Hong Kong SAR, China: Self-Propelled Excavating Machinery Market 2024

Self-Propelled Excavating Machinery Market Size in Hong Kong SAR, China

In 2021, the Hong Kong self-propelled excavating machinery market decreased by -25.4% to $X, falling for the second year in a row after two years of growth. Overall, consumption continues to indicate resilient growth. Self-propelled excavating machinery consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Self-Propelled Excavating Machinery Production in Hong Kong SAR, China

In value terms, self-propelled excavating machinery production stood at less than $X in 2021 estimated in export price. In general, production continues to indicate a sharp descent. The most prominent rate of growth was recorded in 2013 when the production volume decreased by -17.4%. Self-propelled excavating machinery production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Self-Propelled Excavating Machinery Exports

Exports from Hong Kong SAR, China

Self-propelled excavating machinery exports from Hong Kong SAR soared to X units in 2021, increasing by 2,233% on the year before. Over the period under review, exports showed a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, self-propelled excavating machinery exports skyrocketed to $X in 2021. Overall, exports saw a prominent increase. The most prominent rate of growth was recorded in 2018 when exports increased by 146% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Canada (X units) was the main destination for self-propelled excavating machinery exports from Hong Kong SAR, accounting for a 81% share of total exports. Moreover, self-propelled excavating machinery exports to Canada exceeded the volume sent to the second major destination, the Philippines (X units), more than tenfold. The United States (X units) ranked third in terms of total exports with a 5.7% share.

From 2012 to 2021, the average annual growth rate of volume to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-6.0% per year) and the United States (-6.0% per year).

In value terms, China ($X), Singapore ($X) and Canada ($X) appeared to be the largest markets for self-propelled excavating machinery exported from Hong Kong SAR worldwide, together comprising 46% of total exports.

China, with a CAGR of +47.7%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average self-propelled excavating machinery export price stood at $X per unit in 2021, falling by -91% against the previous year. In general, the export price continues to indicate a abrupt setback. The growth pace was the most rapid in 2018 an increase of 97%. The export price peaked at $X per unit in 2019; however, from 2020 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 China ($X per unit), while the average price for exports to Canada ($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 China (+62.9%), while the prices for the other major destinations experienced mixed trend patterns.

Self-Propelled Excavating Machinery Imports

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of self-propelled earth moving, excavating machinery decreased by -30.8% to X units, falling for the third year in a row after seven years of growth. Overall, imports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 400%. Imports peaked at X units in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, self-propelled excavating machinery imports contracted notably to $X in 2021. In general, imports, however, showed a significant expansion. The pace of growth was the most pronounced in 2014 when imports increased by 294%. Imports peaked at $X in 2020, and then reduced markedly in the following year.

Imports by Country

Singapore (X units), China (X units) and Japan (X units) were the main suppliers of self-propelled excavating machinery imports to Hong Kong SAR, together comprising 81% of total imports.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +42.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of self-propelled earth moving, excavating machinery to Hong Kong SAR, comprising 62% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by the United States, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at +39.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+29.2% per year) and the United States (+48.8% per year).

Import Prices by Country

The average self-propelled excavating machinery import price stood at $X per unit in 2021, with a decrease of -49.4% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 98%. The import price peaked at $X per unit in 2020, and then fell dramatically in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+57.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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