The global digital multimeter market is expected to grow at a significant rate in the forecast period. The rise in disposable income among middle-class families is increasing the expenditure capacity of consumers to afford electronic products. The rise in the penetration of internet services and the development of telecommunication infrastructure is influencing the sales of smart devices. Digital multimeters are used for test and measurement applications due to the high usage of electronic devices across residential, commercial, and industrial purposes. Digital multimeter reduces the chances of error while reading as it displays the exact value in the digital screen which ensures maintaining the accuracy during the measurement. Digital multimeters are equipped with an auto polarity function which aids in establishing the right connection by selecting the right polarity. The use of a digital multimeter helps the user to avoid making parallax errors which is the major reason fueling the market growth in the next five years. Digital multimeters are in high demand to test the functioning of vehicle batteries and diagnose issues of the engines and sound systems and the high sales of automobiles are influencing the demand of the digital multimeter market in the next five years.
The global digital multimeter market is segmented into type, functionality, application, regional distribution, and company. On the basis of regional analysis, the Asia-pacific region is expected to dominate the digital multimeter market in the forecast period, 2022-2026. Availability of cheap labor and raw materials is contributing to the growth of the sales of digital multimeters in the Asia-pacific region. The presence of major electronic device manufacturing companies in the region to cater to the needs of the growing population is accelerating the growth of the digital multimeter market in the next five years.
The major players operating in the global digital multimeter market are Rohde & Schwarz, Agilent Technologies, The Danaher Corporation, Fluke Corporation, Hioki E.E. Corporation, Mastech Group Limited, Innova Electronic Corporation, Kaito Electronics Inc., Etekcity Corporation, Klein Tools, among others. Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
Years considered for this report
Historical Years2016-2019
Base Year2020
Estimated Year2021
Forecast Period2022–2026
Objective of the Study
- To analyze the historical growth of the market size of global digital multimeter market from 2016 to 2019.
- To estimate and forecast the market size of global digital multimeter market from 2020 to 2026 and growth rate until 2026.
- To classify and forecast global digital multimeter market based on type, functionality, application, regional distribution, and company.
- To identify dominant region or segment in the global digital multimeter.
- To identify drivers and challenges for global digital multimeter market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global digital multimeter market.
- To identify and analyze the profile of leading players operating in global digital multimeter market.
- To identify key sustainable strategies adopted by market players in global digital multimeter market.
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Market Insights Research performed both primary as well as exhaustive secondary research for this study. Initially, Market Insights Research sourced a list of manufacturers across the globe. Subsequently, Market Insights Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market Insights Research could include the manufacturers who could not be identified due to the limitations of secondary research. Market Insights Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.
Market Insights Research calculated the market size of
Key Target Audience
- Digital Multimeter manufacturing companies
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances related to digital multimeter market
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
