Hong Kong SAR, China: Gear Cutting Machine Market 2024

Gear Cutting Machine Market Size in Hong Kong SAR, China

The Hong Kong gear cutting machine market skyrocketed to $X in 2021, growing by 19% against the previous year. In general, consumption, however, recorded a mild descent. Gear cutting machine consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Gear Cutting Machine Production in Hong Kong SAR, China

In value terms, gear cutting machine production rose notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Gear cutting machine production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Gear Cutting Machine Exports

Exports from Hong Kong SAR, China

In 2021, after two years of decline, there was significant growth in overseas shipments of gear cutting, gear grinding or gear finishing machines, when their volume increased by 125% to X units. In general, exports, however, continue to indicate a slight decrease. The pace of growth was the most pronounced in 2013 when exports increased by 400%. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, gear cutting machine exports surged to $X in 2021. Overall, exports showed a modest increase. The most prominent rate of growth was recorded in 2018 when exports increased by 217% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X units) was the main destination for gear cutting machine exports from Hong Kong SAR, accounting for a 89% share of total exports. Moreover, gear cutting machine exports to China exceeded the volume sent to the second major destination, Pakistan (X units), eightfold.

From 2012 to 2021, the average annual growth rate of volume to China stood at -2.4%.

In value terms, China ($X) remains the key foreign market for gear cutting, gear grinding or gear finishing machines exports from Hong Kong SAR, comprising 97% of total exports. The second position in the ranking was taken by Pakistan ($X), with a 2.8% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China totaled +1.5%.

Export Prices by Country

The average gear cutting machine export price stood at $X per unit in 2021, shrinking by -20.9% against the previous year. Over the period under review, the export price, however, posted a perceptible expansion. The pace of growth was the most pronounced in 2014 when the average export price increased by 80% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Pakistan amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+329.2%).

Gear Cutting Machine Imports

Imports into Hong Kong SAR, China

In 2021, after two years of decline, there was significant growth in purchases abroad of gear cutting, gear grinding or gear finishing machines, when their volume increased by 91% to X units. Overall, imports, however, saw a abrupt contraction. The pace of growth appeared the most rapid in 2017 when imports increased by 354%. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, gear cutting machine imports skyrocketed to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 708% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Japan (X units) constituted the largest gear cutting machine supplier to Hong Kong SAR, with a 67% share of total imports. Moreover, gear cutting machine imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), twofold.

From 2012 to 2021, the average annual growth rate of volume from Japan amounted to -6.6%.

In value terms, Japan ($X) constituted the largest supplier of gear cutting, gear grinding or gear finishing machines to Hong Kong SAR, comprising 97% of total imports. The second position in the ranking was held by China ($X), with a 3.2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan amounted to +1.6%.

Import Prices by Country

The average gear cutting machine import price stood at $X per unit in 2021, increasing by 32% against the previous year. In general, the import price posted a buoyant expansion. The most prominent rate of growth was recorded in 2014 when the average import price increased by 133%. Over the period under review, average import prices attained the maximum at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+9.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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