Hong Kong SAR, China: Brakes And Servo-Brakes Market 2024

Brakes And Servo-Brakes Market Size in Hong Kong SAR, China

The Hong Kong brakes and servo-brakes market reduced to $X in 2022, waning by -8.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Brakes And Servo-Brakes Exports

Exports from Hong Kong SAR, China

Brakes and servo-brakes exports from Hong Kong SAR dropped significantly to X tons in 2022, reducing by -21.3% compared with the year before. Over the period under review, exports continue to indicate a perceptible shrinkage. The pace of growth appeared the most rapid in 2013 when exports increased by 118%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, brakes and servo-brakes exports shrank to $X in 2022. In general, exports, however, continue to indicate a moderate expansion. The most prominent rate of growth was recorded in 2013 with an increase of 65% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for brakes and servo-brakes exports from Hong Kong SAR, accounting for a 57% share of total exports. Moreover, brakes and servo-brakes exports to China exceeded the volume sent to the second major destination, the United States (X tons), sixfold. Mexico (X tons) ranked third in terms of total exports with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-9.4% per year) and Mexico (+13.5% per year).

In value terms, China ($X) remains the key foreign market for brakes and servo-brakes exports from Hong Kong SAR, comprising 55% of total exports. The second position in the ranking was taken by Hungary ($X), with a 16% share of total exports. It was followed by Mexico, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +12.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (+76.8% per year) and Mexico (+34.4% per year).

Export Prices by Country

The average brakes and servo-brakes export price stood at $X per ton in 2022, surging by 11% against the previous year. Over the period under review, the export price recorded a strong expansion. The growth pace was the most rapid in 2020 an increase of 49%. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hungary ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+21.6%), while the prices for the other major destinations experienced more modest paces of growth.

Brakes And Servo-Brakes Imports

Imports into Hong Kong SAR, China

In 2022, approx. X tons of brakes and servo-brakes were imported into Hong Kong SAR; dropping by -14.4% on the year before. Overall, imports saw a noticeable descent. The pace of growth was the most pronounced in 2014 with an increase of 51%. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, brakes and servo-brakes imports reduced to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 36% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Germany (X tons) and Japan (X tons) were the main suppliers of brakes and servo-brakes imports to Hong Kong SAR, together accounting for 56% of total imports. The UK, Singapore, Turkey and the United States lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +56.0%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest brakes and servo-brakes suppliers to Hong Kong SAR were China ($X), Germany ($X) and Japan ($X), together accounting for 53% of total imports. The UK, the United States, Singapore and Turkey lagged somewhat behind, together comprising a further 26%.

In terms of the main suppliers, Turkey, with a CAGR of +56.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average brakes and servo-brakes import price amounted to $X per ton, rising by 4.7% against the previous year. In general, import price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, brakes and servo-brakes import price increased by +108.3% against 2015 indices. The most prominent rate of growth was recorded in 2016 an increase of 47%. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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