Hong Kong SAR, China: Market for Glass Rear-View Mirrors For Vehicles 2024

Market Size for Glass Rear-View Mirrors For Vehicles in Hong Kong SAR, China

The Hong Kong glass rear-view vehicle mirror market reduced rapidly to $X in 2022, which is down by -35% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a noticeable downturn. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Exports of Glass Rear-View Mirrors For Vehicles

Exports from Hong Kong SAR, China

After ten years of growth, shipments abroad of glass rear-view mirrors for vehicles decreased by -88.3% to X units in 2022. Over the period under review, exports showed a noticeable decrease. The pace of growth appeared the most rapid in 2021 when exports increased by 693%. As a result, the exports attained the peak of X units, and then declined remarkably in the following year.

In value terms, glass rear-view vehicle mirror exports fell markedly to $X in 2022. In general, exports recorded a deep slump. The pace of growth appeared the most rapid in 2021 with an increase of 714%. As a result, the exports attained the peak of $X, and then dropped markedly in the following year.

Exports by Country

China (X units) was the main destination for glass rear-view vehicle mirror exports from Hong Kong SAR, with a 1,154% share of total exports. Moreover, glass rear-view vehicle mirror exports to China exceeded the volume sent to the second major destination, Vietnam (X units), ninefold. The third position in this ranking was taken by Japan (X units), with a 106% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +31.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+25.9% per year) and Japan (+8.6% per year).

In value terms, China ($X) emerged as the key foreign market for glass rear-view mirrors for vehicles exports from Hong Kong SAR, comprising 81% of total exports. The second position in the ranking was taken by Japan ($X), with a 7% share of total exports. It was followed by the UK, with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+11.6% per year) and the UK (-2.6% per year).

Export Prices by Country

The average glass rear-view vehicle mirror export price stood at $X per unit in 2021, rising by 2.8% against the previous year. In general, the export price recorded a moderate expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+11.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into Hong Kong SAR, China

In 2022, imports of glass rear-view mirrors for vehicles into Hong Kong SAR fell markedly to X units, which is down by -60.7% compared with the previous year's figure. Overall, imports, however, enjoyed a pronounced expansion. The growth pace was the most rapid in 2018 when imports increased by 109% against the previous year. Over the period under review, imports attained the peak figure at X units in 2021, and then contracted significantly in the following year.

In value terms, glass rear-view vehicle mirror imports shrank significantly to $X in 2022. Over the period under review, imports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2021 with an increase of 94% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of glass rear-view vehicle mirror to Hong Kong SAR, with a 46% share of total imports. Moreover, glass rear-view vehicle mirror imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), fourfold. The third position in this ranking was held by the United States (X units), with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -7.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-8.9% per year) and the United States (+23.8% per year).

In value terms, China ($X), the United States ($X) and Japan ($X) appeared to be the largest glass rear-view vehicle mirror suppliers to Hong Kong SAR, with a combined 68% share of total imports.

In terms of the main suppliers, the United States, with a CAGR of +38.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average glass rear-view vehicle mirror import price amounted to $X per unit, with an increase of 9.5% against the previous year. Overall, the import price, however, saw a deep downturn. The pace of growth was the most pronounced in 2017 when the average import price increased by 104% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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