Fast Market Research recommends "Singapore Consumer Electronics Report Q4 2012" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 01/19/2013 -- BMI View: We project that Singapore's consumer electronics spending will grow by about 5% 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, digital broadcasting migration will create a market for digital converters based on the DVB2 standard. There are a number of other key growth areas including 3G phones, DSLR cameras, 3D TV sets, Blu-ray DVD players, tablets 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, +4% 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$349mn in 2012, +8% in US dollar terms. Forecast in US dollar terms unchanged with smartphones the main handset market driver.
Singapore's score was 70.9 out of 100.0, which gives it second place in our latest Asia CE RRR table. The country's high market risk and country risk scores of 85.0 and 87.8 respectively reinforced its also competitive CE rewards score of 58.3.
Key Trends & Developments
- The migration of free-to-air TV channels to a digital platform, due to take place in 2013, will create a market for digital converters. Approximately 40% of Singapore TV households do not currently subscribe to pay-TV services, and will therefore require the converters. Meanwhile, an expected transition to high-definition broadcasting over the next few years will provide consumers with a further incentive to upgrade for a better viewer experience.
- As most Singapore households already have flat-screen TV sets, vendors will play to Singaporean consumers' enthusiasm for new technologies with releases of LED, 3D and internet-enabled TV sets. 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.
- 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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