UNVEILING THE DIGITAL MULTIMETER
MARKET: TRENDS, OPPORTUNITIES, AND
FUTURE PROJECTIONS
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INTRODUCTION
Digital multimeters are a type of multimeters
which are used to measure quantities such
as capacitance, wattage, current, voltage
and resistance. The various types of these
instruments such as mini digital multimeters
and automotive multimeter show the
measured values on a digital display on the
device, so that they can be easily read by
first-time users, hobbyists as well as
professionals. These instruments fall under
the category of test and measurement
instruments, and can be used to check the
working condition of equipment such as
electric circuits, fuses, automotive battery,
HVAC units, semiconductors, and printed
circuit boards.
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TOP IMPACTING FACTORS
Some of the significant factors impacting the
global digital multimeter market include that
they provide more precision as compared to
analog testers, have an expanding use in
different end-user industries, are versatile in
nature, and face competition from small
manufacturers selling cheap versions of the
product. The increasing demand from
various industries for incorporation of
technology is a major influencer of the
demand for digital multimeters. However,
the sale of low quality and cheap digital
multimeters by local manufacturers is
expected to restrain growth of the market.
Meanwhile,
increasing
number
of
applications due to the adoption of Internet
of Things (IoT) and Industry 4.0 provide an
opportunity to market players during the
forecast period.
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DIGITAL
MULTIMETER
MARKET
STATISTICS
The global digital multimeter market was
valued at $0.61 billion in 2021, and is
projected to reach $1.1 billion by 2031,
growing at a CAGR of 6.7% from 2022 to
2031.
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SEGMENTATION OVERVIEW
By Product Type (Handheld, Desktop,
Mounted), by Ranging Type (Auto-ranging,
Manual), by Industry Vertical (Consumer
Electronics, Automotive, Power Generation,
Healthcare, Others)
Based on industry vertical, the consumer
electronics segment dominated the digital
multimeter market in 2021, while the
automotive segment is expected to expand
at a faster rate during the forecast period.
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