Hong Kong SAR, China: Mounting Lifting Equipment Market 2024

Mounting Lifting Equipment Market Size in Hong Kong SAR, China

The Hong Kong mounting lifting equipment market skyrocketed to $X in 2021, with an increase of 22% against the previous year. In general, consumption recorded a resilient increase. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the near future.

Mounting Lifting Equipment Production in Hong Kong SAR, China

In value terms, mounting lifting equipment production dropped modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a significant increase. The pace of growth was the most pronounced in 2017 when the production volume increased by 5,008% against the previous year. Mounting lifting equipment production peaked at $X in 2020, and then dropped in the following year.

Mounting Lifting Equipment Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of lifting equipment designed for mounting on road vehicles were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 1,762%. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, mounting lifting equipment exports surged to $X in 2021. Over the period under review, exports enjoyed a buoyant increase. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X units) was the main destination for mounting lifting equipment exports from Hong Kong SAR, accounting for a 61% share of total exports. Moreover, mounting lifting equipment exports to China exceeded the volume sent to the second major destination, Vietnam (X units), sixfold. Thailand (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (0.0% per year) and Thailand (0.0% per year).

In value terms, China ($X) emerged as the key foreign market for lifting equipment designed for mounting on road vehicles exports from Hong Kong SAR, comprising 85% of total exports. The second position in the ranking was held by Vietnam ($X), with a 13% share of total exports. It was followed by Macao SAR, with a 1.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +24.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (0.0% per year) and Macao SAR (-35.9% per year).

Export Prices by Country

The average mounting lifting equipment export price stood at $X per unit in 2021, with an increase of 1,971% against the previous year. Over the period under review, the export price continues to indicate a strong increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Malaysia ($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 China (+7.8%), while the prices for the other major destinations experienced a decline.

Mounting Lifting Equipment Imports

Imports into Hong Kong SAR, China

After five years of decline, supplies from abroad of lifting equipment designed for mounting on road vehicles increased by 121% to X units in 2021. Overall, imports, however, saw a pronounced curtailment. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, mounting lifting equipment imports soared to $X in 2021. Over the period under review, imports, however, recorded a perceptible descent. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Italy (X units), Poland (X units) and Spain (X units) were the main suppliers of mounting lifting equipment imports to Hong Kong SAR, together comprising 87% of total imports. These countries were followed by China, Finland, Singapore and the UK, which together accounted for a further 13%.

From 2012 to 2021, the biggest increases were recorded for Finland (with a CAGR of +32.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of lifting equipment designed for mounting on road vehicles to Hong Kong SAR, comprising 56% of total imports. The second position in the ranking was held by Poland ($X), with a 21% share of total imports. It was followed by Spain, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy stood at -2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+31.4% per year) and Spain (-13.0% per year).

Import Prices by Country

The average mounting lifting equipment import price stood at $X per unit in 2021, with an increase of 6.3% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 13%. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+6.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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