U.S.: Multimeter Market 2024

Multimeter Market Size in the U.S.

For the third consecutive year, the U.S. multimeter market recorded growth in sales value, which increased by 22% to $X in 2022. Overall, consumption, however, enjoyed a remarkable increase. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in years to come.

Multimeter Production in the U.S.

In value terms, multimeter production reached $X in 2022. In general, production, however, enjoyed buoyant growth. The growth pace was the most rapid in 2017 with an increase of 88%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Multimeter Exports

Exports from the U.S.

Multimeter exports from the United States contracted markedly to X units in 2022, shrinking by -21.8% on the year before. Over the period under review, exports showed a deep contraction. The most prominent rate of growth was recorded in 2019 with an increase of 41% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, multimeter exports rose remarkably to $X in 2022. The total export value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when exports increased by 16% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Canada (X units), the Netherlands (X units) and Mexico (X units) were the main destinations of multimeter exports from the United States, with a combined 55% share of total exports. Australia, Brazil, Germany, India, the UK, China, Chile, Argentina, Singapore and South Korea lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +3.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for multimeter exported from the United States were Canada ($X), the Netherlands ($X) and China ($X), with a combined 50% share of total exports.

In terms of the main countries of destination, China, with a CAGR of +11.4%, 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 average multimeter export price amounted to $X per unit, picking up by 39% against the previous year. Overall, the export price showed buoyant growth. The most prominent rate of growth was recorded in 2020 when the average export price increased by 107% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Argentina ($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 China (+34.8%), while the prices for the other major destinations experienced more modest paces of growth.

Multimeter Imports

Imports into the U.S.

In 2022, overseas purchases of multimeters decreased by -10.4% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, recorded a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 57%. Imports peaked at X units in 2021, and then dropped in the following year.

In value terms, multimeter imports reached $X in 2022. Overall, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +50.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 50%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest multimeter supplier to the United States, with a 68% share of total imports. Moreover, multimeter imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), sixfold. The third position in this ranking was held by South Korea (X units), with a 7.6% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+18.8% per year) and South Korea (+4.6% per year).

In value terms, China ($X) constituted the largest supplier of multimeters to the United States, comprising 46% of total imports. The second position in the ranking was held by Malaysia ($X), with a 16% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+16.2% per year) and Taiwan (Chinese) (+4.8% per year).

Import Prices by Country

In 2022, the average multimeter import price amounted to $X per unit, rising by 12% against the previous year. In general, the import price, however, showed a noticeable shrinkage. The pace of growth was the most pronounced in 2017 when the average import price increased by 18%. Over the period under review, average import prices reached the maximum at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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