Hong Kong SAR, China: Power Tool Market 2024

Power Tool Market Size in Hong Kong SAR, China

In 2021, the Hong Kong power tool market decreased by -24.8% to $X, falling for the third year in a row after seven years of growth. In general, consumption, however, showed notable growth. Power tool consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Power Tool Production in Hong Kong SAR, China

In value terms, power tool production reduced notably to $X in 2021 estimated in export price. In general, production showed a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of 55%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Power Tool Exports

Exports from Hong Kong SAR, China

Power tool exports from Hong Kong SAR surged to X units in 2021, increasing by 26% compared with the previous year's figure. Overall, exports, however, continue to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by 57% against the previous year. Over the period under review, the exports attained the maximum at X units in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, power tool exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a slight shrinkage. The pace of growth appeared the most rapid in 2018 when exports increased by 67%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for power tool exports from Hong Kong SAR, with a 38% share of total exports. Moreover, power tool exports to the United States exceeded the volume sent to the second major destination, Mexico (X units), fivefold. The third position in this ranking was taken by Thailand (X units), with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-1.8% per year) and Thailand (+15.4% per year).

In value terms, the largest markets for power tool exported from Hong Kong SAR were the United States ($X), China ($X) and Germany ($X), with a combined 41% share of total exports. These countries were followed by Thailand, Mexico, Israel, South Africa, Australia, France, the Netherlands, the UK, Russia and Japan, which together accounted for a further 36%.

In terms of the main countries of destination, Thailand, with a CAGR of +21.0%, recorded the highest rates of growth with regard to 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 power tool export price amounted to $X per unit, picking up by 14% against the previous year. Over the period under review, the export price recorded a mild increase. The growth pace was the most rapid in 2013 when the average export price increased by 120%. As a result, the export price attained the peak level of $X per unit. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

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 China ($X per unit), while the average price for exports to Japan ($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 Germany (+11.0%), while the prices for the other major destinations experienced more modest paces of growth.

Power Tool Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of power tools increased by 10% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, imports posted tangible growth. The pace of growth appeared the most rapid in 2016 with an increase of 44% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, power tool imports totaled $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 55% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest power tool supplier to Hong Kong SAR, with a 40% share of total imports. Moreover, power tool imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold. The third position in this ranking was taken by the United States (X units), with a 1.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-5.9% per year) and the United States (-0.6% per year).

In value terms, China ($X) constituted the largest supplier of power tools to Hong Kong SAR, comprising 73% of total imports. The second position in the ranking was taken by Japan ($X), with an 8.3% share of total imports. It was followed by the United States, with a 3.3% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-7.7% per year) and the United States (-2.9% per year).

Import Prices by Country

In 2021, the average power tool import price amounted to $X per unit, declining by -5.1% against the previous year. Overall, the import price continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2019 when the average import price increased by 14% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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 Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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