Hong Kong SAR, China: Microwave Oven Market 2024

Microwave Oven Market Size in Hong Kong SAR, China

After three years of growth, the Hong Kong microwave oven market decreased by -1% to $X in 2022. In general, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Microwave Oven Production in Hong Kong SAR, China

In value terms, microwave oven production fell slightly to $X in 2022 estimated in export price. Overall, production, however, posted perceptible growth. The pace of growth appeared the most rapid in 2016 with an increase of 157% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Microwave Oven Exports

Exports from Hong Kong SAR, China

In 2022, shipments abroad of microwave ovens increased by 4.6% to X units, rising for the second year in a row after two years of decline. In general, exports, however, faced a abrupt descent. The growth pace was the most rapid in 2018 when exports increased by 191%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, microwave oven exports shrank notably to $X in 2022. Overall, exports, however, showed a deep downturn. The pace of growth appeared the most rapid in 2014 when exports increased by 75%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X units), Macao SAR (X units) and Vietnam (X units) were the main destinations of microwave oven exports from Hong Kong SAR, with a combined 94% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +30.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for microwave oven exported from Hong Kong SAR were Macao SAR ($X), China ($X) and Vietnam ($X), together accounting for 91% of total exports.

Vietnam, with a CAGR of +16.3%, recorded the highest growth rate of 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

In 2022, the average microwave oven export price amounted to $X per unit, shrinking by -21.9% against the previous year. Overall, the export price, however, showed buoyant growth. The most prominent rate of growth was recorded in 2019 an increase of 88% against the previous year. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per unit), while the average price for exports to China ($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 Egypt (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Microwave Oven Imports

Imports into Hong Kong SAR, China

In 2022, the amount of microwave ovens imported into Hong Kong SAR dropped to X units, approximately equating 2021 figures. Over the period under review, imports continue to indicate a slight downturn. The pace of growth appeared the most rapid in 2020 with an increase of 39%. Imports peaked at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, microwave oven imports expanded to $X in 2022. In general, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -3.4% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 61% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) was the main supplier of microwave oven to Hong Kong SAR, with a 93% share of total imports. It was followed by Thailand (X units), with a 2.4% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China stood at -1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-4.1% per year) and Germany (+12.8% per year).

In value terms, China ($X) constituted the largest supplier of microwave ovens to Hong Kong SAR, comprising 71% of total imports. The second position in the ranking was held by Germany ($X), with an 8.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+11.7% per year) and Thailand (+12.8% per year).

Import Prices by Country

The average microwave oven import price stood at $X per unit in 2022, surging by 5% against the previous year. Over the period under review, import price indicated a notable expansion 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, microwave oven import price decreased by -2.7% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by 31%. Over the period under review, average import prices reached the maximum at $X per unit in 2020; however, from 2021 to 2022, 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 Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+17.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :