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Digital Multimeter Market Projected to Reach $1,047 Million by 2024

10-05-2020 08:12 AM CET | Energy & Environment

Press release from: MarketsandMarkets

Digital Multimeter Market Projected to Reach $1,047 Million

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.

The auto-ranging segment is expected to grow at the highest rate.
The auto-ranging multimeter segment is expected to grow at the highest rate during the forecast period. This growth can be attributed to the ease of use while operating the auto-ranging multimeters. These multimeters do not require much technical expertise to operate, making it an attractive option for a large number of users. Auto-ranging multimeters are easy to operate and can be operated by anyone without technical knowledge. Auto-ranging multimeters have the ability to seamlessly measure a similar electrical parameter of different ranges without manual adjustments. The growing demand for electronic devices and smart home appliances in the consumer electronics segment is expected to drive the demand for auto-ranging multimeters.

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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.

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).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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