Vietnam: Multimeter Market 2024

Multimeter Market Size in Vietnam

In 2022, the Vietnamese multimeter market decreased by -2.2% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, consumption, however, enjoyed a significant expansion. Multimeter consumption peaked at $X in 2021, and then reduced in the following year.

Multimeter Exports

Exports from Vietnam

In 2022, shipments abroad of multimeters was finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 261%. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, multimeter exports surged to $X in 2022. Overall, exports saw a perceptible increase. The most prominent rate of growth was recorded in 2016 when exports increased by 283% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Singapore (X units), South Korea (X units) and Japan (X units) were the main destinations of multimeter exports from Vietnam, together comprising 81% of total exports. Cambodia, Germany and the United States lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +32.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Singapore ($X) and Japan ($X) appeared to be the largest markets for multimeter exported from Vietnam worldwide, together accounting for 81% of total exports.

In terms of the main countries of destination, Japan, with a CAGR of +39.1%, saw 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, shrinking by -6.9% against the previous year. Over the period under review, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, multimeter export price increased by +14.2% against 2019 indices. The pace of growth was the most pronounced in 2013 when the average export price increased by 24%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2021, and then shrank in the following year.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Germany ($X per unit) and South Korea ($X per unit), while the average price for exports to Singapore ($X per unit) and Cambodia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+8.4%), while the prices for the other major destinations experienced more modest paces of growth.

Multimeter Imports

Imports into Vietnam

In 2022, supplies from abroad of multimeters decreased by -12.3% to X units for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, posted significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 307% against the previous year. Over the period under review, imports reached the maximum at X units in 2021, and then reduced in the following year.

In value terms, multimeter imports rose markedly to $X in 2022. Overall, imports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 293%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Japan (X units) and India (X units) were the main suppliers of multimeter imports to Vietnam, with a combined 48% share of total imports. Germany, Austria, the United States, Malaysia, the UK, Sweden, South Korea, Taiwan (Chinese) and Italy lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +47.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and India ($X) were the largest multimeter suppliers to Vietnam, with a combined 48% share of total imports. Germany, Austria, the United States, Malaysia, the UK, Sweden, South Korea, Taiwan (Chinese) and Italy lagged somewhat behind, together comprising a further 39%.

Germany, with a CAGR of +40.6%, recorded the highest growth rate of 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

The average multimeter import price stood at $X per unit in 2022, picking up by 20% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced downturn. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Sweden ($X per unit) and Malaysia ($X per unit), while the price for Austria ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (-4.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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