Singapore: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in Singapore

In 2022, the Singaporean air conditioning machine market increased by 30% to $X, rising for the second consecutive year after four years of decline. Over the period under review, consumption continues to indicate a resilient expansion. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Air Conditioning Machine Exports

Exports from Singapore

For the fourth year in a row, Singapore recorded decline in overseas shipments of non-window or wall air conditioning machines, which decreased by -29.5% to X units in 2022. Over the period under review, exports showed a abrupt decrease. The pace of growth was the most pronounced in 2016 with an increase of 12%. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, air conditioning machine exports reduced to $X in 2022. In general, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2016 when exports increased by 18%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X units), Indonesia (X units) and Germany (X units) were the main destinations of air conditioning machine exports from Singapore, with a combined 39% share of total exports. Qatar, Bangladesh, the United States, Sri Lanka, Vietnam, Thailand, the Philippines, Cambodia, the United Arab Emirates and Brunei Darussalam lagged somewhat behind, together comprising a further 46%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Qatar (with a CAGR of +28.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for air conditioning machine exported from Singapore were Qatar ($X), Germany ($X) and the United States ($X), with a combined 39% share of total exports.

Qatar, with a CAGR of +47.7%, saw 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 more modest paces of growth.

Export Prices by Country

In 2022, the average air conditioning machine export price amounted to $X per unit, surging by 32% against the previous year. Over the last decade, it increased at an average annual rate of +4.9%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Sri Lanka ($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 Qatar (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.

Air Conditioning Machine Imports

Imports into Singapore

In 2022, overseas purchases of non-window or wall air conditioning machines increased by 20% to X units, rising for the second year in a row after four years of decline. Over the period under review, imports continue to indicate modest growth. The pace of growth appeared the most rapid in 2021 when imports increased by 244%. Over the period under review, imports reached the peak figure at X units in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, air conditioning machine imports surged to $X in 2022. Overall, imports enjoyed a notable increase. The most prominent rate of growth was recorded in 2021 when imports increased by 219% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, the United States (X units) constituted the largest air conditioning machine supplier to Singapore, with a 43% share of total imports. Moreover, air conditioning machine imports from the United States exceeded the figures recorded by the second-largest supplier, Malaysia (X units), twofold. The third position in this ranking was held by Canada (X units), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +23.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+10.6% per year) and Canada (+121.8% per year).

In value terms, the United States ($X) constituted the largest supplier of non-window or wall air conditioning machines to Singapore, comprising 51% of total imports. The second position in the ranking was taken by Canada ($X), with a 15% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +32.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+122.7% per year) and China (+4.2% per year).

Import Prices by Country

In 2022, the average air conditioning machine import price amounted to $X per unit, therefore, remained relatively stable against the previous year. In general, the import price, however, saw slight growth. The pace of growth appeared the most rapid in 2020 an increase of 56% against the previous year. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform