Hong Kong SAR, China: Crane Market 2024

Crane Market Size in Hong Kong SAR, China

In 2022, the Hong Kong crane market decreased by -11.8% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Crane Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane increased by 5.8% to X units, rising for the second consecutive year after three years of decline. In general, exports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of 90%. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, crane exports reduced to $X in 2022. Overall, exports, however, continue to indicate a drastic downturn. The growth pace was the most rapid in 2013 when exports increased by 92% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Singapore (X units), China (X units) and Australia (X units) were the main destinations of crane exports from Hong Kong SAR, with a combined 78% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +12.2%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for crane exported from Hong Kong SAR were China ($X), Singapore ($X) and Australia ($X), together comprising 81% of total exports.

In terms of the main countries of destination, Australia, with a CAGR of +7.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average crane export price stood at $X per unit in 2022, falling by -11.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2020 an increase of 12%. Over the period under review, the average export prices reached the maximum at $X per unit in 2021, and then fell in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per unit), while the average price for exports to Taiwan (Chinese) ($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 Macao SAR (+3.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into Hong Kong SAR, China

In 2022, after two years of growth, there was significant decline in overseas purchases of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane, when their volume decreased by -9.2% to X units. Over the period under review, imports saw a slight downturn. The pace of growth was the most pronounced in 2013 with an increase of 39% against the previous year. Over the period under review, imports reached the maximum at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, crane imports contracted to $X in 2022. Overall, imports continue to indicate a mild curtailment. The growth pace was the most rapid in 2015 when imports increased by 46% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of crane to Hong Kong SAR, with a 46% share of total imports. Moreover, crane imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), twofold. The third position in this ranking was taken by Germany (X units), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+14.9% per year) and Germany (+1.9% per year).

In value terms, China ($X) constituted the largest supplier of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane to Hong Kong SAR, comprising 42% of total imports. The second position in the ranking was taken by Italy ($X), with a 17% share of total imports. It was followed by Germany, with a 16% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+12.2% per year) and Germany (+3.3% per year).

Import Prices by Country

In 2022, the average crane import price amounted to $X per unit, remaining constant against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 12%. Over the period under review, average import prices reached the peak figure at $X per unit in 2018; however, from 2019 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 Japan ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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