Forecast: Import of Electric Motors and Generators to Singapore

The import of electric motors and generators to Singapore exhibited a notable downward trend from 2013, where it stood at 616.72 million USD, to 2023, marking a significant decline to 369.73 million USD. This trend is characterized by year-on-year decreases often in the double digits, interspersed with occasional recoveries, such as in 2018 and 2021. The compound annual growth rate (CAGR) over the past decade reveals a consistent downturn, averaging at a decline of approximately -6.25% per year over the last five years.

From 2024 onwards, the forecast for imports continues to project a declining trajectory, with the value estimated to drop to 267.06 million USD by 2028. This represents a forecast 5-year CAGR of -5.16%, translating to a total decrease of -23.29% over this period.

Future trends to watch for:

• The impact of technological advancements and increased efficiency of electric motors and generators, potentially reducing the need for imports.
• Global economic factors, including trade policies and bilateral agreements, which could influence import dynamics.
• Sustainability and environmental considerations driving changes in supply chain strategies and sourcing.
• Potential growth in local manufacturing capacities as Singapore pivots to self-reliance in critical industries.