Household Appliances - Singapore

Singapore

In 2024, the revenue in the Household Appliances market in Singapore is estimated to be US$0.99bn.
It is projected that the market will experience an annual growth rate of 3.40% (CAGR 2024-2029).
The largest segment in the market is Major Appliances, with a market volume of US$0.64bn in 2024.
When compared globally, in China generates the highest revenue in the market, reaching US$160bn in 2024.
In terms of per household revenue, in Singapore is expected to generate US$0.52k in 2024.
Online sales are predicted to contribute 38.7% of the total revenue in the Household Appliances market by 2024.
The volume of the market is projected to reach 6.5m pieces by 2029, with a growth rate of 0.8% expected in 2025.
Furthermore, the average volume per household in the Household Appliances market is estimated to be 3.32pieces in 2024.
Singaporeans are increasingly opting for smart home appliances to enhance convenience and efficiency in their households.

Key regions: Europe, Worldwide, United States, United Kingdom, India

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Analyst Opinion

The transition to more innovative and energy-efficient technology for use in households is the major driving force behind the growth of the Household Appliances market. The market is propelled by two segments. On the one hand, there is the Major Appliances segment, comprising appliances such as refrigerators, cookers, and ovens, which come with a higher price tag but are replaced less often. On the other hand, there is the Small Appliances segment, which contributes the most to volume sales. Small appliances come with a shorter lifespan, and, in most cases, consumers are easily swayed, willing and happy to exchange their small appliance for a newer model.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on Household Appliances.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, trade data, national statistical office data, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global Survey), as well as performance factors. In addition, we use relevant key market indicators and data from country-specific associations, such as number of households, consumer spending, and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques, such as exponential trend smoothing, for instance. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Survey data is reweighted for representativeness.