Hong Kong SAR, China: Transmission Shaft Market 2024

Transmission Shaft Market Size in Hong Kong SAR, China

In 2022, after two years of growth, there was decline in the Hong Kong transmission shaft market, when its value decreased by -1% to $X. Overall, consumption showed a mild descent. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Transmission Shaft Production in Hong Kong SAR, China

In value terms, transmission shaft production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 29% against the previous year. Transmission shaft production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Transmission Shaft Exports

Exports from Hong Kong SAR, China

In 2022, the amount of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain exported from Hong Kong SAR fell to X tons, which is down by -12.6% on the year before. Over the period under review, exports showed a noticeable contraction. The most prominent rate of growth was recorded in 2019 with an increase of 13%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, transmission shaft exports fell sharply to $X in 2022. Overall, exports saw a pronounced decrease. The most prominent rate of growth was recorded in 2021 with an increase of 20% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for transmission shaft exports from Hong Kong SAR, accounting for a 77% share of total exports. Moreover, transmission shaft exports to China exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold. The third position in this ranking was held by Vietnam (X tons), with a 2.9% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-10.6% per year) and Vietnam (+0.0% per year).

In value terms, China ($X) remains the key foreign market for transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain exports from Hong Kong SAR, comprising 76% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 4.8% share of total exports. It was followed by Japan, with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+3.8% per year) and Japan (-10.2% per year).

Export Prices by Country

In 2022, the average transmission shaft export price amounted to $X per ton, with a decrease of -7.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2020 when the average export price increased by 16% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+10.4%), while the prices for the other major destinations experienced more modest paces of growth.

Transmission Shaft Imports

Imports into Hong Kong SAR, China

In 2022, the amount of transmission shafts and cranks, bearing housings and plain shaft bearings, gears and gearing and articulated link chain imported into Hong Kong SAR reduced markedly to X tons, with a decrease of -27.8% on the year before. Over the period under review, imports showed a abrupt descent. The pace of growth appeared the most rapid in 2021 with an increase of 37%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, transmission shaft imports declined markedly to $X in 2022. Overall, imports recorded a abrupt decrease. The pace of growth was the most pronounced in 2021 with an increase of 41% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Japan (X tons) and the United States (X tons) were the main suppliers of transmission shaft imports to Hong Kong SAR, together accounting for 65% of total imports. Germany, Singapore, Malaysia, Taiwan (Chinese), Thailand, Italy, the UK, South Korea and France lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +41.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest transmission shaft suppliers to Hong Kong SAR were China ($X), Japan ($X) and Germany ($X), with a combined 62% share of total imports. The United States, Singapore, Malaysia, Taiwan (Chinese), Italy, Thailand, the UK, South Korea and France lagged somewhat behind, together comprising a further 33%.

Thailand, with a CAGR of +41.6%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average transmission shaft import price stood at $X per ton in 2022, picking up by 8.5% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 12%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Italy ($X per ton) and the UK ($X per ton), while the price for China ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+0.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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