Singapore: Refrigerator And Freezer Market 2024

Refrigerator And Freezer Market Size in Singapore

In 2022, the Singaporean refrigerator and freezer market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. In general, the total consumption indicated noticeable growth from 2012 to 2022: its value 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, consumption increased by X% against 2019 indices. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Refrigerator And Freezer Production in Singapore

In value terms, refrigerator and freezer production rose markedly to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

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Refrigerator And Freezer Exports

Exports from Singapore

In 2022, approx. X units of refrigerators and freezers were exported from Singapore; with a decrease of X% against the year before. Overall, exports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refrigerator and freezer exports shrank sharply to $X in 2022. In general, exports showed a abrupt curtailment. The pace of growth appeared the most rapid in 2013 with an increase of X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X units), Malaysia (X units) and Maldives (X units) were the main destinations of refrigerator and freezer exports from Singapore, with a combined X% share of total exports.

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

In value terms, India ($X) remains the key foreign market for refrigerators and freezers exports from Singapore, comprising X% of total exports. The second position in the ranking was held by Malaysia ($X), with a X% share of total exports. It was followed by Vietnam, with a X% share.

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

Export Prices by Country

In 2022, the average refrigerator and freezer export price amounted to $X per unit, waning by X% against the previous year. Overall, export price indicated a remarkable increase from 2012 to 2022: its price 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, refrigerator and freezer export price increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per unit, and then declined in the following year.

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

Refrigerator And Freezer Imports

Imports into Singapore

In 2022, overseas purchases of refrigerators and freezers increased by X% to X units, rising for the second consecutive year after four years of decline. Over the period under review, imports, however, recorded a pronounced reduction. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, refrigerator and freezer imports contracted to $X in 2022. Overall, imports, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Thailand (X units) and Vietnam (X units) were the main suppliers of refrigerator and freezer imports to Singapore, with a combined X% share of total imports.

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

In value terms, the largest refrigerator and freezer suppliers to Singapore were China ($X), Thailand ($X) and Japan ($X), together comprising X% of total imports.

China, 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 refrigerator and freezer import price amounted to $X per unit, which is down by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 when the average import price increased by X%. As a result, import price attained the peak level of $X per unit, and then shrank in the following year.

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 Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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