Digital Multimeter Market Analysis, Regional Analysis 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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