United Kingdom: Multimeter Market 2024

Multimeter Market Size in the UK

The UK multimeter market rose markedly to $X in 2022, with an increase of 9.5% against the previous year. Overall, consumption continues to indicate a strong increase. Multimeter consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Multimeter Production in the UK

In value terms, multimeter production fell modestly to $X in 2022 estimated in export price. Overall, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +1.8% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 60% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Multimeter Exports

Exports from the UK

Multimeter exports from the UK shrank to X units in 2022, waning by -7.3% against 2021. In general, total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +4.0% 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 +35.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 46%. As a result, the exports reached the peak of X units, and then fell in the following year.

In value terms, multimeter exports rose markedly to $X in 2022. The total export value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 29% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

The Netherlands (X units), France (X units) and Ireland (X units) were the main destinations of multimeter exports from the UK, together comprising 41% of total exports. Germany, the United States, Denmark, Canada, Spain, Belgium, South Africa, Saudi Arabia, Cameroon and Romania lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the biggest increases were recorded for Cameroon (with a CAGR of +77.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), the United States ($X) and Germany ($X) appeared to be the largest markets for multimeter exported from the UK worldwide, with a combined 46% share of total exports. Canada, France, Saudi Arabia, Ireland, South Africa, Belgium, Spain, Romania, Denmark and Cameroon lagged somewhat behind, together comprising a further 30%.

Cameroon, with a CAGR of +50.4%, recorded the highest rates of growth with regard to the value of exports, in terms of 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, rising by 18% against the previous year. Over the period under review, the export price, however, continues to indicate a mild downturn. The pace of growth appeared the most rapid in 2018 an increase of 20% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Cameroon ($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 Germany (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.

Multimeter Imports

Imports into the UK

In 2022, supplies from abroad of multimeters increased by 11% to X units for the first time since 2017, thus ending a four-year declining trend. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -16.8% against 2017 indices. The pace of growth was the most pronounced in 2017 with an increase of 27% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, multimeter imports shrank to $X in 2022. In general, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 47%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of multimeter to the UK, with a 56% share of total imports. Moreover, multimeter imports from China exceeded the figures recorded by the second-largest supplier, Romania (X units), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+198.6% per year) and Taiwan (Chinese) (-6.7% per year).

In value terms, China ($X) constituted the largest supplier of multimeters to the UK, comprising 34% of total imports. The second position in the ranking was held by the United States ($X), with a 9.4% share of total imports. It was followed by Romania, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.6% per year) and Romania (+148.9% per year).

Import Prices by Country

The average multimeter import price stood at $X per unit in 2022, reducing by -21.5% against the previous year. Over the period under review, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 an increase of 58%. The import price peaked at $X per unit in 2021, and then reduced dramatically in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Romania ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+9.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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