The Hong Kong lifting equipment market fell sharply to $X in 2021, down -X% from the previous year. This figure reflects the total revenue of producers and importers (excluding logistics costs, retail marketing costs and retailer profits, which will be included in the final consumer price). Overall, consumption continues to show marked declines. As a result, consumption peaked at X dollars before shrinking sharply the following year.

Hong Kong’s lifting equipment export scale
Overseas shipments of lifting equipment fell -X% to X units in 2021, falling for the third consecutive year after two years of growth. Overall, exports fell sharply. In 2014, the growth rate was the fastest, with an increase of X%. As a result, exports peaked at X units. From 2015 to 2021, the export growth rate will remain at a low level.

In value terms, hoisting equipment exports fell slightly to $X in 2021. Overall, exports continued to show a sharp contraction. The most significant growth rate occurred in 2017, when exports increased by X% over the previous year. Exports peaked at $X in 2014; however, from 2015 to 2021, exports failed to regain momentum.

China (X units) was the main destination for Hong Kong SAR’s hoisting equipment exports, accounting for about X% of total exports.

From 2012 to 2021, the average annual growth rate of exports to China is -X%. In value terms, China ($X) remains the major foreign market for Hong Kong SAR’s hoisting equipment exports.

Average annual growth in value to China from 2012 to 2021 totals -X%.

Import scale of lifting equipment in Hong Kong
In 2021, approximately X lifting equipment will be imported into Hong Kong SAR; this is a -X% decrease from the previous year’s figure. During the period under review, imports shrank sharply. In 2014, the growth rate was the fastest, with an increase of X%. During the period under review, imports hit an all-time high for X units in 2020, before contracting sharply the following year.

In value terms, hoisting equipment imports fell sharply to $X in 2021. Overall, imports fell sharply. Growth will be the fastest in 2020, with an increase of X%. Imports peaked at $X in 2014; however, from 2015 to 2021, import volumes have remained low.

In 2021, Mainland China (X units) is the largest lifting equipment supplier in Hong Kong SAR, accounting for X% of total imports. In addition, imports of lifting equipment from mainland China were six times higher than the number recorded by the second largest supplier, the United States (X units). Spain (X units) ranks third in terms of total imports with a share of X%.

From 2012 to 2021, the average annual growth rate of sales from mainland China will total -X%. The average annual growth rates of imports for the remaining supplier countries are as follows: the United States (+X% per year) and Spain (-X% per year).

Mainland China ($X) is the largest lifting equipment supplier in Hong Kong SAR by value, accounting for X% of total imports. In second place is the United States ($X) with X% of total imports. It is followed by Slovenia with an X% share.

From 2012 to 2021, the average annual growth rate of output value in mainland China is -X%. The average annual growth rates of imports for the remaining supplier countries are as follows: the United States (+X% per annum) and Slovenia (-X% per annum).

Statistics of various crane suppliers in Hong Kong SAR, China
China is the largest supplier of lifting equipment to Hong Kong SAR by value, accounting for 44% of total imports. In second place is the United States, which accounts for 19% of total imports. It was followed by Slovenia with a 15% share.

In value terms, China remains the main foreign market for Hong Kong SAR’s hoisting equipment exports.

In 2021, the average export price of lifting equipment will be US$39,242 per unit, a year-on-year increase of 56%.

The average import price of hoisting equipment in 2021 will be US$8,620 per unit, an increase of 9.5% over the previous year.

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Analysis of the lifting equipment market in Hong Kong SAR, China in 2022