Digital Multimeter Market Worth $1,047 Million by 2024 - Exclusive Report by MarketsandMarkets™

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Feb 05, 2020, 07:30 ET

CHICAGO, Feb. 5, 2020 /PRNewswire/ -- According to the new market research report "Digital Multimeter Market by Type (Handheld, Benchtop, Mounted), Ranging Type (Auto-ranging, Manual), Application (Automotive, Energy, Consumer Electronics & Appliances, Medical Equipment Manufacturing), and Region - Global Forecast to 2024" published by MarketsandMarkets™, the global Digital Multimeter Market size is projected to reach USD 1,047 million by 2024 from an estimated market size of USD 847 million in 2019, at a CAGR of 4.3% during the forecast period. The global industry is set to witness significant growth owing to increased penetration of electronic devices across various end-user industries and the low cost and multifunctional nature of multimeters.

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The handheld segment is expected to be the largest market during the forecast period

The handheld digital multimeter segment is projected to account for the largest portion of the global Digital Multimeter Market share, by type, during the forecast period. It has the largest share owing to its portability and low cost. These attributes are anticipated in playing an essential role in driving their demand in the automotive and energy sectors, regardless of them already being the major application areas.

The auto-ranging multimeter segment is expected to be the fastest-growing segment in the digital multimeter industry, by ranging type, during the forecast period

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.

Browse in-depth TOC on "Digital Multimeter Market"

104 – Tables

46 – Figures

164 – Pages

North America is expected to be the fastest-growing Digital Multimeter Market during the forecast period.

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.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Digital Multimeter Market. These include Fluke Corporation (the US), Tektronix (US), Keysight Technologies (US), Yokogawa (Japan), Gossen Metrawatt (Germany), and Hioki (Japan). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.

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