Digital Multimeter Market to Reach $1.1 Billion, Globally, by 2031 at 6.7% CAGR: Allied Market Research

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Feb 21, 2023, 11:10 ET

PORTLAND, Ore., Feb. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Multimeter Market by Product Type (Handheld, Desktop, Mounted), by Ranging Type (Auto-ranging, Manual), by Industry Vertical (Consumer Electronics, Automotive, Power Generation, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global digital multimeter industry was valued at $0.61 billion in 2021 and is estimated to generate $1.1 billion by 2031, witnessing a CAGR of 6.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Higher precision of digital multimeters in comparison to analog testers, their less susceptibility to reading errors on account-of their easy-to-read digital displays, their versatility, and their increasing adoption in various end-use industries fuel the growth of the global digital multimeter market. However, the sale of low quality and cheap digital multimeters by local manufacturers hinders the global market growth. On the other hand, the increasing adoption of Industry 4.0 and the Internet of Things (IoT) will present new growth opportunities for the global digital multimeter market in the coming years.

Covid-19 Scenario

During the COVID-19 pandemic, the global digital multimeter market experienced a mixed impact. With governments of several nations imposing and extending lockdowns, production and manufacturing facilities across the globe were shut down, leading to the unavailability of workforce. The pandemic resulted in the disruption of the global supply chain, thereby creating a significant gap in the same.
Key players operating in the digital multimeter industry witnessed a slowdown temporarily, owing to lack of availability of raw materials, which led to a decline in revenues for the financial year 2020 to 2021.
However, the market recovered post the pandemic and will remain in the growth stage during the forecast period.

The handheld segment to grab the largest revenue during the forecast period

Based on product type, the handheld digital multimeter segment contributed to the largest share of nearly three-fifths of the global digital multimeter market in 2021 and is expected to dominate the market during the forecast period. This is because they are used by beginners, hobbyists, specialists and electrical repairmen. However, the mounted segment is projected to witness the fastest CAGR of 7.9% from 2022 to 2031. This is because mounted digital multimeters are extensively used in manufacturing facilities.

The manual segment to dominate the market in terms of revenue by 2031

Based on ranging type, the manual segment contributed to the largest share of more than two-thirds of the global digital multimeter market in 2021 and is expected to maintain its leadership in terms of revenue during the forecast period. The manual digital multimeters segment is primarily driven by use cases where complex operations need to be carried-out by trained professionals. The auto-ranging segment, on the other hand, is projected to witness the fastest CAGR of 7.9% from 2022 to 2031. The segment is driven by several advantages associated with the device. For instance, they save time and are easy to use.

The consumer electronics segment to dominate the market during the forecast period

Based on industry vertical, the consumer electronics segment contributed to the largest share of more than two-fifths of the global digital multimeter market in 2021 and is expected to maintain a noteworthy revenue growth during the forecast period. Consumer electronics is a prominent end-use industry for digital multimeters. The automotive segment is projected to witness the fastest CAGR of 8.6% from 2022 to 2031. Digital multimeters are used in the automotive sector to enhance the safety of customers and passengers and make driving comfortable.

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Asia-Pacific to achieve the largest revenue and fastest growth by 2031

Based on region, the market in Asia-Pacific was the largest in 2021, accounting for more than one-third of the global digital multimeter market and is likely to maintain its dominance during the forecast timeframe. The same market is likely to show the fastest CAGR of 8.1% during the forecast period. Asia-Pacific comprises some of the world's largest and fastest-growing economies and the presence of some of the world's largest semiconductor and electronics companies. This factor provides considerable opportunities for the implementation of various technologies such as Internet of Things (IoT) in Asia-Pacific. Consequently, the adoption of these advanced technologies drives the digital multimeter market in the region.

Leading Market Players

Fluke Corporation
Rohde & Schwarz GmbH & Co., KG
Sanwa Electric Instrument Co., Ltd.
Yokogawa Electric Corporation
Gossen Metrawatt GmbH
TEKTRONIX, Inc.
Keysight Technologies
FLIR Systems, Inc.
HIOKI E.E. Corporation
National Instruments Corporation

The report analyzes these key players of the global digital multimeter market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the digital multimeter market analysis from 2021 to 2031 to identify the prevailing digital multimeter market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the digital multimeter market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global digital multimeter market trends, key players, market segments, application areas, and market growth strategies.

Digital Multimeter Market Key Segments:

Product Type

Handheld
Desktop
Mounted

Ranging Type

Auto-ranging
Manual

Industry Vertical

Consumer Electronics
Automotive
Power Generation
Healthcare
Others

By Region

North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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