India: Multimeter Market 2024

Multimeter Market Size in India

The Indian multimeter market rose significantly to $X in 2022, surging by 8.7% against the previous year. In general, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 -2.5% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Multimeter Production in India

In value terms, multimeter production rose rapidly to $X in 2022 estimated in export price. In general, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.7% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 41%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Multimeter Exports

Exports from India

For the fourth consecutive year, India recorded growth in overseas shipments of multimeters, which increased by 5.4% to X units in 2022. Over the period under review, exports continue to indicate significant growth. The pace of growth appeared the most rapid in 2016 with an increase of 86% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, multimeter exports reduced rapidly to $X in 2022. Overall, exports showed significant growth. The pace of growth appeared the most rapid in 2016 when exports increased by 107%. The exports peaked at $X in 2021, and then shrank rapidly in the following year.

Exports by Country

The United States (X units) was the main destination for multimeter exports from India, with a 26% share of total exports. Moreover, multimeter exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X units), twofold. Germany (X units) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +42.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+17.6% per year) and Germany (+27.7% per year).

In value terms, the United States ($X) remains the key foreign market for multimeters exports from India, comprising 29% of total exports. The second position in the ranking was taken by Germany ($X), with a 13% share of total exports. It was followed by Egypt, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +37.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+23.2% per year) and Egypt (+93.5% per year).

Export Prices by Country

In 2022, the average multimeter export price amounted to $X per unit, falling by -19.9% against the previous year. Overall, the export price continues to indicate a pronounced descent. The pace of growth appeared the most rapid in 2018 an increase of 21% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Oman ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+0.1%), while the prices for the other major destinations experienced a decline.

Multimeter Imports

Imports into India

In 2022, the amount of multimeters imported into India soared to X units, jumping by 33% on the previous year. Over the period under review, imports saw a resilient increase. The pace of growth appeared the most rapid in 2021 with an increase of 102%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, multimeter imports reduced to $X in 2022. In general, imports continue to indicate a remarkable increase. The growth pace was the most rapid in 2021 with an increase of 56% against the previous year. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

China (X units), South Korea (X units) and the United States (X units) were the main suppliers of multimeter imports to India, together comprising 75% of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +85.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and the United States ($X) constituted the largest multimeter suppliers to India, with a combined 75% share of total imports.

In terms of the main suppliers, South Korea, with a CAGR of +70.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average multimeter import price amounted to $X per unit, shrinking by -29.5% against the previous year. Over the period under review, the import price continues to indicate a abrupt downturn. The growth pace was the most rapid in 2014 when the average import price increased by 6.5%. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Taiwan (Chinese) ($X per unit) and the UK ($X per unit), while the price for Germany ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-7.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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