Singapore: Motor Boat Market 2024

Motor Boat Market Size in Singapore

In 2021, the Singaporean motor boat market increased by 4.9% to $X, rising for the third consecutive year after six years of decline. Over the period under review, consumption, however, showed a tangible expansion. Motor boat consumption peaked in 2021 and is expected to retain growth in the immediate term.

Motor Boat Production in Singapore

In value terms, motor boat production shrank to $X in 2021 estimated in export price. Over the period under review, production recorded a pronounced reduction. The growth pace was the most rapid in 2016 with an increase of 217%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Motor Boat Exports

Exports from Singapore

In 2021, overseas shipments of motor boats and motor yachts, for pleasure or sports increased by 157% to X units, rising for the fourth consecutive year after three years of decline. Overall, exports posted a resilient expansion. The growth pace was the most rapid in 2018 with an increase of 350% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, motor boat exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a perceptible reduction. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X units) was the main destination for motor boat exports from Singapore, with a 74% share of total exports. Moreover, motor boat exports to Indonesia exceeded the volume sent to the second major destination, Russia (X units), ninefold. The third position in this ranking was held by Malaysia (X units), with a 5.6% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia amounted to +9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (0.0% per year) and Malaysia (+10.2% per year).

In value terms, Indonesia ($X) remains the key foreign market for motor boats and motor yachts, for pleasure or sports exports from Singapore, comprising 34% of total exports. The second position in the ranking was taken by Italy ($X), with a 4.1% share of total exports. It was followed by Malaysia, with a 2.8% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia totaled -2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-12.4% per year) and Malaysia (+0.0% per year).

Export Prices by Country

The average motor boat export price stood at $X per unit in 2021, with a decrease of -3% against the previous year. Over the period under review, the export price saw a abrupt decline. The growth pace was the most rapid in 2017 when the average export price increased by 150%. As a result, the export price attained the peak level of $X per unit. From 2018 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Russia ($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 Malaysia (-9.6%), while the prices for the other major destinations experienced a decline.

Motor Boat Imports

Imports into Singapore

In 2021, approx. X units of motor boats and motor yachts, for pleasure or sports were imported into Singapore; jumping by 61% compared with the year before. Over the period under review, imports continue to indicate a buoyant increase. The growth pace was the most rapid in 2018 when imports increased by 606%. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, motor boat imports soared to $X in 2021. In general, imports posted a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 327%. Imports peaked in 2021 and are likely to continue growth in years to come.

Imports by Country

Malaysia (X units), Mexico (X units) and Indonesia (X units) were the main suppliers of motor boat imports to Singapore, with a combined 97% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +69.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest motor boat suppliers to Singapore were Malaysia ($X), Mexico ($X) and Indonesia ($X), together accounting for 85% of total imports.

Mexico, with a CAGR of +62.5%, saw the highest rates of growth with regard to 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

The average motor boat import price stood at $X per unit in 2021, picking up by 39% against the previous year. Over the period under review, the import price continues to indicate perceptible growth. The growth pace was the most rapid in 2013 when the average import price increased by 144%. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the average 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 ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+18.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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