Middle East: Multimeter Market 2024

Multimeter Market Size in the Middle East

After two years of growth, the Middle Eastern multimeter market decreased by -1.8% to $X in 2022. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Multimeter Production in the Middle East

In value terms, multimeter production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 44% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Multimeter Exports

Exports in the Middle East

In 2022, after two years of decline, there was significant growth in shipments abroad of multimeters, when their volume increased by 44% to X units. Over the period under review, exports, however, continue to indicate a noticeable downturn. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, multimeter exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 41% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Turkey (X units) and the United Arab Emirates (X units) dominates exports structure, together creating 88% of total exports. The following exporters - Oman (X units), Israel (X units), Bahrain (X units) and Kuwait (X units) - together made up 10% of total exports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +46.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest multimeter supplying countries in the Middle East were Turkey ($X), the United Arab Emirates ($X) and Israel ($X), together accounting for 89% of total exports. Oman, Bahrain and Kuwait lagged somewhat behind, together comprising a further 8.2%.

In terms of the main exporting countries, Kuwait, with a CAGR of +34.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per unit, which is down by -8.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2013 when the export price increased by 26%. The level of export peaked at $X per unit in 2021, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per unit), while Kuwait ($X 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 Arab Emirates (+8.5%), while the other leaders experienced mixed trends in the export price figures.

Multimeter Imports

Imports in the Middle East

In 2022, after two years of growth, there was decline in supplies from abroad of multimeters, when their volume decreased by -5% to X units. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.0% 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 +57.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 40% against the previous year. As a result, imports attained the peak of X units, and then contracted slightly in the following year.

In value terms, multimeter imports contracted modestly to $X in 2022. The total import value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 when imports increased by 18% against the previous year. The level of import peaked at $X in 2021, and then contracted slightly in the following year.

Imports by Country

Turkey was the largest importing country with an import of around X units, which reached 57% of total imports. The United Arab Emirates (X units) ranks second in terms of the total imports with a 14% share, followed by Israel (7.6%) and Iran (5%). The following importers - Iraq (X units), Kuwait (X units) and Oman (X units) - together made up 10% of total imports.

Imports into Turkey increased at an average annual rate of +6.9% from 2012 to 2022. At the same time, Iran (+7.2%), Israel (+6.8%), Oman (+5.6%), Kuwait (+5.4%), Iraq (+3.2%) and the United Arab Emirates (+2.3%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +7.2% from 2012-2022. While the share of Turkey (+9.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United Arab Emirates (-4.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported multimeters in the Middle East, comprising 41% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 19% share of total imports. It was followed by Israel, with a 7.2% share.

In Turkey, multimeter imports expanded at an average annual rate of +4.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+0.0% per year) and Israel (-1.4% per year).

Import Prices by Country

The import price in the Middle East stood at $X per unit in 2022, with an increase of 3.2% against the previous year. Over the period under review, the import price, however, saw a noticeable decrease. The most prominent rate of growth was recorded in 2018 when the import price increased by 28%. Over the period under review, import prices attained the maximum at $X per unit in 2012; however, from 2013 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 Oman ($X per unit), while Iran ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+2.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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