Hong Kong SAR, China: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Hong Kong SAR, China

The Hong Kong percussion musical instrument market declined dramatically to $X in 2022, which is down by -38.5% against the previous year. In general, consumption saw a slight decline. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Percussion Musical Instrument Production in Hong Kong SAR, China

In value terms, percussion musical instrument production reduced remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, recorded resilient growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by 320%. Percussion musical instrument production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Percussion Musical Instrument Exports

Exports from Hong Kong SAR, China

In 2022, approx. X units of percussion musical instruments were exported from Hong Kong SAR; reducing by -30.3% against the previous year's figure. In general, exports continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2021 when exports increased by 47%. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, percussion musical instrument exports dropped sharply to $X in 2022. Over the period under review, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2019 with an increase of 52% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for percussion musical instrument exports from Hong Kong SAR, with a 61% share of total exports. Moreover, percussion musical instrument exports to the United States exceeded the volume sent to the second major destination, Slovenia (X units), threefold. The UK (X units) ranked third in terms of total exports with a 7.5% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to -12.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (0.0% per year) and the UK (+4.1% per year).

In value terms, the United States ($X), China ($X) and Slovenia ($X) constituted the largest markets for percussion musical instrument exported from Hong Kong SAR worldwide, with a combined 52% share of total exports. Germany, the UK and France lagged somewhat behind, together accounting for a further 22%.

In terms of the main countries of destination, Germany, with a CAGR of +20.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average percussion musical instrument export price stood at $X per unit in 2022, with an increase of 20% against the previous year. In general, the export price recorded a modest increase. The growth pace was the most rapid in 2020 an increase of 66% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, 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 China ($X per unit), while the average price for exports to the United States ($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 China (+6.8%), while the prices for the other major destinations experienced mixed trend patterns.

Percussion Musical Instrument Imports

Imports into Hong Kong SAR, China

In 2022, purchases abroad of percussion musical instruments decreased by -56.1% to X units, falling for the sixth year in a row after three years of growth. In general, imports saw a abrupt decline. The pace of growth was the most pronounced in 2014 when imports increased by 23%. Imports peaked at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, percussion musical instrument imports fell notably to $X in 2022. Overall, imports showed a pronounced downturn. The pace of growth appeared the most rapid in 2018 with an increase of 20% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of percussion musical instrument to Hong Kong SAR, accounting for a 51% share of total imports. Moreover, percussion musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), threefold. The United States (X units) ranked third in terms of total imports with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -21.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-5.9% per year) and the United States (-1.5% per year).

In value terms, the largest percussion musical instrument suppliers to Hong Kong SAR were Malaysia ($X), the United States ($X) and China ($X), together comprising 76% of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of +80.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average percussion musical instrument import price stood at $X per unit in 2022, rising by 84% against the previous year. Overall, the import price posted a resilient expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+17.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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