Digital Multimeter Market Research Report- Global Forecast 2027

Global Digital Multimeter Market, By Type (Handheld, Bench-Top, Mounted), By Digital Type (Autoranging, Clamp Digital, Fluke Digital), By End Users (Automotive, Manufacturing, Energy, Residential, Commercial) - Forecast 2027

ID: MRFR/ICT/3056-HCR | February 2021 | Region: Global | 100 pages

Market Overview

The digital multimeter market demand is expected to grow at 3% during the forecast period 2020-2027. It is evaluated that the market will reach around USD 1 million. The digital multimeters are primarily used for measuring electrical specifications such as the resistance, current flow, and voltage of the electronic components.  The measurements are displayed on an LED or LCD screen. The measurements range from around 3 milivolt to up to 4 volts.

There are various uses and factors that are anticipated to promote the Digital Multimeter Market Size. One of the major drivers of the market is the rising use of electronic devices around the world. It helps to measure the electronic specifications at an effective cost. Many key players are promoting the growth of the market with technological developments and investments.

As per the Digital Multimeter Market Forecast, the rising demands for electronic components are also an important driver. However, there are various restraints that can affect market growth in the future. One of the major restraints is that it has some restrictions for displaying short variations of voltage. Several key players are trying to enhance the technology and eliminate this problem for future use.

Various applications of digital multimeter devices in different sectors will boost the market exponentially. The target audience for the report of the digital multimeter market is the solution providers, digital multimeter companies and providers, consulting firms, development and research companies, etc.

COVID-19 Analysis

The coronavirus outbreak has shattered various companies and manufacturing units around the world. The lockdown was imposed around the world which caused serious economic havoc in various countries. Due to this, several companies were shut down for months that halted the production and sales of the digital multimeters.

As a result, the Digital Multimeter Market Growth witnessed a severe decline. However, it is expected after the pandemic is over, the market will simultaneously grow. Also, the key players are focusing upon the cost0effectiveness and betterment of the supply chain to revive the market.

Market Dynamics


Market Drivers


One of the major drivers of the digital multimeter market is the rising demand for electronics and electrical components. The digital multimeters are used for measuring the electronic readings such as volts, ampere, resistance, etc. It is especially used when any problem occurs in electronic appliances.


It is used for accurate display of measurement on an LED screen and helps to save time. The digital multimeters are also used for checking this condition of vehicle batteries. Through which the main cause of defect can be identified among the sound systems and engines as well. These above-mentioned advantages will lead the market towards substantial growth in the upcoming years.


Restraints


Despite various benefits, some restraints can affect the market growth of the global digital multimeter industry. The digital multimeters are not effectively equipped to read short variations in the voltages. Hence, it can result in reading restrictions that can hinder the market growth to a certain extent.


Opportunities


According to Digital Multimeter Market Statistics, major key players in the market will promote market growth. The rapid changes in the market trends will be a vital opportunity for the escalating demand for digital multimeters. Also, enhanced products for measurements especially in the sector of automobiles will improve the market in the upcoming years.


Challenges


The major challenges which the digital multimeter industry will face are the regulations by the government. Also, the availability of cheap and better alternatives will be a challenging factor for the market to thrive. This in turn will result in slow growth or shutdown of the manufacturing units.


Cumulative Growth Analysis


The increasing adoption of electronics and electrical components are important factors that promote the growth of the digital multimeter industry. The Compound Annual Growth Rate (CAGR) of the market is projected at around 3%. The market will expand and reach up to USD 1 million during the forecast period 2020-2027.


Value Chain Analysis


The digital multimeters have extreme importance for the electronic industry and the automobile industry as well. Due to its rising uses and technological advancements, the market will gain immense growth in the forthcoming years. Hence, with its rising demand and uses, the value of digital multimeter products will increase. Along with that, the advancement in technology and strategies by the key players will increase the overall value for its customers and industries.


Global Digital Multimeter Market Digital Multimeter Market


Segment Overview


The global digital multimeter market size is segmented into digital types, end-users, and types.


On the basis of digital types, the global market is divided into fluke digital, clamp digital, auto-ranging, and others.


The global digital multimeter industry on the basis of types is further classified into mounted, bench-top, handheld, and various others.


Based upon en-users, the market is bifurcated into commercial, energy industry, automotive manufacturing industry, residential, and others.


Regional Analysis


On the basis of region, the digital multimeter market share is divided into North America, Europe, Asia-Pacific, and the rest of the world. It is evaluated the North American region will dominate the market in the future period. One of the major factors for the growth in this region is the continuously growing demand for electronics and electrical components for measurement.


The European region will also register substantial growth in the upcoming period. The investments by the key players and the rising need for electrical measurements are some important factors for growth.


It is evaluated that the Asia-Pacific region will register the fastest growth in the upcoming period in the digital multimeter industry. The major contributions are from countries such as China, India, and Japan. The increasing demand and rapid development are fuelling market growth. This is why it is expected that the Asia-Pacific region will witness the highest CAGR.


Digital multimeter forecast suggests that the countries in the rest of the world are also anticipated to grow at a substantial rate. Various companies and governments are also focusing on the development and growth of the market. Hence, it will be beneficial for the market in the countries situated in the middle east and african region. 


Competitive Landscape


There are various key players that are applying various marketing techniques to increase the Digital Multimeter Market Revenue. Some of the strategies are surveys, collaborations, market analysis, product launches, mergers, partnerships, acquisitions, etc. One of the companies called Fluke corporation has invested in the research and development to gain profit in the future.


Some of the major key players of the digital multimeter market are-



  • Rohde & Schwarz GmbH & Co KG

  • Innova Electronics Corporation

  • Kaito Electronics, Inc.

  • Yokogawa Test and Measurement Corporation

  • Mastech Digital

  • Amprobe

  • Etekcity Corporation

  • Fluke Corporation

  • National Instruments

  • UNI-T, Klein Tools

  • Innova Electronics Corporation

  • Gossen Metrawatt

  • Extech Instrument

  • Giga-tronics Incorporated

  • Teledyne LeCroy

  • Klien Tools

  • AMETEK Inc.

  • RIGOL Technologies


Recent Developments



  • In the year 2018, Tektronix announced the launch of its new channel called “Keithley DMM7512. The new product is beneficial for meeting the rising demand of the applications required for high-volume testing. It requires effective capacity, compactness and enhances performance.

  • Gossen Metrawatt, during 2019, announced the launch of its new product of digital millimetres called “Metraline.” The product comprises three digital multimeters with various features for the proper testing and measurement of the equipment.

  • Various companies like Klein Tools, Fluke Corporation, Mastech Digital are considered among the top manufacturers in the digital multimeter industry.


Report Overview


The report of the digital multimeter market trends is as follows-


Market Overview



  • COVID-19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive landscape

  • Recent Developments by the Key players


Report Score



  • Study Period- 2020-2027

  • Base Year- 2019

  • Forecast Period- 2020-2027

  • Historical Period- 2018-2020


The scope of the report is to give details about the Digital Multimeter Market Analysis. This report gives substantial information about the growth and strength of the market. Furthermore, it also gives brief information about the key players in the market.


Report Segmentation


By End Users                    



  • Energy

  • Commercial

  • Automotive

  • Residential

  • Manufacturing

  • Others


By Digital Type



  • Clamp Digital

  • Auto Ranging

  • Fluke Digital

  • Others


By Type



  • Mounted

  • Bench-Top

  • Handheld

  • Others


By Regions



  • Asia-Pacific

  • Europe

  • North America

  • Rest of the World



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 1 Billion (2023)
  CAGR   3% (2017-2023)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units    Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Type, By Digital Type
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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.)
  Key Market Opportunities   The factors that drive the growth market are the increasing adoption of electronic devices by the people. The digital multimeter are multifunctional features, dual display resolution and others.
  Key Market Drivers   The increasing demand for better visual indication of changes in reading can further augment the market.


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Frequently Asked Questions (FAQ) :


Adoption of multiple features of multimeters and dual displays can drive the global digital multimeter market.

Asia Pacific is expected to be highly lucrative for the global digital multimeter market.

North America leads in the global digital multimeter market.

The global digital multimeter market valuation can touch USD 1 billion by 2023.

The global digital multimeter market is expected to enjoy a CAGR of 3% from 2017 to 2023.

Innova Electronics Corporation, Mastech Digital, Amprobe, Fluke Corporation, Extech Instrument, Etekcity Corporation, UNI-T, Klein Tools, Kaito Electronics, Inc., and Rohde & Schwarz GmbH & Co KG are key players of the global digital multimeter market.

TABLE OF CONTENTS

1 MARKET INTRODUCTION

1.1 INTRODUCTION

1.2 SCOPE OF STUDY

1.2.1 RESEARCH OBJECTIVE

1.2.2 ASSUMPTIONS

1.2.3 LIMITATIONS

1.3 MARKET STRUCTURE:

1.3.1 GLOBAL DIGITAL MULTIMETER MARKET: BY TYPES

1.3.2 GLOBAL DIGITAL MULTIMETER MARKET: BY DIGITAL TYPE

1.3.3 GLOBAL DIGITAL MULTIMETER MARKET: BY END-USER

1.3.4 GLOBAL DIGITAL MULTIMETER MARKET: BY REGION

2 RESEARCH METHODOLOGY

2.1 RESEARCH

2.2 PRIMARY RESEARCH

2.3 SECONDARY RESEARCH

2.4 FORECAST MODEL

3 MARKET DYNAMICS

3.1 INTRODUCTION

3.2 MARKET DRIVERS

3.3 MARKET CHALLENGES

3.4 MARKET OPPORTUNITIES

4 EXECUTIVE SUMMARY

5. MARKET FACTOR ANALYSIS

5.1 PORTER’S FIVE FORCES ANALYSIS

5.2 SUPPLY CHAIN ANALYSIS

6 DIGITAL MULTIMETER MARKET

6.1 INTRODUCTION

6.2 MARKET STATISTICS

6.2.1 BY TYPES

6.2.1.1 HANDHELD

6.2.1.2 MOUNTED

6.2.1.3 BENCH-TOP

6.2.1.4 OTHERS

6.2.2 BY DIGITAL TYPE

6.2.2.1 AUTORANGING

6.2.2.2 FLUKE DIGITAL

6.2.2.3 CLAMP DIGITAL

6.2.2.4 OTHERS

6.2.3 BY END-USER

6.2.3.1 AUTOMOTIVE

6.2.3.2 COMMERCIAL

6.2.3.3 RESIDENTIAL

6.2.3.3 ENERGY INDUSTRY

6.2.3.4 MANUFACTURING

6.2.3.5 OTHERS

6.2.4 BY REGION

6.2.4.1 NORTH AMERICA

6.2.4.1.1 U.S

6.2.4.1.2 CANADA

6.2.4.1.3 MEXICO

6.2.4.2 EUROPE

6.2.4.2.1 U.K

6.2.4.2.2 ITALY

6.2.4.2.3 GERMANY

6.2.4.2.4 FRANCE

6.2.4.2.5 REST OF THE EUROPE

6.2.4.3 ASIA PACIFIC

6.2.4.2.1 CHINA

6.2.4.2.2 INDIA

6.2.4.2.3 JAPAN

6.2.4.2.4 REST OF THE APAC

6.2.4.4 REST OF THE WORLD

6.2.4.2.1 MIDDLE EAST

6.2.4.2.2 AFRICA

6.2.4.2.3 LATIN AMERICA

7 COMPANY PROFILES

7.1 FLUKE CORPORATION (U.S.)

7.2 INNOVA ELECTRONICS (U.S.)

7.3 KLEIN TOOLS (U.S.)

7.4 KAITO ELECTRONICS, INC. (U.S)

7.5 ETEKCITY CORPORATION (U.S.)

7.6 EXTECH INSTRUMENT (U.S.)

7.7 CRAFTSMAN (U.S)

7.8 MASTECH DIGITAL (U.S)

7.9 AMPROBE (U.S)

7.10 CRENOVA (INDIA)

7.11 OTHERS
LIST OF TABLES

TABLE 1 DIGITAL MULTIMETER MARKET, BY TYPES

TABLE 2 DIGITAL MULTIMETER MARKET, BY DIGITAL TYPE

TABLE 3 DIGITAL MULTIMETER MARKET, BY END-USER

TABLE 4 DIGITAL MULTIMETER MARKET, BY REGIONS

TABLE 5 NORTH AMERICA DIGITAL MULTIMETER MARKET, BY TYPES

TABLE 6 NORTH AMERICA DIGITAL MULTIMETER MARKET, BY DIGITAL TYPE

TABLE 7 NORTH AMERICA DIGITAL MULTIMETER MARKET, BY END-USER

TABLE 8 NORTH AMERICA DIGITAL MULTIMETER MARKET, BY REGION

TABLE 9 EUROPE DIGITAL MULTIMETER MARKET, BY TYPES

TABLE 10 EUROPE DIGITAL MULTIMETER MARKET, BY DIGITAL TYPE

TABLE 11 EUROPE DIGITAL MULTIMETER MARKET, BY END-USER

TABLE 12 EUROPE DIGITAL MULTIMETER MARKET, BY REGION

TABLE 13 U.K. DIGITAL MULTIMETER MARKET, BY TYPES

TABLE 14 U.K. DIGITAL MULTIMETER MARKET, BY DIGITAL TYPE

TABLE 15 U.K. DIGITAL MULTIMETER MARKET, BY END-USER

TABLE 16 U.K. DIGITAL MULTIMETER MARKET, BY REGION

TABLE 17 ASIA-PACIFIC DIGITAL MULTIMETER MARKET, BY TYPES

TABLE 18 ASIA-PACIFIC DIGITAL MULTIMETER MARKET, BY DIGITAL TYPE

TABLE 19 ASIA-PACIFIC DIGITAL MULTIMETER MARKET, BY END-USER

TABLE 20 ASIA-PACIFIC DIGITAL MULTIMETER MARKET, BY REGION

TABLE 21 REST OF WORLD DIGITAL MULTIMETER MARKET, BY TYPES

TABLE 22 REST OF WORLD DIGITAL MULTIMETER MARKET, BY DIGITAL TYPE

TABLE 23 REST OF WORLD DIGITAL MULTIMETER MARKET, BY END-USER

TABLE 24 REST OF WORLD DIGITAL MULTIMETER MARKET, BY REGION
LIST OF FIGURES

FIGURE 1 RESEARCH METHODOLOGY

FIGURE 2 DIGITAL MULTIMETER MARKET: BY TYPES (%)

FIGURE 3 DIGITAL MULTIMETER MARKET: BY DIGITAL TYPE (%)

FIGURE 4 DIGITAL MULTIMETER MARKET: BY END-USER (%)

FIGURE 5 DIGITAL MULTIMETER MARKET: BY REGION (%)

FIGURE 6 NORTH AMERICA DIGITAL MULTIMETER MARKET, BY TYPES (%)

FIGURE 7 NORTH AMERICA DIGITAL MULTIMETER MARKET, BY DIGITAL TYPE (%)

FIGURE 8 NORTH AMERICA DIGITAL MULTIMETER MARKET, BY END-USER (%)

FIGURE 9 NORTH AMERICA DIGITAL MULTIMETER MARKET, BY REGION (%)

FIGURE 10 EUROPE DIGITAL MULTIMETER MARKET, BY TYPES (%)

FIGURE 11 EUROPE DIGITAL MULTIMETER MARKET, BY DIGITAL TYPE (%)

FIGURE 12 EUROPE DIGITAL MULTIMETER MARKET, BY END-USER (%)

FIGURE 13 EUROPE DIGITAL MULTIMETER MARKET, BY REGION (%)

FIGURE 14 ASIA-PACIFIC DIGITAL MULTIMETER MARKET, BY TYPES (%)

FIGURE 15 ASIA-PACIFIC DIGITAL MULTIMETER MARKET, BY DIGITAL TYPE (%)

FIGURE 16 ASIA-PACIFIC DIGITAL MULTIMETER MARKET, BY END-USER (%)

FIGURE 17 ASIA-PACIFIC DIGITAL MULTIMETER MARKET, BY REGION (%)

FIGURE 18 ROW DIGITAL MULTIMETER MARKET, BY TYPES (%)

FIGURE 19 ROW DIGITAL MULTIMETER MARKET, BY DIGITAL TYPE (%)

FIGURE 20 ROW DIGITAL MULTIMETER MARKET, BY END-USER (%)

FIGURE 21 ROW DIGITAL MULTIMETER MARKET, BY REGION (%)