Hong Kong SAR, China: Air Conditioning Machine Market 2024

Air Conditioning Machine Market Size in Hong Kong SAR, China

The Hong Kong air conditioning machine market expanded to $X in 2022, picking up by 2.7% 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). The market value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in the near future.

Air Conditioning Machine Exports

Exports from Hong Kong SAR, China

In 2022, overseas shipments of non-window or wall air conditioning machines decreased by -9.7% to X units, falling for the third consecutive year after two years of growth. Over the period under review, exports faced a abrupt setback. The pace of growth appeared the most rapid in 2019 when exports increased by 16%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, air conditioning machine exports shrank remarkably to $X in 2022. In general, exports recorded a abrupt descent. The most prominent rate of growth was recorded in 2018 with an increase of 9.6% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Macao SAR (X units) was the main destination for air conditioning machine exports from Hong Kong SAR, accounting for a 61% share of total exports. Moreover, air conditioning machine exports to Macao SAR exceeded the volume sent to the second major destination, Iran (X units), fourfold. China (X units) ranked third in terms of total exports with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (+120.7% per year) and China (-13.9% per year).

In value terms, Macao SAR ($X) remains the key foreign market for non-window or wall air conditioning machines exports from Hong Kong SAR, comprising 71% of total exports. The second position in the ranking was held by China ($X), with an 11% share of total exports. It was followed by the Philippines, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value to Macao SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-13.8% per year) and the Philippines (+7.9% per year).

Export Prices by Country

The average air conditioning machine export price stood at $X per unit in 2022, falling by -18.8% against the previous year. In general, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, air conditioning machine export price increased by +17.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 44%. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Iran ($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 Philippines (+14.3%), while the prices for the other major destinations experienced more modest paces of growth.

Air Conditioning Machine Imports

Imports into Hong Kong SAR, China

In 2022, approx. X units of non-window or wall air conditioning machines were imported into Hong Kong SAR; with an increase of 1.7% against 2021. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 17% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, air conditioning machine imports rose slightly to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 21%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Thailand (X units), China (X units) and Malaysia (X units) were the main suppliers of air conditioning machine imports to Hong Kong SAR, with a combined 96% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +14.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Thailand ($X) and Malaysia ($X) were the largest air conditioning machine suppliers to Hong Kong SAR, together comprising 94% of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of +7.6%, 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 mixed trend patterns.

Import Prices by Country

The average air conditioning machine import price stood at $X per unit in 2022, leveling off at the previous year. Over the period under review, the import price, however, showed a mild reduction. The pace of growth appeared the most rapid in 2021 an increase of 7.3% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform