Hong Kong SAR, China: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Hong Kong SAR, China

In 2022, the Hong Kong truck and bus tyre market increased by 15% to $X, rising for the second consecutive year after three years of decline. Over the period under review, consumption, however, recorded a abrupt slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Exports of Tyres For Buses Or Lorries

Exports from Hong Kong SAR, China

In 2022, truck and bus tyre exports from Hong Kong SAR declined remarkably to X units, waning by -76.2% against 2021 figures. In general, exports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 184%. Over the period under review, the exports reached the peak figure at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, truck and bus tyre exports shrank sharply to $X in 2022. Over the period under review, exports saw a abrupt decrease. The most prominent rate of growth was recorded in 2018 with an increase of 97%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Taiwan (Chinese) (X units), Germany (X units) and Macao SAR (X units) were the main destinations of truck and bus tyre exports from Hong Kong SAR, together accounting for 59% of total exports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +73.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for truck and bus tyre exported from Hong Kong SAR were Taiwan (Chinese) ($X), Germany ($X) and Macao SAR ($X), together comprising 67% of total exports.

Taiwan (Chinese), with a CAGR of +90.9%, saw 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 more modest paces of growth.

Export Prices by Country

The average truck and bus tyre export price stood at $X per unit in 2022, with an increase of 123% against the previous year. Overall, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 the Netherlands ($X per unit), while the average price for exports to China ($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 Taiwan (Chinese) (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Buses Or Lorries

Imports into Hong Kong SAR, China

For the fifth consecutive year, Hong Kong SAR recorded decline in purchases abroad of tyres for buses or lorries, which decreased by -13% to X units in 2022. Over the period under review, imports saw a abrupt contraction. The pace of growth appeared the most rapid in 2017 when imports increased by 4.1% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, truck and bus tyre imports reduced to $X in 2022. Overall, imports recorded a deep slump. The most prominent rate of growth was recorded in 2017 with an increase of 9.1%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest truck and bus tyre supplier to Hong Kong SAR, accounting for a 66% share of total imports. Moreover, truck and bus tyre imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), fourfold. The third position in this ranking was held by South Korea (X units), with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-12.9% per year) and South Korea (-7.7% per year).

In value terms, China ($X) constituted the largest supplier of tyres for buses or lorries to Hong Kong SAR, comprising 55% of total imports. The second position in the ranking was taken by Thailand ($X), with a 21% share of total imports. It was followed by South Korea, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled -6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-15.7% per year) and South Korea (-10.2% per year).

Import Prices by Country

In 2022, the average truck and bus tyre import price amounted to $X per unit, increasing by 3.5% against the previous year. Over the period under review, the import price, however, recorded a pronounced setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by 4.8%. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 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 Germany ($X per unit), while the price for China ($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 (+2.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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