2014-01-25 18:27:14 - New Consumer Goods market report from Business Monitor International: "Singapore Consumer Electronics Report Q1 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.
Full Report Details at
- www.fastmr.com/prod/764000_singapore_consumer_electronics_report ..
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.
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.
US mobile archiving company Evernote has formed a partnership with Singapore-based telecoms company StarHub as part of efforts to expand into South East Asia. According to the deal, Evernote will offer one-year Premium subscription for free, originally valued at US$45, to all new or returning StarHub mobile customers. Evernote said users will enjoy a partner-exclusive feature, video notes, which enables them to shoot and upload videos easily on the Evernote app. The promotion is scheduled to end on August 21 2014.
US-based computer firm Hewlett-Packard (HP) released its EliteBook Revolve in Singapore. The convertible device allows users to switch between a notebook and a tablet. The enterprise-class components include solid-state drive options up to 256GB. The device uses the latest, third generation Intel Core processors and runs Microsoft's Windows 8 operating system. The EliteBook Revolve starts at a price of SGD2,399 (US$1,874)..
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Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at www.fastmr.com/catalog/publishers.aspx?pubid=1010
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