Norway: Multimeter Market 2024

Multimeter Market Size in Norway

The Norwegian multimeter market shrank sharply to $X in 2022, which is down by -25.2% 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, consumption saw a noticeable setback. As a result, consumption reached the peak level of $X, and then reduced notably in the following year.

Multimeter Exports

Exports from Norway

For the third year in a row, Norway recorded growth in shipments abroad of multimeters, which increased by 27% to X units in 2022. In general, exports posted a strong expansion. The pace of growth was the most pronounced in 2020 when exports increased by 163% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, multimeter exports amounted to $X in 2022. Overall, total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +106.4% against 2019 indices. The growth pace was the most rapid in 2020 when exports increased by 81% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Denmark (X units) was the main destination for multimeter exports from Norway, accounting for a 55% share of total exports. Moreover, multimeter exports to Denmark exceeded the volume sent to the second major destination, Germany (X units), fourfold. Singapore (X units) ranked third in terms of total exports with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume to Denmark stood at +113.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+49.4% per year) and Singapore (+36.0% per year).

In value terms, the largest markets for multimeter exported from Norway were Denmark ($X), Germany ($X) and Singapore ($X), with a combined 70% share of total exports.

Denmark, with a CAGR of +105.0%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average multimeter export price stood at $X per unit in 2022, declining by -13.8% against the previous year. Overall, the export price recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2019 an increase of 54% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2013; however, from 2014 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 Germany ($X per unit), while the average price for exports to Denmark ($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 Netherlands (+0.6%), while the prices for the other major destinations experienced mixed trend patterns.

Multimeter Imports

Imports into Norway

In 2022, the amount of multimeters imported into Norway contracted slightly to X units, which is down by -1.7% compared with 2021 figures. In general, imports recorded a pronounced contraction. The pace of growth was the most pronounced in 2021 with an increase of 22% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, multimeter imports shrank remarkably to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 59% against the previous year. Imports peaked at $X in 2021, and then fell rapidly in the following year.

Imports by Country

China (X units), Spain (X units) and the United States (X units) were the main suppliers of multimeter imports to Norway, together comprising 54% of total imports. Germany, Denmark, Hong Kong SAR, Taiwan (Chinese), Slovenia, the UK, Italy, South Korea and Sweden lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Slovenia (with a CAGR of +85.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest multimeter suppliers to Norway were Slovenia ($X), China ($X) and Spain ($X), with a combined 43% share of total imports.

Slovenia, with a CAGR of +93.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers 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, waning by -22.4% against the previous year. Overall, the import price, however, posted a perceptible expansion. The most prominent rate of growth was recorded in 2017 when the average import price increased by 54%. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then reduced remarkably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Slovenia ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovenia (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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