Hong Kong SAR, China: Smart Card Market 2024

Smart Card Market Size in Hong Kong SAR, China

In 2022, the Hong Kong smart card market increased by 47% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption enjoyed a slight expansion. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Smart Card Production in Hong Kong SAR, China

In value terms, smart card production declined to $X in 2022 estimated in export price. Overall, production enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by 71%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Smart Card Exports

Exports from Hong Kong SAR, China

In 2022, approx. X units of cards incorporating an electronic integrated circuit (smart card) were exported from Hong Kong SAR; increasing by 2.7% against 2021 figures. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 68%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, smart card exports rose modestly to $X in 2022. In general, total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +9.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +20.0% against 2016 indices. The growth pace was the most rapid in 2013 with an increase of 24%. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

China (X units), Vietnam (X units) and Bangladesh (X units) were the main destinations of smart card exports from Hong Kong SAR, together comprising 57% of total exports. The United States, India, Indonesia, Sri Lanka, Pakistan, Turkey, Cambodia, Italy, Spain and Thailand lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of +73.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for cards incorporating an electronic integrated circuit (smart card) exports from Hong Kong SAR, comprising 26% of total exports. The second position in the ranking was held by Vietnam ($X), with a 12% share of total exports. It was followed by Bangladesh, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +9.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+31.7% per year) and Bangladesh (+23.7% per year).

Export Prices by Country

The average smart card export price stood at $X per unit in 2022, flattening at the previous year. Overall, the export price, however, faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when the average export price increased by 2.8% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Vietnam (less than $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 Sri Lanka (-5.5%), while the prices for the other major destinations experienced a decline.

Smart Card Imports

Imports into Hong Kong SAR, China

After ten years of growth, purchases abroad of cards incorporating an electronic integrated circuit (smart card) decreased by -37.4% to X units in 2022. Overall, imports, however, enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 33% against the previous year. Over the period under review, imports reached the peak figure at X units in 2021, and then shrank markedly in the following year.

In value terms, smart card imports fell sharply to $X in 2022. Over the period under review, imports continue to indicate a perceptible reduction. The pace of growth was the most pronounced in 2014 with an increase of 31%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of smart card to Hong Kong SAR, accounting for a 82% share of total imports. Moreover, smart card imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), tenfold.

From 2012 to 2022, the average annual growth rate of volume from China totaled +13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+36.6% per year) and the United States (-14.2% per year).

In value terms, China ($X) constituted the largest supplier of cards incorporating an electronic integrated circuit (smart card) to Hong Kong SAR, comprising 64% of total imports. The second position in the ranking was held by Malaysia ($X), with a 10% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to -2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+17.7% per year) and the United States (-12.8% per year).

Import Prices by Country

In 2022, the average smart card import price amounted to $X per unit, rising by 28% against the previous year. In general, the import price, however, faced a deep reduction. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a 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 Malaysia ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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