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

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

In 2021, the Singaporean market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) decreased by -33.8% to $X, falling for the third year in a row after three years of growth. Over the period under review, consumption continues to indicate a abrupt descent. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Singapore

In value terms, production of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) skyrocketed to $X in 2021 estimated in export price. In general, production, however, showed a noticeable curtailment. The most prominent rate of growth was recorded in 2018 when the production volume increased by 92%. As a result, production attained the peak level of $X. From 2019 to 2021, production of growth remained at a lower figure.

Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports from Singapore

In 2021, shipments abroad of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by 148% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, showed a abrupt contraction. Over the period under review, the exports of reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) surged to $X in 2021. Overall, exports, however, recorded a abrupt contraction. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The Philippines (X tons) was the main destination for exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Singapore, accounting for a 49% share of total exports. Moreover, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to the Philippines exceeded the volume sent to the second major destination, Indonesia (X tons), threefold. The third position in this ranking was held by Malaysia (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to the Philippines stood at +6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-26.8% per year) and Malaysia (-6.9% per year).

In value terms, the largest markets for internal combustion engine (excl. diesel, moto vehicle and aircraft) exported from Singapore were the Philippines ($X), Indonesia ($X) and Malaysia ($X), with a combined 72% share of total exports. Oman, the UK, Australia and Israel lagged somewhat behind, together comprising a further 19%.

Oman, with a CAGR of +158.0%, saw 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 2021, the average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per ton, declining by -26% against the previous year. Overall, the export price continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2019 when the average export price increased by 19% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Israel ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Oman (+35.6%), while the prices for the other major destinations experienced a decline.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports into Singapore

In 2021, approx. X tons of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) were imported into Singapore; shrinking by -18% compared with 2020. Overall, imports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2017 with an increase of 93% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) reduced sharply to $X in 2021. Over the period under review, imports continue to indicate a abrupt slump. The growth pace was the most rapid in 2017 when imports increased by 150%. Over the period under review, imports of reached the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) constituted the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) supplier to Singapore, accounting for a 59% share of total imports. Moreover, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from the United States exceeded the figures recorded by the second-largest supplier, Japan (X tons), sixfold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 6.2% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to -14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-10.0% per year) and Hong Kong SAR (-5.4% per year).

In value terms, the United States ($X) constituted the largest supplier of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Singapore, comprising 49% of total imports. The second position in the ranking was held by Japan ($X), with a 14% share of total imports. It was followed by Hong Kong SAR, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from the United States totaled -14.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-8.6% per year) and Hong Kong SAR (-4.6% per year).

Import Prices by Country

In 2021, the average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per ton, rising by 1.5% against the previous year. Overall, import price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) decreased by -12.9% against 2018 indices. The growth pace was the most rapid in 2017 when the average import price increased by 30% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+19.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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