Hong Kong SAR, China: Ride-On Compaction Equipment Market 2024

Ride-On Compaction Equipment Market Size in Hong Kong SAR, China

For the fourth consecutive year, the Hong Kong ride-on compaction equipment market recorded growth in sales value, which increased by 0.1% to $X in 2022. In general, the total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +54.2% against 2016 indices. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in the immediate term.

Ride-On Compaction Equipment Production in Hong Kong SAR, China

In value terms, ride-on compaction equipment production fell slightly to $X in 2022 estimated in export price. Overall, the total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.8% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of 84% against the previous year. Ride-on compaction equipment production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Ride-On Compaction Equipment Exports

Exports from Hong Kong SAR, China

In 2022, exports of ride-on compaction equipment from Hong Kong SAR declined dramatically to X units, which is down by -52.3% against the previous year's figure. In general, exports showed a abrupt decline. The growth pace was the most rapid in 2016 with an increase of 128% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, ride-on compaction equipment exports shrank sharply to $X in 2022. Overall, exports faced a abrupt setback. The most prominent rate of growth was recorded in 2016 with an increase of 115%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines (X units) was the main destination for ride-on compaction equipment exports from Hong Kong SAR, with a 62% share of total exports. Moreover, ride-on compaction equipment exports to the Philippines exceeded the volume sent to the second major destination, China (X units), fourfold. The third position in this ranking was held by Macao SAR (X units), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines stood at -15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-19.1% per year) and Macao SAR (+11.6% per year).

In value terms, the largest markets for ride-on compaction equipment exported from Hong Kong SAR were China ($X), the Philippines ($X) and Macao SAR ($X), with a combined 96% share of total exports.

In terms of the main countries of destination, Macao SAR, with a CAGR of +14.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average ride-on compaction equipment export price stood at $X per unit in 2022, growing by 50% against the previous year. Overall, export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ride-on compaction equipment export price increased by +89.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 56% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Mexico ($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 (+15.3%), while the prices for the other major destinations experienced more modest paces of growth.

Ride-On Compaction Equipment Imports

Imports into Hong Kong SAR, China

In 2022, overseas purchases of ride-on compaction equipment decreased by -12.7% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, imports showed a perceptible shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 193% against the previous year. Imports peaked at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, ride-on compaction equipment imports dropped rapidly to $X in 2022. In general, imports saw a pronounced decrease. The most prominent rate of growth was recorded in 2017 with an increase of 115%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Japan (X units), China (X units) and Germany (X units) were the main suppliers of ride-on compaction equipment imports to Hong Kong SAR, together accounting for 99% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +23.6%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Japan ($X) and Germany ($X) constituted the largest ride-on compaction equipment suppliers to Hong Kong SAR, together accounting for 95% of total imports.

Among the main suppliers, China, with a CAGR of +23.8%, recorded 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 ride-on compaction equipment import price stood at $X per unit in 2022, falling by -45.8% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 84% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+37.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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