“The global digital multimeter market is projected to reach USD 1,047 million by 2024, at a CAGR of 4.3% from 2019 to 2024”
The global digital multimeter market size is projected to reach USD 1,047 million by 2024 from an estimation of USD 847 million in 2019, growing at a CAGR of 4.3% during the forecast period. The key factors driving the market growth include increased penetration of electronic devices across various end-use industries and the low cost and multifunctional nature of multimeters.
“The handheld segment is expected to dominate the digital multimeter market in 2019”
The handheld digital multimeter segment is expected to dominate the market in 2019, owing to the increasing demand for portable testing and measurement devices in various countries across the globe. Owing to the versatility and portability of handheld digital multimeters, these are widely used as a standard diagnostic tool by technicians operating in various end-use industries. The growth of handheld multimeters can be attributed to the increasing demand for them in the automotive and energy sectors.
“The auto-ranging type is expected to grow at the highest rate during the forecast period”
The auto-ranging segment is estimated to grow at the fastest rate (CAGR) during the forecast period due to its ease of use. Auto-ranging multimeters are relatively simple to use and can be operated without prior technical knowledge. They can seamlessly measure similar electrical parameters 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.
“Asia Pacific is expected to lead the global digital multimeter market”
Asia Pacific currently leads the global digital multimeter industry, followed by Europe and North America. Some of the world’s largest electronic manufacturing companies, such as Samsung, Sony, and Panasonic, operate from Asia Pacific owing to the availability of cheap labor and easy availability of raw materials.
China, Taiwan, and Hong Kong have significant electronics manufacturing capacity. China is also the world’s leading manufacturer of motor vehicles. The increasing demand for electric vehicles, especially in China, is expected to drive the adoption as well as the production of digital multimeters. Due to these factors, Asia Pacific accounts for a significant share in the global digital multimeter market in the forecast period.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier I: 60%, Tier II: 25%, and Tier III: 15%
- By Designation: C-Level: 55%, Director Level: 30%, and Others: 15%
- By Region: Asia Pacific: 35%, North America: 25%, Europe: 20%, Middle East & Africa: 15%, and the South America: 5%
Note: Others include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue, as of 2018; Tier 1: USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3:
The report defines, describes, and forecasts the global digital multimeter market by type, ranging type, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the digital multimeter market.