Hong Kong SAR, China: Passenger Car Market 2024

Passenger Car Market Size in Hong Kong SAR, China

In 2021, the Hong Kong passenger car market was finally on the rise to reach $X for the first time since 2014, thus ending a six-year declining trend. Over the period under review, consumption, however, continues to indicate a mild curtailment. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Passenger Car Exports

Exports from Hong Kong SAR, China

After three years of decline, overseas shipments of passenger cars increased by 19% to X units in 2021. In general, exports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2017 when exports increased by 75% against the previous year. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a deep slump. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Macao SAR (X units), the United Arab Emirates (X units) and the Netherlands (X units) were the main destinations of passenger car exports from Hong Kong SAR.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +425.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for passenger car exported from Hong Kong SAR were Macao SAR ($X), China ($X) and the Netherlands ($X), together comprising 74% of total exports. Vietnam, the United Arab Emirates, Thailand and South Africa lagged somewhat behind, together accounting for a further 8.3%.

Among the main countries of destination, the United Arab Emirates, with a CAGR of +490.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, rising by 20% against the previous year. Over the period under review, the export price saw prominent growth. The growth pace was the most rapid in 2016 an increase of 126%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to the United Arab Emirates ($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 Vietnam (+32.4%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Hong Kong SAR, China

After three years of decline, overseas purchases of passenger cars increased by 9% to X units in 2021. In general, imports, however, continue to indicate a perceptible decline. The pace of growth appeared the most rapid in 2014 when imports increased by 11% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, passenger car imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a perceptible decrease. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Japan (X units) constituted the largest supplier of passenger car to Hong Kong SAR, accounting for a 43% share of total imports. Moreover, passenger car imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The third position in this ranking was taken by Germany (X units), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to -10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+22.5% per year) and Germany (-12.1% per year).

In value terms, the largest passenger car suppliers to Hong Kong SAR were Japan ($X), China ($X) and Germany ($X), together comprising 61% of total imports. These countries were followed by the UK, Slovenia, the United States, South Korea, Spain, Mexico and the United Arab Emirates, which together accounted for a further 25%.

Slovenia, with a CAGR of +188.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, growing by 11% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+18.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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