Singapore: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Singapore

In 2022, the Singaporean electrical musical instrument market increased by X% to $X, rising for the second year in a row after two years of decline. In general, consumption enjoyed a strong increase. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Electrical Musical Instrument Exports

Exports from Singapore

Electrical musical instrument exports from Singapore fell dramatically to X units in 2022, declining by X% against the previous year. Over the period under review, exports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2019 with an increase of X%. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, electrical musical instrument exports rose slightly to $X in 2022. In general, exports showed a perceptible decline. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Philippines (X units) was the main destination for electrical musical instrument exports from Singapore, accounting for a X% share of total exports. Moreover, electrical musical instrument exports to the Philippines exceeded the volume sent to the second major destination, Indonesia (X units), twofold. The United Arab Emirates (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (X% per year) and the United Arab Emirates (X% per year).

In value terms, the largest markets for electrical musical instrument exported from Singapore were Indonesia ($X), the Philippines ($X) and the United Arab Emirates ($X), together comprising X% of total exports.

The United Arab Emirates, with a CAGR of X%, recorded the highest growth rate of 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 2022, the average electrical musical instrument export price amounted to $X per unit, jumping by X% against the previous year. Over the period under review, the export price recorded a buoyant expansion. The pace of growth was the most pronounced in 2020 an increase of X%. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Bangladesh ($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 China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports into Singapore

In 2022, approx. X units of electrical musical or keyboard instruments were imported into Singapore; waning by X% against the previous year's figure. In general, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2015 when imports increased by X% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, electrical musical instrument imports skyrocketed to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X units), Japan (X units) and Indonesia (X units) were the main suppliers of electrical musical instrument imports to Singapore, with a combined X% share of total imports. The United States, India, Malaysia and Mexico lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest electrical musical instrument suppliers to Singapore were Japan ($X), China ($X) and Indonesia ($X), together comprising X% of total imports. The United States, Malaysia, Mexico and India lagged somewhat behind, together comprising a further X%.

Malaysia, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average electrical musical instrument import price amounted to $X per unit, with an increase of X% against the previous year. Overall, the import price, however, saw a slight downturn. The most prominent rate of growth was recorded in 2016 an increase of X% 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.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Mexico ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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