Digital Multimeter Market to Show Stunning Growth by 2024

Posted by Siddhant on August 29th, 2022

The global digital multimeter market size is anticipated to reach USD 1,047 million by 2024 from USD 847 million in 2019, growing at a CAGR of 4.3% during the forecast period. The key factors driving the market include increased penetration of electronic devices across various end user industries and the low cost and multifunctional nature of multimeters.

The handheld segment is expected to be the largest segment of the digital multimeter market

Handheld multimeter is expected to be the largest digital multimeter market, by type, during the forecast period.  Portability and low cost of the handheld multimeter make it an attractive option for consumers. The growth of handheld multimeters can be attributed to the increased demand for multimeters in the automotive and energy sectors.

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The automotive segment is expected to be the fastest-growing segment of the digital multimeter market

The automotive segment is expected to be the fastest-growing digital multimeter market, by application, during the forecast period. The growing demand for electric vehicles and self-driving cars in North America, Europe, and China is driving the requirement of digital multimeters. The increased penetration of electronic devices further aids the growth in non-electric automobiles.

Asia Pacific is expected to be the largest digital multimeter market

In this report, the digital multimeter industry has been analyzed with respect to five regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. The world’s biggest electronic manufacturing companies operate from Asia Pacific because of the availability of cheap labor and the easy availability of raw materials. China, Taiwan, and Hong Kong have significant electronics manufacturing capacity. China is also one of the world’s leading manufacturers in the automotive sector. Due to these factors, Asia Pacific accounts for a significant share in the market in the forecast period.

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The major players in the global digital multimeter market include Fluke Corporation (US), Tektronix (US), Keysight Technologies (US), Yokogawa (Japan), Gossen Metrawatt (Germany), Hioki (Japan), National Instruments (US), and FLIR System (US).