Hong Kong SAR, China: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Hong Kong SAR, China

For the third year in a row, the Hong Kong passenger car tyre market recorded decline in sales value, which decreased by -13.9% to $X in 2021. In general, consumption continues to indicate a abrupt descent. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Tyre Exports

Exports from Hong Kong SAR, China

In 2021, approx. X units of tyres for motor cars were exported from Hong Kong SAR; increasing by 30% against the previous year. In general, exports continue to indicate tangible growth. The growth pace was the most rapid in 2019 with an increase of 39%. Over the period under review, the exports reached the maximum at X units in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, passenger car tyre exports surged to $X in 2021. Over the period under review, exports, however, saw a abrupt slump. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X units) was the main destination for passenger car tyre exports from Hong Kong SAR, accounting for a 70% share of total exports. Moreover, passenger car tyre exports to China exceeded the volume sent to the second major destination, Macao SAR (X units), fourfold. Cambodia (X units) ranked third in terms of total exports with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +32.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+0.8% per year) and Cambodia (-5.7% per year).

In value terms, China ($X) remains the key foreign market for tyres for motor cars exports from Hong Kong SAR, comprising 61% of total exports. The second position in the ranking was held by Macao SAR ($X), with a 22% share of total exports. It was followed by Taiwan (Chinese), with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +24.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-8.7% per year) and Taiwan (Chinese) (-2.1% per year).

Export Prices by Country

In 2021, the average passenger car tyre export price amounted to $X per unit, increasing by 9.7% against the previous year. Overall, the export price, however, recorded a deep setback. The pace of growth appeared the most rapid in 2014 when the average export price increased by 23%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Taiwan (Chinese) ($X per unit), while the average price for exports to Japan ($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 Taiwan (Chinese) (+1.3%), while the prices for the other major destinations experienced a decline.

Passenger Car Tyre Imports

Imports into Hong Kong SAR, China

For the sixth year in a row, Hong Kong SAR recorded decline in purchases abroad of tyres for motor cars, which decreased by -5.9% to X units in 2021. Over the period under review, imports saw a noticeable downturn. The growth pace was the most rapid in 2015 when imports increased by 40% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, passenger car tyre imports dropped modestly to $X in 2021. In general, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2015 when imports increased by 29%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Japan (X units), China (X units) and the Netherlands (X units) were the main suppliers of passenger car tyre imports to Hong Kong SAR, with a combined 44% share of total imports. The United Arab Emirates, Thailand, Singapore, Italy, South Korea, Indonesia, Spain, Germany, Belgium and the United States lagged somewhat behind, together accounting for a further 43%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +12.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Japan ($X) and China ($X) were the largest passenger car tyre suppliers to Hong Kong SAR, with a combined 40% share of total imports. These countries were followed by Italy, Singapore, Thailand, the United Arab Emirates, Germany, Spain, Belgium, the United States, South Korea and Indonesia, which together accounted for a further 45%.

Italy, with a CAGR of +8.2%, 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

In 2021, the average passenger car tyre import price amounted to $X per unit, rising by 4.4% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt setback. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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