Hong Kong SAR, China: Electric Heating Equipment Market 2024

Electric Heating Equipment Market Size in Hong Kong SAR, China

In 2022, the Hong Kong electric heating equipment market increased by 4.3% to $X, rising for the second year in a row after two years of decline. In general, consumption continues to indicate notable growth. Electric heating equipment consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Electric Heating Equipment Production in Hong Kong SAR, China

In value terms, electric heating equipment production fell to $X in 2022 estimated in export price. In general, production, however, posted modest growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 374%. Electric heating equipment production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Electric Heating Equipment Exports

Exports from Hong Kong SAR, China

In 2022, overseas shipments of electric space heating apparatus and soil heating apparatus decreased by -73.5% to X units, falling for the fourth consecutive year after two years of growth. In general, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 95% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, electric heating equipment exports declined notably to $X in 2022. Over the period under review, exports recorded a drastic downturn. The pace of growth appeared the most rapid in 2015 when exports increased by 21%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), China (X units) and the UK (X units) were the main destinations of electric heating equipment exports from Hong Kong SAR, together comprising 65% of total exports. Macao SAR, the Netherlands, Japan, Germany and France lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +262.7%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for electric heating equipment exported from Hong Kong SAR were Macao SAR ($X), China ($X) and the UK ($X), together comprising 72% of total exports. The United States, France, the Netherlands, Japan and Germany lagged somewhat behind, together accounting for a further 23%.

The Netherlands, with a CAGR of +218.1%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average electric heating equipment export price amounted to $X per unit, growing by 61% against the previous year. In general, the export price posted a noticeable increase. Over the period under review, the average export prices reached the peak figure at $X per unit in 2016; however, from 2017 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 Macao SAR ($X per unit), while the average price for exports to the United States ($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 the UK (+17.8%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Heating Equipment Imports

Imports into Hong Kong SAR, China

In 2022, the amount of electric space heating apparatus and soil heating apparatus imported into Hong Kong SAR reduced notably to X units, shrinking by -47.3% compared with 2021. Over the period under review, imports saw a abrupt descent. The pace of growth appeared the most rapid in 2013 with an increase of 24% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, electric heating equipment imports reduced sharply to $X in 2022. Overall, total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when imports increased by 28%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of electric heating equipment to Hong Kong SAR, with a 82% share of total imports. Moreover, electric heating equipment imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+74.1% per year) and Germany (-18.8% per year).

In value terms, the largest electric heating equipment suppliers to Hong Kong SAR were Malaysia ($X), China ($X) and Germany ($X), with a combined 97% share of total imports.

Among the main suppliers, Malaysia, with a CAGR of +64.1%, 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 a decline.

Import Prices by Country

The average electric heating equipment import price stood at $X per unit in 2022, increasing by 28% against the previous year. Over the period under review, the import price showed resilient growth. The most prominent rate of growth was recorded in 2015 an increase of 52% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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