As per the research by Market Research Future Reports (MRFR), the global digital multimeter market is estimated to value USD 1 billion by 2023, thriving at a CAGR of 3% from 2017 to 2023. The growing adoption of electronic equipment is the most important factor amplifying the global digital multimeter market 2020. Owing to the attributes of cheap cost and accuracy, the multi-functionality digital multimeter market is likely to propel.
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Besides, other attributes such as auto polarity are beneficial over analog-type, which is estimated to be advantageous for the market. Moreover, the feasibility of using a handheld digital multimeter can help in the expansion of the market. In addition, the digital multimeter can be deployed into devices that measure buzzer, frequency, temperature, capacitance, and others. It benefits the expansion of the digital multimeter market. However, there are some drawbacks that can hamper the growth of the market. The incapacity of a digital multimeter to record and read measurement fluctuation can lead to error in calculation. The demand for accuracy by organizations can result in impediment of the market. Moreover, the outbreak of COVID-19, the market has been analyzed again with new establishments. We will provide COVID-19 impact analysis with the report. But the growing focus of developers on designing products is efficient and is likely to result in an upward trajectory.
The global digital multimeter market can be segregated on the basis of digital types, types, end-users, and region.
On the basis of digital types, the global digital multimeter market can be classified into fluke digital, clamp digital, auto-ranging, and a few others.
On the basis of types, the global digital multimeter market can be classified into bench-top, handheld, mounted, and others
On the basis of end-users, the global digital multimeter market can be classified into manufacturing, automotive, energy industry, commercial, residential, and a few others.
On the basis of region, the global digital multimeter market can be classified into North America, Europe, Asia Pacific and Rest of the World (RoW).
The regional analysis of North America, Europe, Asia Pacific and the Rest of the World (RoW) has been conducted. As per the analysis by MRFR, North America is dominating the market in terms of market share. In North America, the demand is increasing in various sectors such as residential, commercial, industrial, and others. Several companies established in the region are manufacturing digital multimeter which can perform better at a cheaper cost. With the changing market trends and upcoming opportunities, the digital multimeter market is estimated to augment in the forthcoming period. It has an immense demand and is used in the electronics industry for electronic measurement. Moreover, the increasing demand for better visual indication of changes in reading can further augment the market. On the other hand, Europe is estimated to generate a significant amount of revenue due to the presence of key players in the market. Whereas, the APAC region is estimated to expand at the highest CAGR during the forecast period. India, Japan, and China play a significant role in expanding the market. There has been a rise in the adoption of digital multimeter by the expanding automobile sector, which propels the growth of the market.
The forefront players of the global digital multimeter market are Etekcity Corporation (U.S.) Innova Electronics Corporation (U.S.), Fluke Corporation (U.S.), Klein Tools (U.S.), Mastech Digital (U.S.), Amprobe (U.S), Extech Instrument (U.S.), Rohde & Schwarz GmbH & Co KG (Germany), UNI-T (China), Kaito Electronics, Inc. (U.S), and a few others.
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