The import value of parts for electric motors and generators to Singapore has consistently declined from 2013, where it stood at $217.27 million, to 2023, where it was $77.266 million. The year-on-year variation has shown both positive and negative changes, but predominantly negative over the last two years with a -7.54% change in 2022 and a -7.99% change in 2023. The compound annual growth rate (CAGR) over the past five years is -8.02%, indicating a steady decline.
From 2024 onwards, forecasted values suggest a continued downward trend, with a forecast 5-year CAGR of -9.6%, predicting imports of just $42.195 million by 2028, a reduction of about 39.63% from 2023 levels.
Future trends to watch for include advancements in local manufacturing capabilities, alternative sourcing strategies, and shifts in global supply chains which could impact the import dynamics more significantly. Additionally, policy changes and economic fluctuations could either mitigate or worsen the downtrend.