Boston, MA -- (SBWIRE) -- 08/28/2012 -- BMI View: We project that Singapore's consumer electronics spending will grow by about 6% in US dollar terms in 2012 to US$4.2bn. Strong sales of smartphones in 2011 underlined the opportunity for high-end product innovation to drive revenue growth in the mature Singaporean market. In the AV category, vendors will play to Singaporean consumers' enthusiasm for new technologies with releases of LED, 3D and internet-enabled TV sets. There are a number of other key growth areas including 3G phones, DSLR cameras, Blu-ray DVD players, netbooks and high-end notebooks. However, some other product groups such as Plasma TV sets and compact digital cameras are experiencing relatively flat growth.
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Headline Expenditure Projections
- Computer hardware sales: US$2.7bn in 2011 to US$2.9bn in 2012, +6% in US dollar terms. Forecast in US dollar terms downwardly revised due to macroeconomic factors but there should be a stimulus from the iPad3 and Ultrabooks.
- AV sales: US$885mn in 2011 to US$940mn in 2012, +5% in US dollar terms. Forecast in US dollar terms unchanged, with product innovation the main growth driver.
- Handset sales: US$323mn in 2011 to US$349n in 2012, +8% in US dollar terms. Forecast in US dollar terms unchanged with smartphones the main handset market driver in 2011, owing to local sales of Apple's iPhone, and phones based on the Android operating system.
Singapore's score was 72.4 out of 100.0, which gives it first place in our latest Asia CE RRR table. The country's high market risk and country risk scores of 85 and 88 respectively reinforced its also competitive CE market score of 58.
Key Trends & Developments
- Most Singapore households have already bought a flat-screen TV and, as the market matures, manufacturers will attempt to sustain growth by introducing new products and features. Demand for larger and thinner screens is now the main driver as consumers seek a higher quality viewing experience. A trend for households to purchase multiple sets will also stimulate sales, as will new technologies such as 3D TV sets.v - More than 70% of handsets sold on the Singaporean market are smartphones, which is one of the highest global penetration rates. In the fourth calendar quarter of 2011, SingTel reported a 44,000 increase in postpaid net additions, driven by higher smartphone connections. According to operator data, over 80% of new postpaid subscribers in the quarter chose smartphones.
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