Boston, MA -- (ReleaseWire) -- 01/28/2014 -- We forecast that Singapore's consumer electronics spending will increase 3.9% in US dollar terms in 2014 to reach US$4.4bn. In 2013, spending on high-end consumer electronics products has been supported by the tight labour market. Strong sales of smartphones, tablets, Blu-ray players and digital cameras have underlined the relative buoyancy of Singapore's consumers, as well as the popularity of technology products as gifts. Singapore has one of the highest smartphone penetration rates in the world, estimated at around 75%. In the AV category, digital broadcasting migration will create a market for digital converters based on the DVB2 standard. There are a number of other key growth areas, such as 3G phones, Wi-Fi-enabled, ultra-HD and Smart 3D TV sets, Blu-ray DVD players, tablets and high-end notebooks.
Headline Expenditure Projections
Computer hardware sales: US$2.95bn in 2012 to US$3.03bn in 2013, +2.8% in US dollar terms. Forecast in US dollar terms downgraded slightly as sales of lower cost tablets contributes to a faster pace of price erosion.
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AV sales: US$940mn in 2012 to US$998mn in 2013, +6.1% in US dollar terms. Forecast in US dollar terms unchanged, with product innovation the main growth driver.
Handset sales: US$349mn in 2012 to US$374mn in 2013, +7.1% in US dollar terms. The fastest growing segment of the consumer electronics as consumers upgrade/replace smartphones.
Singapore's score was 71.3 out of 100.0, which gives it second place in our latest Asia Consumer Electronics (CE) Risk/Reward Ratings (RRR) table, behind only Australia. The country's high Industry Risk and Country Risk scores of 85 and 85.8 respectively reinforce the competitive CE market.
Key Trends & Developments
US digital printing company Stratasys has forayed into Singapore to tap demand in South East Asia, expanding its regional presence beyond Hong Kong for the first time. The company's general manager for Asia-Pacific and Japan, Jonathan Jaglom, said the adoption of 3D printing, especially in the Asia-Pacific region, has grown significantly in the past few years. The Singapore government allocated around US $398mn between 2013 and 2018 to enhance capabilities in advanced manufacturing, with 3D printing a crucial area.
Singapore-based app developer MyHero's TradeHero app, which lets users play the stockmarket without the risk of losing real money, closed a US$10mn funding round. Investors in the Series A rounds, which the company claims is one of the largest Series A rounds for a consumer start-up in the region, are Kleiner Perkins Caufield Byers China Fund and IPV Capital. TradeHero intends to use the funding to pay for a marketing drive for the app in late 2014 and early 2015.
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