The Hong Kong crane market grew X% to $X in 2020, rising for the second year in a row after three consecutive years of decline. Overall, consumption continued to show a relatively flat trend pattern. The rate of growth was most pronounced in 2010, when market value increased by X% over the previous year. Crane consumption peaked at $X in 2015; however, from 2016 to 2020, consumption failed to regain momentum.
In 2020, the number of cranes, mobile hoisting frames exported from the Hong Kong SAR contracted significantly to X units, a -X% decrease from 2019. Overall, exports faced a sharp decline. The growth rate was most pronounced in 2013, with a year-on-year increase of X%. Exports peaked at X units in 2008; however, from 2009 to 2020, export figures were slightly lower.
In value terms, crane exports contracted significantly to $X in 2020. Overall, exports faced a sudden drop. The most significant growth rate occurred in 2013, when exports increased by X% year-on-year. Exports peaked at $X in 2007; however, from 2008 to 2020, exports failed to regain momentum.
Macau SAR (unit X), China (unit X) and Thailand (unit X) were the main destinations for Hong Kong SAR crane exports, together accounting for X% of total exports. Vietnam, the Philippines, the United Arab Emirates, Israel, India, Canada, the Netherlands, Gabon, Egypt and Australia are somewhat behind, with the most significant growth in shipments between 2007 and 2020, with Egypt as the main destination country, Other leaders saw their exports grow more modestly.
In value terms, Macau SAR ($X) emerged as the major foreign market for Hong Kong SAR crane exports, accounting for X% of total exports. In second place is Vietnam ($X) with X% of total exports. It is followed by Thailand with an X% share. From 2007 to 2020, the value of the Macau Special Administrative Region has grown by -X% annually. Exports to other major destinations recorded the following average annual export growth rates: Vietnam (-X% per annum) and Thailand (-X% per annum).
In 2020, the number of cranes and mobile cranes imported by the Hong Kong Special Administrative Region rapidly decreased to X units, a year-on-year decrease of -X%. Overall, imports fell sharply. The growth rate was most pronounced in 2011, with a year-on-year increase of X%. During the period under review, imports reached a maximum of X units in 2015; however, from 2016 to 2020, imports decreased slightly.
In 2020, crane imports totaled X dollars by value. Overall, there was a marked decline in imports. The fastest growth was in 2015, with imports increasing by X% year-on-year. As a result, imports peaked at X dollars. Import growth remained low between 2016 and 2020.
China (unit X), Italy (unit X) and the United Arab Emirates (unit X) were the major suppliers of crane imports to Hong Kong SAR, together accounting for X% of total imports. Singapore, Macau SAR, the Philippines and Japan are a little behind, together making up a further X from 2007 to 2020, with the largest increase in the Philippines (+X% per annum), while other leaders experienced a more modest pace of growth in procurement.
By value, China ($X), Singapore ($X) and Macau SAR ($X) were the largest crane suppliers in Hong Kong SAR, together accounting for X% of total imports. Japan, the United Arab Emirates, Italy and the Philippines are slightly behind, with another X United Arab Emirates (+X% per annum) having the highest growth in import value among the major suppliers in 2018 during the review period, while other leaders’ purchases experienced a more moderate growth rate.
Hong Kong SAR's largest crane suppliers by value are China, Singapore and Macau SAR, which together account for 45% of total imports. This is followed by Japan, the United Arab Emirates, Italy and the Philippines, which together account for 26%.
In value terms, Macau SAR became the main foreign market for Hong Kong SAR crane exports, accounting for 41% of total exports. In second place was Vietnam, which accounted for 13% of total exports. It is followed by Thailand with a 10% share.
The average export price of cranes in 2020 was US$220,793 per unit, an increase of 1.6% over the previous year.
In 2020, the average price of crane imports was US$157,558 per unit, a 29% increase from the previous year.
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