Boston, MA -- (ReleaseWire) -- 05/05/2014 -- - We forecast that Singapore's consumer electronics spending will increase 6.9% in US dollar terms in 2014 to reach US$4.6bn, with the smartphone and tablet device markets continuing to be the most dynamic market segments. We expect market growth to accelerate from 2013 after a squeeze on growth from price erosion in the TV and notebook markets, as well as cannibalisation of digital camera and mp3 player volumes associated with the proliferation of multi-functional smartphone ownership. While growth is forecast to accelerate it will remain below emerging markets in APAC as Singapore has one of the highest smartphone and tablet penetration rates in the world, meaning it has passed through the period of strongest growth associated with rapidly rising penetration.
Headline Expenditure Projections
Computer Hardware Sales: US$2.24bn in 2013 to US$2.36bn in 2014, +5.3% in US dollar terms. Although the shift to tablets has resulted in price erosion, with Singaporean consumers showing preference for premium devices value growth will continue.
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AV Sales: US$998mn in 2013 to US$1.1bn in 2013, +7% in US dollar terms. After a contraction in 2013 we expect the market to return to growth in 2014, driven by demand for next generation games consoles and TV sets.
Handset Sales: US$1bn in 2013 to US$1.2bn in 2014, +10.4% in US dollar terms. The fastest growing segment of the consumer electronics as consumers upgrade/replace smartphones.
Key Trends & Developments
Singapore is home to one of the most developed smartphone markets globally, with penetration estimated at over 70% by the end of 2013. High incomes, high capacity telecoms infrastructure, operator subsidies for handsets and strong retail channels have all helped to raise the penetration level of smartphones. Due to market maturity, BMI forecasts only moderate growth in unit terms; however, the push factor of LTE service rollout will ensure the market remains buoyant by raising replacement rates. In value terms we believe the Singaporean market will come under some price pressure due to saturation. However, consumers have demonstrated a clear preference for premium devices, whether Apple's iPhone or in the Android ecosystem, meaning price erosion will be slower than in emerging markets.
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