Hong Kong SAR, China: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Hong Kong SAR, China

The Hong Kong commercial refrigeration equipment market soared to $X in 2021, rising by 30% against the previous year. The market value increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Commercial Refrigeration Equipment Production in Hong Kong SAR, China

In value terms, commercial refrigeration equipment production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2019 with an increase of 91%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Commercial Refrigeration Equipment Exports

Exports from Hong Kong SAR, China

In 2021, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) exported from Hong Kong SAR declined to X units, shrinking by -13.6% against 2020 figures. Overall, total exports indicated slight growth from 2012 to 2021: its volume increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -29.6% against 2017 indices. The growth pace was the most rapid in 2013 when exports increased by 118%. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, commercial refrigeration equipment exports shrank to $X in 2021. In general, exports showed a mild descent. The pace of growth was the most pronounced in 2017 when exports increased by 56%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), China (X units) and Singapore (X units) were the main destinations of commercial refrigeration equipment exports from Hong Kong SAR, together comprising 71% of total exports. These countries were followed by Macao SAR, Taiwan (Chinese), Japan, South Korea and Germany, which together accounted for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +38.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for commercial refrigeration equipment exported from Hong Kong SAR were the United States ($X), China ($X) and Macao SAR ($X), with a combined 72% share of total exports.

The United States, with a CAGR of +26.5%, 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

The average commercial refrigeration equipment export price stood at $X per unit in 2021, growing by 3.9% against the previous year. In general, the export price, however, saw a perceptible decline. The growth pace was the most rapid in 2016 an increase of 12%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Macao SAR ($X per unit), while the average price for exports to South Korea ($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 South Korea (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Hong Kong SAR, China

In 2021, approx. X units of refrigerating and freezing equipment and heat pumps (except household type equipment) were imported into Hong Kong SAR; picking up by 11% on the previous year. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +8.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +10.6% against 2018 indices. The pace of growth was the most pronounced in 2015 when imports increased by 36%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, commercial refrigeration equipment imports surged to $X in 2021. The total import value increased at an average annual rate of +5.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest supplier of commercial refrigeration equipment to Hong Kong SAR, with a 39% share of total imports. Moreover, commercial refrigeration equipment imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. Italy (X units) ranked third in terms of total imports with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+14.4% per year) and Italy (+12.3% per year).

In value terms, China ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to Hong Kong SAR, comprising 44% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by Taiwan (Chinese), with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+10.4% per year) and Taiwan (Chinese) (+2.7% per year).

Import Prices by Country

The average commercial refrigeration equipment import price stood at $X per unit in 2021, picking up by 9.8% against the previous year. Over the period under review, the import price, however, recorded a pronounced curtailment. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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