Based on the historical and forecast data, the import value of domestic vacuum cleaners to Singapore exhibited volatility from 2013 to 2023, fluctuating significantly with occasional spikes. The series peaked in 2017 at $105.14 million and has shown a general upward trend since 2021, reaching $75.154 million in 2023. The year-on-year variation over the last two years was 3.27% on average, while the CAGR for the last five years indicates an average annual growth of 8.04%. The forecasted values from 2024 to 2028 suggest a moderate growth trend, with a projected 5-year CAGR of 2.4%.
Future trends to watch for include:
- Potential market saturation affecting growth rates.
- Technological advancements in vacuum cleaners fueling demand.
- Economic factors that could influence import costs and purchasing power.
