Hong Kong SAR, China: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Hong Kong SAR, China

In 2022, the Hong Kong market for tyres for agriculture, forestry, construction, industry and other off the road vehicles decreased by -53% to $X, falling for the third consecutive year after two years of growth. Over the period under review, consumption recorded a abrupt curtailment. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Hong Kong SAR, China

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles fell to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2018 when the production volume increased by 20%. Production of peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from Hong Kong SAR, China

In 2022, shipments abroad of tyres for agriculture, forestry, construction, industry and other off the road vehicles increased by 84% to X units, rising for the third consecutive year after two years of decline. In general, exports continue to indicate a significant expansion. The growth pace was the most rapid in 2021 when exports increased by 415%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles skyrocketed to $X in 2022. Over the period under review, exports, however, showed a deep contraction. The pace of growth appeared the most rapid in 2021 with an increase of 202% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Hong Kong SAR, with a 98% share of total exports. It was followed by the Netherlands (X units), with a 1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled +67.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+3.2% per year) and Brazil (-37.3% per year).

In value terms, China ($X) remains the key foreign market for tyres for agriculture, forestry, construction, industry and other off the road vehicles exports from Hong Kong SAR, comprising 76% of total exports. The second position in the ranking was held by the Netherlands ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China stood at +10.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-9.3% per year) and Brazil (-42.2% per year).

Export Prices by Country

The average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, with a decrease of -15.6% against the previous year. In general, the export price recorded a precipitous contraction. The growth pace was the most rapid in 2019 when the average export price increased by 127% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (-7.8%), while the prices for the other major destinations experienced a decline.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into Hong Kong SAR, China

After four years of decline, overseas purchases of tyres for agriculture, forestry, construction, industry and other off the road vehicles increased by 57% to X units in 2022. Overall, imports, however, continue to indicate a deep contraction. The pace of growth was the most pronounced in 2017 with an increase of 67%. As a result, imports reached the peak of X units. From 2018 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X in 2022. In general, imports, however, showed a abrupt descent. The pace of growth was the most pronounced in 2018 when imports increased by 98% against the previous year. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of agricultural, construction and industrial machinery tyre to Hong Kong SAR, accounting for a 78% share of total imports. Moreover, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from China exceeded the figures recorded by the second-largest supplier, Japan (X units), eightfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a 3.6% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-16.2% per year) and Taiwan (Chinese) (-23.8% per year).

In value terms, the largest agricultural, construction and industrial machinery tyre suppliers to Hong Kong SAR were Japan ($X), China ($X) and Sri Lanka ($X), with a combined 92% share of total imports.

Among the main suppliers, Sri Lanka, with a CAGR of +15.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, which is down by -31.6% against the previous year. In general, the import price continues to indicate a abrupt decrease. The pace of growth was the most pronounced in 2018 an increase of 216% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+52.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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