Digital Multimeter Market Growth Forecast 2020-2027

Market Analysis  

The global digital multimeter market size will touch USD 1 billion at a 3% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. A digital multimeter, put simply, is a standard diagnostic tool which is used for testing electrical values like resistance, current, and voltage in an electric appliance. 

Various factors are fuelling the global digital multimeter market growth. As per the recent MRFR market estimates, such factors include the increasing adoption of electronic devices by the people, accuracy and cheap cost of the device, feasibility of using a handheld digital multimeter, increasing focus of developers on designing products, increased penetration of electronic devices across different end user industries, the multifunctional and low cost nature of multimeters, and the thriving electronics industry. The additional factors adding market growth include rapid industrialization, technological advances in product manufacturing, user-friendly experience and enhanced efficiency, rising trend of digitalization, alluring features such as accurate readings, cost-effective, and light-weight, growing application of internet of things, and rising industry 4.0. 

On the contrary, lack of compatibility with some devices, high installation cost, incapacity of digital multimeter to record and read measurement fluctuations, and the impact of COVID-19 pandemic may limit the global digital multimeter market growth over the forecast period.  

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Market Segmentation 

The MRFR report throws light on an inclusive segmental analysis of the global digital multimeter market based on end users, digital types, and types. 

By types, the global digital multimeter market is segmented into mounted, bench-top, handheld, and others. Of these, the handheld segment will lead the market over the forecast period. 

By digital types, the global digital multimeter market is segmented into fluke digital, clamp digital, autoranging, and others. Of these, the autoranging segment will dominate the market over the forecast period. 

By end users, the global digital multimeter market is segmented into commercial, residential, energy industry, manufacturing, automotive, and others. Of these, the automotive segment will spearhead the market over the forecast period. 

Regional Analysis

By region, the global digital multimeter market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will steer the market over the forecast period. Huge demand, extensive use in the electronics industry for electronic measurement, increasing adoption in different sectors like industrial, commercial, and residential, several companies in the region manufacturing digital multimeters that can perform better at a cheaper cost, and the increasing need for better visual indication of changes in reading are adding to the global digital multimeter market growth over the forecast period. 

In Europe, the global digital multimeter market is predicted to have rapid growth over the forecast period for the presence of some key players in the region. 

In the APAC region, the global digital multimeter market is predicted to have healthy growth over the forecast period. Companies taking interest to target the digital multimeter in these markets to cater to the needs of the customers, rise in the adoption by expanding automobile sector, easy accessibility of raw materials and the availability of cheap labor, significant electronics manufacturing capacity in Hong Kong, Taiwan, and China, increase in automation, ongoing technological advances in the electrical and electronics industry, and the presence of several automotive and consumer electronics manufacturers are adding to the global digital multimeter market growth in the region. China, Japan, and India will have the utmost market share. 

Key Players 

The 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.), and Fluke Corporation (U.S.), among others. 

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