ECOWAS: Multimeter Market 2024

Multimeter Market Size in ECOWAS

The ECOWAS multimeter market skyrocketed to $X in 2022, jumping by 53% against the previous year. In general, consumption posted a significant increase. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the near future.

Multimeter Production in ECOWAS

In value terms, multimeter production contracted modestly to $X in 2022 estimated in export price. The total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.3% against 2020 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 52%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Multimeter Exports

Exports in ECOWAS

In 2022, approx. X units of multimeters were exported in ECOWAS; reducing by -36.3% on the previous year. In general, exports recorded a drastic downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 264%. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, multimeter exports reduced sharply to $X in 2022. Over the period under review, exports showed a abrupt downturn. The pace of growth was the most pronounced in 2021 with an increase of 351%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria was the major exporting country with an export of around X units, which resulted at 60% of total exports. It was distantly followed by Senegal (X units), Ghana (X units), Cote d'Ivoire (X units) and Sierra Leone (X units), together achieving a 36% share of total exports. Liberia (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to multimeter exports from Nigeria stood at +6.3%. At the same time, Liberia (+31.1%), Senegal (+25.2%) and Cote d'Ivoire (+6.6%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +31.1% from 2012-2022. By contrast, Sierra Leone (-16.8%) and Ghana (-32.3%) illustrated a downward trend over the same period. Nigeria (+55 p.p.), Senegal (+13 p.p.), Cote d'Ivoire (+7 p.p.) and Liberia (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -74.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest multimeter supplier in ECOWAS, comprising 77% of total exports. The second position in the ranking was held by Senegal ($X), with a 9.4% share of total exports. It was followed by Ghana, with a 9% share.

In Nigeria, multimeter exports increased at an average annual rate of +1.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+19.5% per year) and Ghana (-27.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, falling by -4.7% against the previous year. In general, the export price, however, posted buoyant growth. The most prominent rate of growth was recorded in 2016 when the export price increased by 84% against the previous year. The level of export peaked at $X per unit in 2021, and then dropped slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while Liberia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+6.7%), while the other leaders experienced mixed trends in the export price figures.

Multimeter Imports

Imports in ECOWAS

For the fourth consecutive year, ECOWAS recorded growth in overseas purchases of multimeters, which increased by 67% to X units in 2022. Overall, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 236%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, multimeter imports skyrocketed to $X in 2022. In general, imports posted a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 148%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Nigeria (X units) represented roughly 95% of total imports in 2022.

Nigeria was also the fastest-growing in terms of the multimeters imports, with a CAGR of +49.5% from 2012 to 2022. While the share of Nigeria (+56 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported multimeters in ECOWAS.

In Nigeria, multimeter imports increased at an average annual rate of +30.1% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, reducing by -17.3% against the previous year. Over the period under review, the import price showed a abrupt downturn. The growth pace was the most rapid in 2019 when the import price increased by 23%. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to -12.9% per year.

Source: IndexBox Platform