Singapore: Video Game Console Market 2024

Video Game Console Market Size in Singapore

In 2022, the Singaporean video game console market increased by 1,178% to $X, rising for the second consecutive year after three years of decline. In general, consumption showed a remarkable increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Video Game Console Production in Singapore

In value terms, video game console production skyrocketed to $X in 2022 estimated in export price. Overall, production saw a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 173%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

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Video Game Console Exports

Exports from Singapore

In 2022, shipments abroad of video game consoles decreased by -83.4% to X units, falling for the second consecutive year after three years of growth. Over the period under review, exports continue to indicate a significant curtailment. The most prominent rate of growth was recorded in 2019 when exports increased by 35%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, video game console exports dropped notably to $X in 2022. In general, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2019 when exports increased by 40% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X units), Indonesia (X units) and Hong Kong SAR (X units) were the main destinations of video game console exports from Singapore, with a combined 76% share of total exports. These countries were followed by Thailand, the Philippines, the United Arab Emirates, Vietnam, the United States, Australia and Seychelles, which together accounted for a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +51.3%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for video game console exported from Singapore were Malaysia ($X), Indonesia ($X) and Hong Kong SAR ($X), with a combined 73% share of total exports. Thailand, the United Arab Emirates, the Philippines, Vietnam, the United States, Australia and Seychelles lagged somewhat behind, together comprising a further 23%.

Among the main countries of destination, Vietnam, with a CAGR of -0.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average video game console export price stood at $X per unit in 2022, with an increase of 4.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.7%. The pace of growth was the most pronounced in 2017 an increase of 8.9% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Seychelles ($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 Seychelles (+100.5%), while the prices for the other major destinations experienced more modest paces of growth.

Video Game Console Imports

Imports into Singapore

In 2022, video game console imports into Singapore soared to X units, jumping by 67% against the year before. Overall, imports, however, recorded a abrupt setback. Over the period under review, imports reached the peak figure at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, video game console imports skyrocketed to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of video game console to Singapore, with a 70% share of total imports. Moreover, video game console imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), sixfold. Japan (X units) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+9.6% per year) and Japan (-10.2% per year).

In value terms, China ($X) constituted the largest supplier of video game consoles to Singapore, comprising 56% of total imports. The second position in the ranking was taken by Japan ($X), with a 21% share of total imports. It was followed by Hong Kong SAR, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from China totaled -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+17.0% per year) and Hong Kong SAR (+26.2% per year).

Import Prices by Country

In 2022, the average video game console import price amounted to $X per unit, falling by -9.8% against the previous year. Over the period under review, the import price, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2018 when the average import price increased by 258% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2021, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+30.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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