Singapore: Market for Wiring sets used in vehicles, aircraft or ships 2023

Market Size for Wiring sets used in vehicles, aircraft or ships in Singapore

In 2021, after two years of growth, there was significant decline in the Singaporean market for wiring sets used in vehicles, aircraft or ships, when its value decreased by -95.3% to $X. Over the period under review, consumption continues to indicate a sharp reduction. Consumption of peaked at $X in 2020, and then fell sharply in the following year.

Production of Wiring sets used in vehicles, aircraft or ships in Singapore

In value terms, production of wiring sets used in vehicles, aircraft or ships shrank dramatically to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 1,467%. As a result, production attained the peak level of $X, and then declined rapidly in the following year.

Exports of Wiring sets used in vehicles, aircraft or ships

Exports from Singapore

Exports of wiring sets used in vehicles, aircraft or ships from Singapore reached X tons in 2021, picking up by 1.5% against 2020 figures. Over the period under review, exports enjoyed a resilient increase. The pace of growth appeared the most rapid in 2020 when exports increased by 185%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, exports of wiring sets used in vehicles, aircraft or ships soared to $X in 2021. Overall, exports recorded a buoyant increase. The growth pace was the most rapid in 2020 with an increase of 297%. Over the period under review, the exports of reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

Japan (X tons) was the main destination for exports of wiring sets used in vehicles, aircraft or ships from Singapore, with a 42% share of total exports. Moreover, exports of wiring sets used in vehicles, aircraft or ships to Japan exceeded the volume sent to the second major destination, Thailand (X tons), twofold. Vietnam (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan stood at +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+28.9% per year) and Vietnam (+53.3% per year).

In value terms, Japan ($X) remains the key foreign market for wiring sets used in vehicles, aircraft or ships exports from Singapore, comprising 53% of total exports. The second position in the ranking was taken by Thailand ($X), with an 11% share of total exports. It was followed by Indonesia, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value to Japan stood at +8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+36.0% per year) and Indonesia (+7.2% per year).

Export Prices by Country

The average export price for wiring sets used in vehicles, aircraft or ships stood at $X per ton in 2021, jumping by 49% against the previous year. Overall, the export price continues to indicate a prominent increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Wiring sets used in vehicles, aircraft or ships

Imports into Singapore

In 2021, supplies from abroad of wiring sets used in vehicles, aircraft or ships decreased by -56.8% to X tons, falling for the third consecutive year after seven years of growth. In general, imports continue to indicate a perceptible shrinkage. The pace of growth appeared the most rapid in 2017 when imports increased by 47% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, imports of wiring sets used in vehicles, aircraft or ships contracted remarkably to $X in 2021. Overall, imports recorded a slight curtailment. The pace of growth was the most pronounced in 2018 when imports increased by 31%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports of remained at a somewhat lower figure.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest wiring sets used in vehicles, aircraft or ships supplier to Singapore, accounting for a 75% share of total imports. Moreover, imports of wiring sets used in vehicles, aircraft or ships from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), sevenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Indonesia totaled -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-8.5% per year) and the Philippines (+13.7% per year).

In value terms, Indonesia ($X) constituted the largest supplier of wiring sets used in vehicles, aircraft or ships to Singapore, comprising 50% of total imports. The second position in the ranking was held by the Philippines ($X), with a 12% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Indonesia totaled -5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+27.7% per year) and Malaysia (-1.9% per year).

Import Prices by Country

The average import price for wiring sets used in vehicles, aircraft or ships stood at $X per ton in 2021, growing by 20% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was the Philippines ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+12.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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