Electronics Industry in Singapore 2024

The electronics industry in Singapore is among the most advanced in the world. The city state is home to 8 of the top 10 fabless semiconductor companies, 2 of the top 3 wafer foundries in the world, and a host of other precision component manufacturers.¹The world’s largest outsourced semiconductor assembly and test (OSAT) company, ASE, is also based in Singapore.

Electronics Industry in Singapore

The domestic electronics manufacturing and sales industry is a major driver of economic growth in Singapore, contributing 8% to the nation’s GDP and 38% of the total fixed asset investments in its economy.

On the consumer side of the equation, Singapore has all the hallmarks of a highly mature market with high penetration in Southeast Asia. As a result, consumer electronics revenues are expected to reach $2.17 billion in 2024.²

However, there are also downsides to being a highly mature market. Due to high levels of market saturation, demand has largely plateaued in the consumer electronics sector. The growth forecast until 2028 shows a compound annual growth rate (CAGR) of -0.02%, indicating a projected volume decline.²

A notable exception to this trend, however, is online sales. Consumer electronics products rank at the top of the best-selling products in Singapore, generating revenues worth $655 million in 2022, followed by fashion and apparel products.³ You can learn more about the latter in our focused report on the latest fashion trends in Singapore.⁴

Below, we look at five key electronic industry statistics in Singapore.

5 Key Electronics Industry Statistics in Singapore

1. 40% of Singapore’s Manufacturing Output Is in Electronics

Singapore is a major exporter of critical electronic components like semiconductors and chips. Singapore’s electronics industry provides employment for 67,000 people.⁵ Major electronic manufacturing system companies in Singapore include Siemens, Apple, Samsung, GlobalFoundries, Panasonic, ABB, Motorola, and MediaTek.

2. 38.8% of Electronic Sales in Singapore Happen Online

The revenues generated through the online sales of consumer electronics has grown rapidly to $845 million, or 38.8% of the total consumer electronics market.² To put things in perspective, the total e-commerce revenues in 2022 were around $9 billion, according to the latest Singapore e-commerce market trends.⁶

3. 48.8% Revenue Comes From Smartphone Sales

The telephony segment accounts for close to 49% of all revenues generated in the consumer electronics market in Singapore.² The total value of mobile phones and tech gadgets sold in the country is expected to be around $1.06 billion in 2024. According to eCommerceDB, online sales will generate $444 million and grow at an annual rate of 2.5% CAGR between 2023 and 2027.⁷ Apple and Samsung are the most popular brands in this segment.

4. Home Appliances Are Projected to Grow at a Rate of 3.59%

While the growth forecast for consumer electronics in Singapore is negative for the next 5 years, demand for household appliances has shown a slow but steady increase driven by the emergence of smart home technology. Annual revenues for home appliances are estimated to be around $990 million in 2024.⁸ The average household in Singapore owns 4.06 appliances in 2024.

5. 482,000 Singapore Homes Have Smart Home Devices

In 2023, the total number of homes with smart devices and appliances increased by 87,000, indicating a growth of 21.9%.⁹ The total value of the combined smart home devices and appliances market is around $280 million and growing at an average of 11%. The total penetration of smart home products in Singapore is around 33.4% and the year-on-year increase is estimated to be 19.3%.

Final Thoughts

Singapore has consistently generated around $2.1 billion in annual sales in consumer electronics since at least 2018.¹⁰ The country is also a vital node in the global electronics market for innovation and manufacturing of finished electronic products and components, supported by its robust supply chain management system and highly efficient logistics service providers.

Even though the annual growth rate for consumer electronics is negative (-0.02%) the home appliances segment is poised for steady growth. A large part of this growth is expected to come from online sales, including sales from social media platforms. According to the latest Singapore social media stats, more than 5.08 million of Singaporeans are active users of social media, providing a good customer base for the home appliances segment.¹¹

Our research into popular payment methods in Singapore indicate that the country is leading the global transition into mobile commerce, further easing the way for growth in online sales of electronics.¹²

Given the leverage e-commerce enjoys when it comes to the electronics industry, investing in affiliate marketing is a prudent option to drive sales in revenue.

For advertising partners active in the Singapore electronics market, Commission Factory can help grow their business.

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Singapore's Electronics Sector: Driving Technological Innovation and Growth