Multimeter Market

The global market for multimeters is projected to see a steady increase in consumption over the next eight years, with a forecasted CAGR of +3.7% in volume and +4.5% in value from 2022 to 2030. Consumption decreased in 2022 but had shown growth over the previous decade. China is the largest consumer and producer of multimeters, with significant growth in both volume and value terms. Imports and exports of multimeters also saw fluctuating trends, with the United States, Germany, and Romania being major players in the global market. Overall, the market for multimeters is expected to continue its growth trajectory in the coming years.

Market Forecast

Driven by increasing demand for multimeters worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market volume to 91M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $6.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Multimeters

In 2022, consumption of multimeters decreased by -13.3% to 68M units, falling for the second consecutive year after three years of growth. In general, the total consumption indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -19.3% against 2020 indices. As a result, consumption reached the peak volume of 84M units. From 2021 to 2022, the growth of the global consumption failed to regain momentum.

The global multimeter market value reached $4.5B in 2022, with an increase of 3.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.9% against 2020 indices. As a result, consumption attained the peak level of $4.9B. From 2021 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

China (29M units) constituted the country with the largest volume of multimeter consumption, comprising approx. 43% of total volume. Moreover, multimeter consumption in China exceeded the figures recorded by the second-largest consumer, the United States (4M units), sevenfold. India (3.9M units) ranked third in terms of total consumption with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +1.4%. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (-1.3% per year) and India (+18.4% per year).

In value terms, China ($1.4B) led the market, alone. The second position in the ranking was taken by Russia ($129M). It was followed by Poland.

In China, the multimeter market expanded at an average annual rate of +1.4% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Russia (+10.2% per year) and Poland (+27.4% per year).

In 2022, the highest levels of multimeter per capita consumption was registered in Poland (51 units per 1000 persons), followed by France (25 units per 1000 persons), Russia (22 units per 1000 persons) and China (21 units per 1000 persons), while the world average per capita consumption of multimeter was estimated at 8.6 units per 1000 persons.

In Poland, multimeter per capita consumption expanded at an average annual rate of +30.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: France (+16.7% per year) and Russia (+10.1% per year).

Production

World Production of Multimeters

In 2022, global production of multimeters was estimated at 73M units, picking up by 7.2% compared with the year before. Over the period under review, production recorded a noticeable increase. The pace of growth appeared the most rapid in 2018 with an increase of 59%. Over the period under review, global production reached the peak volume at 78M units in 2020; however, from 2021 to 2022, production failed to regain momentum.

In value terms, multimeter production rose remarkably to $6.7B in 2022 estimated in export price. Overall, production enjoyed a strong expansion. The pace of growth appeared the most rapid in 2020 when the production volume increased by 72%. As a result, production reached the peak level of $7.5B. From 2021 to 2022, global production growth failed to regain momentum.

Production By Country

The country with the largest volume of multimeter production was China (52M units), accounting for 72% of total volume. Moreover, multimeter production in China exceeded the figures recorded by the second-largest producer, Romania (4.5M units), more than tenfold. Hungary (2.5M units) ranked third in terms of total production with a 3.3% share.

In China, multimeter production expanded at an average annual rate of +2.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Romania (+0.6% per year) and Hungary (+51.0% per year).

Imports

World Imports of Multimeters

In 2022, after six years of growth, there was significant decline in overseas purchases of multimeters, when their volume decreased by -27.8% to 37M units. Overall, imports, however, enjoyed a remarkable increase. The pace of growth was the most pronounced in 2021 when imports increased by 26%. As a result, imports attained the peak of 52M units, and then dropped sharply in the following year.

In value terms, multimeter imports contracted to $774M in 2022. In general, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +21.3% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 33%. As a result, imports reached the peak of $850M, and then reduced in the following year.

Imports By Country

In 2022, the United States (3.6M units), Germany (3.2M units), India (2.9M units), Hong Kong SAR (2.6M units), Poland (2.3M units), Russia (2.2M units), France (1.7M units), Brazil (1.6M units), Romania (1.5M units) and the Netherlands (1.4M units) was the main importer of multimeters in the world, achieving 61% of total import. The following importers - Mexico (905K units), Belgium (890K units) and Spain (877K units) - each finished at a 7.2% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Romania (with a CAGR of +47.5%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest multimeter importing markets worldwide were the United States ($121M), Germany ($79M) and the Netherlands ($45M), with a combined 32% share of global imports. Romania, France, Hong Kong SAR, Poland, India, Russia, Mexico, Belgium, Spain and Brazil lagged somewhat behind, together accounting for a further 22%.

Romania, with a CAGR of +30.9%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average multimeter import price amounted to $21 per unit, growing by 26% against the previous year. Over the period under review, the import price, however, showed a mild slump. Over the period under review, average import prices hit record highs at $26 per unit in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($34 per unit), while India ($4.7 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 (+9.3%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Multimeters

For the third year in a row, the global market recorded growth in shipments abroad of multimeters, which increased by 2.4% to 43M units in 2022. Over the period under review, exports posted a buoyant increase. The growth pace was the most rapid in 2018 when exports increased by 295% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, multimeter exports fell modestly to $870M in 2022. Overall, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +16.3% against 2020 indices. The pace of growth was the most pronounced in 2014 when exports increased by 20%. The global exports peaked at $892M in 2021, and then fell modestly in the following year.

Exports By Country

In 2022, China (23M units) was the major exporter of multimeters, committing 54% of total exports. Romania (5.3M units) ranks second in terms of the total exports with a 12% share, followed by Germany (7.3%) and Hungary (6.5%). Hong Kong SAR (1.6M units), Taiwan (Chinese) (1M units) and the Netherlands (0.8M units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +3.9% from 2012 to 2022. At the same time, Romania (+77.6%), Hungary (+62.2%), the Netherlands (+39.6%) and Germany (+20.3%) displayed positive paces of growth. Moreover, Romania emerged as the fastest-growing exporter exported in the world, with a CAGR of +77.6% from 2012-2022. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-6.0%) illustrated a downward trend over the same period. While the share of Romania (+12 p.p.), Hungary (+6.4 p.p.), Germany (+5 p.p.) and the Netherlands (+1.7 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Taiwan (Chinese) (-2.2 p.p.), Hong Kong SAR (-10.1 p.p.) and China (-17.9 p.p.) displayed negative dynamics.

In value terms, China ($167M), Germany ($120M) and Romania ($81M) were the countries with the highest levels of exports in 2022, with a combined 42% share of global exports.

In terms of the main exporting countries, Romania, with a CAGR of +38.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average multimeter export price amounted to $20 per unit, dropping by -4.7% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by 313%. The global export price peaked at $99 per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($40 per unit), while China ($7.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+5.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform