Hong Kong SAR, China: Full-Rotation Excavator Market 2024

Full-Rotation Excavator Market Size in Hong Kong SAR, China

The Hong Kong full-rotation excavator market soared to $X in 2021, picking up by 58% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted a prominent expansion. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Full-Rotation Excavator Exports

Exports from Hong Kong SAR, China

In 2021, overseas shipments of self-propelled full-rotation excavators and bulldozers decreased by -57.7% to X units, falling for the fourth year in a row after two years of growth. Overall, exports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2016 when exports increased by 38% against the previous year. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, full-rotation excavator exports contracted sharply to $X in 2021. Over the period under review, exports showed a abrupt contraction. The growth pace was the most rapid in 2013 when exports increased by 94% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

China (X units) was the main destination for full-rotation excavator exports from Hong Kong SAR, with a 81% share of total exports. Moreover, full-rotation excavator exports to China exceeded the volume sent to the second major destination, the UK (X units), more than tenfold. The Philippines (X units) ranked third in terms of total exports with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China stood at -11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+86.7% per year) and the Philippines (+6.3% per year).

In value terms, China ($X) remains the key foreign market for self-propelled full-rotation excavators and bulldozers exports from Hong Kong SAR, comprising 80% of total exports. The second position in the ranking was held by the UK ($X), with a 9.5% share of total exports. It was followed by Macao SAR, with a 1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China stood at -9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+66.0% per year) and Macao SAR (-11.4% per year).

Export Prices by Country

In 2021, the average full-rotation excavator export price amounted to $X per unit, growing by 21% against the previous year. In general, export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, full-rotation excavator export price increased by +27.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 62% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2021, the average export prices failed to regain momentum.

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 the UK ($X per unit), while the average price for exports to the Philippines ($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 (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Full-Rotation Excavator Imports

Imports into Hong Kong SAR, China

In 2021, purchases abroad of self-propelled full-rotation excavators and bulldozers decreased by -24.2% to X units, falling for the fourth consecutive year after two years of growth. In general, imports showed a abrupt decline. The growth pace was the most rapid in 2013 when imports increased by 62% against the previous year. Over the period under review, imports attained the maximum at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, full-rotation excavator imports reduced notably to $X in 2021. Over the period under review, imports showed a perceptible reduction. The most prominent rate of growth was recorded in 2013 when imports increased by 88%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Japan (X units) constituted the largest supplier of full-rotation excavator to Hong Kong SAR, with a 68% share of total imports. Moreover, full-rotation excavator imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The United States (X units) ranked third in terms of total imports with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to -8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+44.6% per year) and the United States (+3.2% per year).

In value terms, Japan ($X) constituted the largest supplier of self-propelled full-rotation excavators and bulldozers to Hong Kong SAR, comprising 82% of total imports. The second position in the ranking was taken by China ($X), with a 7.7% share of total imports. It was followed by South Korea, with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at -4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+23.6% per year) and South Korea (+3.5% per year).

Import Prices by Country

The average full-rotation excavator import price stood at $X per unit in 2021, reducing by -4.4% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2017 when the average import price increased by 19%. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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