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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North America is expected to be the fastest-growing digital multimeter market.
The growing demand for electric vehicles, connected and autonomous vehicles are expected to drive the demand for digital multimeters. With the increased usage of electronic devices and components in traditional automobiles, the need for test and measurement instruments, including digital multimeter, is expected to increase. The US, which is the largest country in North America, is also the world’s largest military spender. The country has increased its military spending for the fifth consecutive year. These growing investments in automotive and defense sectors are expected to drive the digital multimeter market.
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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