Market Analysis
The global digital multimeter market size is predicted to touch USD 1 billion at a 3% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. A digital multimeter, simply put, is an electronic device used for measuring multiple electric parameters like resistance, voltage, and current when an electronic device experiences a fault. This instrument is also used for testing continuity amid two points in electric circuits. Owing to its excellent features and alluring benefits, the digital multimeter has wide applications in different sectors such as residential, commercial, energy industry, automotive, manufacturing, and others.
Various factors are propelling the global digital multimeter market share. According to the recent MRFR report, such factors include the increasing use of electronic devices in different end user industries, multifunctional nature, low cost, burgeoning demand for electronic devices for measurement and testing, booming electronics industry, rapid industrialization, and technological advances in product manufacturing that have helped manufacturers in integrating other measuring instruments like infrared thermometers and insulation testers with multimeters. Additional factors adding market growth include multi-functionality, user-friendly experience, dual display resolution, portability, and growing trend of digitalization.
On the contrary, the impact of the ongoing COVID-19 pandemic coupled with its incapacity to read and record measurement fluctuations resulting in calculation error may impede the global digital multimeter market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global digital multimeter market based on end users, types, and digital types.
- By digital types, the global digital multimeter market is segmented into auto-ranging, clamp digital, fluke digital, and others. Of these, the auto-ranging digital type segment will lead the market over the forecast period.
- By types, the global digital multimeter market is segmented into mounted, handheld, bench-top, and others. Of these, the handheld segment will dominate the market over the forecast period.
- By end users, the global digital multimeter market is segmented into residential, commercial, energy industry, automotive, manufacturing, and others. Of these, the automotive segment will have a major share in the market over the forecast period.
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Regional Analysis
Based on the region, the global digital multimeter market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. The burgeoning demand for a digital multimeter in different sectors like industrial, commercial, residential, and others, the presence of top manufacturers, growing demand in the electronics industry, and immense demand for improved visual indication of changes in reading are adding to the global digital multimeter market growth in the region.
The global digital multimeter market in Europe is predicted to have the second-largest share over the forecast period. The presence of top industry players is adding to the digital multimeter market growth in the region.
The global digital multimeter market in the APAC region is predicted to grow at a high CAGR over the forecast period. Increasing use in the automobile sector, coupled with the presence of multiple automotive and consumer electronics manufacturers are adding to the global digital multimeter market growth in the region. China, Japan, and India have the maximum share in the market.
The global digital multimeter market in the RoW is predicted to have steady growth over the forecast period.
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Key Players
Eminent players profiled in the global digital multimeter market report include
- Etekcity Corporation (U.S.)
- Kaito Electronics, Inc. (U.S)
- Rohde & Schwarz GmbH & Co KG (Germany)
- UNI-T (China), Extech Instrument (U.S.)
- Mastech Digital (U.S.)
- Amprobe (U.S)
- Klein Tools (U.S.)
- Innova Electronics Corporation (U.S.)
- Fluke Corporation (U.S.).
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