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 2022, the Singaporean market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by X% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption continues to indicate notable growth. Consumption of peaked in 2022 and is expected to retain growth in the immediate term.

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

Exports from Singapore

In 2022, shipments abroad of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) was finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2019 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) surged to $X in 2022. Overall, exports, however, continue to indicate a abrupt decrease. The growth pace was the most rapid in 2021 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Philippines (X units) was the main destination for exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Singapore, with a X% 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, Malaysia (X units), fivefold. Indonesia (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 stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Indonesia (X% per year).

In value terms, the Philippines ($X) remains the key foreign market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with an X% share of total exports. It was followed by Indonesia, with an X% share.

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

Export Prices by Country

In 2022, the average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per unit, rising by X% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2021 an increase of X%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Myanmar ($X per unit), while the average price for exports to South Korea ($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 Myanmar (X%), while the prices for the other major destinations experienced mixed trend patterns.

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

Imports into Singapore

For the fourth consecutive year, Singapore recorded growth in purchases abroad of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft), which increased by X% to X units in 2022. In general, imports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2017 when imports increased by X%. Over the period under review, imports of attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) skyrocketed to $X in 2022. Over the period under review, imports, however, saw a deep reduction. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of internal combustion engine (excl. diesel, moto vehicle and aircraft) to Singapore, with a X% share of total imports. Moreover, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Japan exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), threefold. China (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (X% per year) and China (X% per year).

In value terms, the United States ($X), Japan ($X) and Canada ($X) were the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) suppliers to Singapore, with a combined X% share of total imports.

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

Import Prices by Country

The average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) stood at $X per unit in 2022, falling by X% against the previous year. Overall, the import price continues to indicate a abrupt descent. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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