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The digital multimeter market is encountering dynamic movements driven by innovative headways and advancing customer needs. As electronic gadgets become more refined and complex, the interest for exact and adaptable testing apparatuses has developed altogether. The major factor that is the trend towards mechanistic development speed is another essential medium element of the market. Competitiveness in digital multimeter market makers place in satisfaction of new and fancy capabilities is the only thing that helps them overcome the extremely competitive conditions. One of the intersectional competence systems, stemming from capacitance and temperature approximation has made a stardom.
Besides the market elements, the output is also affected by the growing phenomena of smaller electronic devices. The electronic part is reduced to minimum and requires small scale digital multimeters which are both accurate and less costly to run. Digital multimeters makers are finding an answer out of the growing interest by making smaller handheld multimeters that are just as, if not more, precise as their bigger alternative. These professionals, in turn, tend to be pressed for time when it comes to diagnostic and testing execution. It is this fact that plays a decisive role in the on-the-go factor.
Globalization is also making its mark on the modern world by molding the traffic conditions to digital domes. The conjoined incident that looks like consumers and producers that are reciprocally beneficial, there is a tremendous rise in the movement of goods and services across boundaries. Hence digital multimeter manufacturers are adapting their tools to meet inclusiveness and standard regulations across boundaries. The same trend of globalization is creating a tougher business environment where firm’s services have to be high and hence, they need continual improvement as the number of their clients worldwide increases.
Another great factor contributing to the market forces is the urge for cutting down on operational expenses. The increasing traceability and popularity of the digital multimeters among varied trades, there are growing needs etc. for low-cost options that do not compromise performance. Therefore, producers have focused on the ways to optimize production, reduce the prices of the assembly, and supply goods that are competitive in the market. In this way, the expansion of electronics market have seen a large number of items, such as digital multimeters, gone to mid-level and thus can be easily afforded by a wide range of consumers.
Market tendencies for the digital multimeter industry are basically conditioned to the broader mechanical industry. Digital multimeters are developing to coordinate consistently with these savvy environments, considering constant information examination, remote observing, and improved computerization. This mix smoothes out processes as well as adds to the general proficiency and efficiency of different enterprises.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Digital type, End-User, and Region |
Digital Multimeter Market Highlights:
Digital Multimeter Market Overview
The Digital Multimeter market size is projected to grow from USD 0.98 billion in 2024 to USD 1.34 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.95% during the forecast period (2024 - 2032). Additionally, the market size for Digital Multimeter was valued at USD 0.94 billion in 2023.
The increasing demand for automation across various industries and the need for accurate and reliable measurement devices are key factors driving demand in the market.
Figure1: Digital Multimeter Market, 2018 - 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Multimeter Market Trends
Increasing demand for automation driving the market growth
Automation involves using technology to automate tasks and processes, which has become increasingly important across various industries. As automation becomes more prevalent, the need for accurate and reliable measurement devices like digital multimeters has become more critical. Digital multimeters are used to measure various parameters such as voltage, current, resistance, and capacitance, and their ease of use and flexibility make them popular among engineers and technicians. They are widely used in automation systems to monitor and control electrical systems and components. For example, digital multimeters measure the voltage and current in industrial machinery and equipment to ensure they operate correctly and efficiently.
The demand for automation will continue to grow, driving the demand for digital multimeters. As industries continue to automate their operations, the need for accurate and reliable measurement devices like digital multimeters will continue to increase. This is expected to drive the growth of the digital multimeter market in the coming years. Thus, driving the Digital Multimeter market revenue.
Modern cars have various electronic components and systems, such as sensors, control modules, and communication networks. These systems require accurate and reliable electrical measurements to diagnose and troubleshoot issues. Automotive technicians widely use digital multimeters to diagnose and troubleshoot electrical issues in modern cars. For instance, a digital multimeter can be used to measure the voltage and current in a car's battery or alternator to determine if there is an issue with the charging system. It can also measure the resistance and continuity of circuits to determine if there is a break or short circuit.
As the complexity of electronic systems in modern cars continues to increase, the need for accurate and reliable measurement devices like digital multimeters will become more critical. This is expected to drive the demand for digital multimeters in the automotive industry in the coming years. Moreover, with the increasing demand for electric and hybrid vehicles, digital multimeters are also used to diagnose and troubleshoot issues related to these vehicles' batteries and other electronic components. This is expected to further drive the demand for digital multimeters in the automotive industry.
Digital Multimeter Market Segment Insights
Digital Multimeter Type Insights
Based on type, the Digital Multimeter market segmentation includes handheld, bench-top, and mounted. The handheld Digital Multimeter segment dominated the market. Handheld digital multimeters are portable and easy to use, making them highly popular among professionals and DIY enthusiasts. They are widely used in various industries, including automotive, aerospace, electronics, and telecommunications. The bench-top digital multimeter segment is also expected to grow significantly during the forecast period due to the increasing demand for high-precision digital multimeters in the research and development sector.
Digital Multimeter Digital type Insights
Based on digital type, the Digital Multimeter market segmentation includes autoranging, clamp digital, and fluke digital. The autoranging segment dominated the market. This is because autoranging digital multimeters are widely used in various industries, including electronics, automotive, and telecommunications. They are highly preferred due to their ability to select the appropriate measurement range and provide accurate readings automatically.
Figure 2: Digital Multimeter Market by Digital Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Multimeter End-user Insights
Based on end-user, the Digital Multimeter market segmentation includes automotive, manufacturing, energy, residential, and commercial. The automotive segment dominated the market. This is because digital multimeters are widely used in the automotive industry for diagnosing and troubleshooting various electrical and electronic components in vehicles, such as batteries, starters, alternators, and sensors. Therefore, the automotive segment is expected to grow significantly during the forecast period.
Digital Multimeter Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Digital Multimeter market will dominate, owing to the increasing demand for electronic measuring equipment in various industries such as automotive, aerospace, and telecommunications, along with the rising need for accurate and precise measurement devices, which are some of the key factors driving the market growth. The United States is North America's largest digital multimeters market, owing to the high adoption of advanced electronic testing and measurement equipment in various industries.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: DIGITAL MULTIMETER MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Digital Multimeter market accounts for the second-largest market share due to the increasing demand for advanced electronic testing and measuring equipment in various industries, such as automotive, aerospace, and telecommunications, along with the growing need for accurate and precise measurement devices, are some of the key factors driving the market growth Further, the German Digital Multimeter market held the largest market share, and the UK Digital Multimeter market was the fastest-growing market in the European region
The Asia-Pacific Digital Multimeter Market is anticipated to develop at the fastest CAGR from 2023 to 2032. The market is driven by companies investing heavily in research and development activities to introduce new and advanced digital multimeters and gain a competitive edge over their rivals. Additionally, the increasing trend of automation and digitization in various industries is expected to create new growth opportunities for the digital multimeter market in the Asia-Pacific region. Moreover, China’s Digital Multimeter market held the largest market share, and the Indian Digital Multimeter market was the fastest-growing market in the Asia-Pacific region.
Digital Multimeter Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Digital Multimeter market, grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Digital Multimeter industry must offer innovative products to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Digital Multimeter industry to benefit clients and increase the market sector. In recent years, the Digital Multimeter industry has offered some of the most significant advantages to the market. Major players in the Digital Multimeter market, including Fluke Corporation (U.S.), Innova Electronics Corporation (U.S.), Klein Tools (U.S.), Amprobe (U.S), Mastech Digital (U.S.), Extech Instrument (U.S.), UNI-T (China), Rohde & Schwarz GmbH & Co KG (Germany), Kaito Electronics Inc. (U.S), Etekcity Corporation (U.S.) and others, are attempting to increase market demand by investing in research and development operations.
Fluke Corporation is a leading provider of electronic testing and measurement equipment, including digital multimeters, thermal imagers, and other tools for professionals in various industries. The company was founded in 1948 and is headquartered in Everett, Washington, USA. Fluke Corporation is known for its high-quality and reliable products and has a presence with offices and distributors in more than 100 countries. For instance, in October 2019, Fluke Corporation launched the Fluke 87V MAX true-rms Digital Multimeter, designed for use in harsh industrial environments. The multimeter is built to withstand extreme temperatures, humidity, and drops, making it ideal for mining, oil and gas, and chemical manufacturing.
Rohde & Schwarz GmbH & Co KG is a German-based company that specializes in providing test and measurement solutions for various industries, including automotive, aerospace, defense, and telecommunications. The company was founded in 1933 and is headquartered in Munich, Germany. Rohde & Schwarz is known for its high-quality and innovative products, including digital oscilloscopes, spectrum analyzers, and digital multimeters. For instance, in June 2020, Rohde & Schwarz launched the R&S RTM3000 and R&S RTA4000 digital oscilloscopes with an integrated digital multimeter. The oscilloscopes are designed for research and development, education, and production environments.
Key Companies in the Digital Multimeter market include
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Fluke Corporation (U.S.)
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Innova Electronics Corporation (U.S.)
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Klein Tools (U.S.)
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Amprobe (U.S)
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Mastech Digital (U.S.)
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Extech Instrument (U.S.)
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UNI-T (China)
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Rohde & Schwarz GmbH & Co KG (Germany)
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Kaito Electronics Inc. (U.S)
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Etekcity Corporation (U.S.)
Digital Multimeter Industry Developments
In January 2022, Fluke Corporation, a well-known firm manufacturing equipment for making measurements of electricity in houses, factories and laboratories presented its latest development. This new series is made specifically for professional electricians and technicians in need of reliable and accurate tool to fix issues, do maintenance work or install things.
In Mar 2022, Extech Releases New True RMS Multimeter with CAT IV Safety Rating (March 2022): The EX330 is a compact and rugged multimeter that is designed for professional electricians and technicians. It was announced by Extech Instruments, a leading producer of testing devices.
In May 2022, Amprobe Unveils New Digital Multimeter Having Auto Ranging Feature (May 2022): Amprobe Test Tools has introduced its new Amprobe AM-510 Digital Multimeter.
In August 2021, Hioki announced the release of the Middle Model Digital Multimeter DT4261, which supports Bluetooth wireless communication. In this way, it can be more convenient to perform calculations since it will be possible to write measured data directly into Excel templates without any mistakes. This product can be used for Electrical equipment maintenance as well as verification & troubleshooting in electrical work.
In April 2019, Keysight Technologies Inc. opened an automotive customer center in Nagoya, Japan, to support local customers on innovation technology projects who are close by; this enables them to serve customers more effectively. This new center includes customer electronic test and measurement labs, technical experts, state-of-the-art test equipment, and a customer training facility that provides hands-on workshops/seminars.
In November 2018, Tektronix introduced the Keithley DMM7512 dual-channel 71⁄2-digit sampling multimeter. This multimeter is designed with two individual identical digital multimeters in a low profile 1U high, full rack-width space-saving enclosure. The DMM7512 has voltage sensitivity of 1μV and current sensitivity of 0.1nA that can capture transient signals & waveforms even those of the low level such as battery drain currents using its 18-bit digitizer having 1Msample/s.
Digital Multimeter Market Segmentation
Digital Multimeter Type Outlook
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Handheld
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Bench-Top
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Mounted
Digital Multimeter Digital Type Outlook
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Autoranging
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Clamp Digital
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Fluke Digital
Digital Multimer End-User Outlook
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Automotive
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Manufacturing
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Energy
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Residential
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Commercial
Digital Multimeter Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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