hit record highs 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 Taiwan (Chinese) (X units) were the main suppliers of electric radiator imports to Singapore, together comprising 76% of total imports. Japan, the United States, India and Hong Kong SAR lagged somewhat behind, together comprising a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hong Kong SAR (with a CAGR of +33.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) constituted the largest supplier of electric radiators and convection heaters to Singapore, comprising 57% of total imports. The second position in the ranking was held by the United States ($X), with a 13% share of total imports. It was followed by China, with a 5% share.

From 2012 to 2021, the average annual growth rate of value from Malaysia amounted to +32.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.2% per year) and China (-1.0% per year).

Import Prices by Country

In 2021, the average electric radiator import price amounted to $X per unit, growing by 13% against the previous year. In general, the import price enjoyed a prominent expansion. The growth pace was the most rapid in 2018 when the average import price increased by 128%. As a result, import price attained the peak level of $X per unit. From 2019 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Hong Kong SAR ($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 (+35.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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