Hong Kong SAR, China: Hydraulic Jack Market 2024

Hydraulic Jack Market Size in Hong Kong SAR, China

The Hong Kong hydraulic jack market declined rapidly to $X in 2022, shrinking by -18.6% against the previous year. Overall, consumption recorded a prominent increase. Hydraulic jack consumption peaked at $X in 2021, and then fell markedly in the following year.

Hydraulic Jack Production in Hong Kong SAR, China

In value terms, hydraulic jack production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production, however, posted a buoyant expansion. The growth pace was the most rapid in 2014 with an increase of 159%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Hydraulic Jack Exports

Exports from Hong Kong SAR, China

In 2022, overseas shipments of hydraulic jacks and hoists for raising vehicles were finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, showed a deep slump. The growth pace was the most rapid in 2018 with an increase of 106%. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, hydraulic jack exports stood at $X in 2022. In general, exports posted a significant expansion. The growth pace was the most rapid in 2018 with an increase of 275% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X units), the UK (X units) and Taiwan (Chinese) (X units) were the main destinations of hydraulic jack exports from Hong Kong SAR, together comprising 95% of total exports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +116.4%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the UK ($X) remains the key foreign market for hydraulic jacks and hoists for raising vehicles exports from Hong Kong SAR, comprising 90% of total exports. The second position in the ranking was held by China ($X), with a 7.4% share of total exports. It was followed by Taiwan (Chinese), with a 0.3% share.

From 2012 to 2022, the average annual growth rate of value to the UK stood at +235.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+2.5% per year) and Taiwan (Chinese) (+19.2% per year).

Export Prices by Country

The average hydraulic jack export price stood at $X per unit in 2022, shrinking by -37.5% against the previous year. Overall, the export price, however, posted significant growth. The pace of growth was the most pronounced in 2019 an increase of 160%. The export price peaked at $X per unit in 2021, and then declined sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Taiwan (Chinese) ($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 (+55.2%), while the prices for the other major destinations experienced more modest paces of growth.

Hydraulic Jack Imports

Imports into Hong Kong SAR, China

In 2022, hydraulic jack imports into Hong Kong SAR soared to X units, picking up by 111% compared with the year before. In general, imports, however, recorded a abrupt slump. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, hydraulic jack imports skyrocketed to $X in 2022. Over the period under review, imports saw a moderate expansion. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of hydraulic jack to Hong Kong SAR, accounting for a 72% share of total imports. Moreover, hydraulic jack imports from China exceeded the figures recorded by the second-largest supplier, Switzerland (X units), sixfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+15.5% per year) and Taiwan (Chinese) (+20.8% per year).

In value terms, the largest hydraulic jack suppliers to Hong Kong SAR were Switzerland ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 74% share of total imports.

Switzerland, with a CAGR of +50.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average hydraulic jack import price amounted to $X per unit, declining by -6.7% against the previous year. Over the period under review, the import price, however, saw a prominent increase. The most prominent rate of growth was recorded in 2018 an increase of 81% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the average import prices failed to regain momentum.

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 Switzerland ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+29.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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