Hong Kong SAR, China: Market for Drive-Axles with Differential and Non-Driving Axles 2025

Market Size for Drive-Axles with Differential and Non-Driving Axles in Hong Kong SAR, China

The Hong Kong driving and non-driving axle market was estimated at $X in 2021, leveling off at the previous year. Over the period under review, the total consumption indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -2.2% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Production of Drive-Axles with Differential and Non-Driving Axles in Hong Kong SAR, China

In value terms, driving and non-driving axle production declined modestly to $X in 2021 estimated in export price. In general, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +75.8% against 2014 indices. The growth pace was the most rapid in 2019 when the production volume increased by 18% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then fell modestly in the following year.

Exports of Drive-Axles with Differential and Non-Driving Axles

Exports from Hong Kong SAR, China

After two years of growth, shipments abroad of drive-axles with differential and non-driving axles decreased by -43.1% to X tons in 2021. In general, exports, however, posted buoyant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 298%. Over the period under review, the exports hit record highs at X tons in 2020, and then contracted sharply in the following year.

In value terms, driving and non-driving axle exports dropped remarkably to $X in 2021. Over the period under review, exports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2019 when exports increased by 104%. The exports peaked at $X in 2020, and then contracted dramatically in the following year.

Exports by Country

China (X tons) was the main destination for driving and non-driving axle exports from Hong Kong SAR, with a 66% share of total exports. Moreover, driving and non-driving axle exports to China exceeded the volume sent to the second major destination, Thailand (X tons), sixfold. Pakistan (X tons) ranked third in terms of total exports with a 4.8% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +24.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+19.9% per year) and Pakistan (+13.3% per year).

In value terms, China ($X) remains the key foreign market for driving and non-driving axle exports from Hong Kong SAR, comprising 69% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an 11% share of total exports. It was followed by Thailand, with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at +20.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+4.7% per year) and Thailand (+13.1% per year).

Export Prices by Country

The average driving and non-driving axle export price stood at $X per ton in 2021, declining by -11.5% against the previous year. Over the period under review, the export price saw a perceptible decline. The most prominent rate of growth was recorded in 2019 when the average export price increased by 29%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+7.6%), while the prices for the other major destinations experienced a decline.

Imports of Drive-Axles with Differential and Non-Driving Axles

Imports into Hong Kong SAR, China

After two years of growth, overseas purchases of drive-axles with differential and non-driving axles decreased by -52% to X tons in 2021. Overall, imports continue to indicate a slight setback. The pace of growth was the most pronounced in 2019 with an increase of 48% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, driving and non-driving axle imports contracted sharply to $X in 2021. Over the period under review, imports showed a noticeable contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 27%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, South Korea (X tons) constituted the largest driving and non-driving axle supplier to Hong Kong SAR, with a 37% share of total imports. Moreover, driving and non-driving axle imports from South Korea exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. China (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea totaled +56.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-5.7% per year) and China (-3.6% per year).

In value terms, the largest driving and non-driving axle suppliers to Hong Kong SAR were Germany ($X), South Korea ($X) and the United States ($X), together accounting for 55% of total imports.

South Korea, with a CAGR of +42.0%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average driving and non-driving axle import price stood at $X per ton in 2021, rising by 35% against the previous year. Overall, the import price, however, showed a noticeable reduction. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Singapore ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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