Hong Kong SAR, China: Market for Gym and Fitness Equipment 2024

Market Size for Gym and Fitness Equipment in Hong Kong SAR, China

The Hong Kong gym and fitness equipment market contracted to $X in 2022, with a decrease of -14.7% against the previous year. The market value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Gym and fitness equipment consumption peaked at $X in 2021, and then reduced in the following year.

Production of Gym and Fitness Equipment in Hong Kong SAR, China

In value terms, gym and fitness equipment production dropped slightly to $X in 2022 estimated in export price. In general, production, however, recorded a mild shrinkage. The pace of growth was the most pronounced in 2013 when the production volume increased by 16% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Exports of Gym and Fitness Equipment

Exports from Hong Kong SAR, China

In 2022, the amount of gym and fitness equipment exported from Hong Kong SAR reduced to X tons, which is down by -12.5% on the previous year. In general, exports showed a deep setback. The most prominent rate of growth was recorded in 2020 when exports increased by 79%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, gym and fitness equipment exports surged to $X in 2022. Overall, exports recorded a noticeable slump. The pace of growth was the most pronounced in 2020 with an increase of 38%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons), the United States (X tons) and Japan (X tons) were the main destinations of gym and fitness equipment exports from Hong Kong SAR, with a combined 57% share of total exports. South Korea, Singapore, Taiwan (Chinese), the United Arab Emirates, Malaysia, the UK and Canada lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +28.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), South Korea ($X) and China ($X) constituted the largest markets for gym and fitness equipment exported from Hong Kong SAR worldwide, with a combined 59% share of total exports.

South Korea, with a CAGR of +42.5%, 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

The average gym and fitness equipment export price stood at $X per ton in 2022, surging by 55% against the previous year. In general, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, gym and fitness equipment export price increased by +73.2% against 2020 indices. 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 Singapore ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+21.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gym and Fitness Equipment

Imports into Hong Kong SAR, China

Gym and fitness equipment imports into Hong Kong SAR declined rapidly to X tons in 2022, waning by -28.3% against 2021 figures. In general, imports recorded a noticeable downturn. The most prominent rate of growth was recorded in 2020 with an increase of 67% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, gym and fitness equipment imports fell remarkably to $X in 2022. Over the period under review, imports recorded a mild setback. The most prominent rate of growth was recorded in 2020 when imports increased by 26%. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest gym and fitness equipment supplier to Hong Kong SAR, with a 69% share of total imports. Moreover, gym and fitness equipment imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), sixfold. Hungary (X tons) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+4.5% per year) and Hungary (+8.7% per year).

In value terms, China ($X), Taiwan (Chinese) ($X) and the United States ($X) were the largest gym and fitness equipment suppliers to Hong Kong SAR, together accounting for 74% of total imports. Italy, Germany, Hungary and Malaysia lagged somewhat behind, together accounting for a further 13%.

Among the main suppliers, Malaysia, with a CAGR of +40.2%, saw the highest growth rate of 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

The average gym and fitness equipment import price stood at $X per ton in 2022, which is down by -3.6% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The pace of growth was the most pronounced in 2021 an increase of 23%. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat 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 Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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