Digital Multimeter Market - By Product Type (Handheld, Desktop, Mounted), By Ranging Type (Auto-Ranging, Manual) By Application (Automotive, Energy & Utility, Consumer Electronics, Medical) Forecast, 2023 – 2032

Digital Multimeter Market Size

Digital Multimeter Market size was valued at USD 1 Billion in 2022 and is anticipated to grow at a CAGR of over 4.5% between 2023 and 2032. The features and specifications of digital multimeter such as versatility and accuracy, ease of use, portability, dual resolution, and lifetime warranty are expected to increase the product demand. The adoption of electronic devices has grown steadily over the years across many industries. Thus, the increase in the use of digital multimeter by electrical professionals to measure voltage, current and resistance of electrical equipment are augmenting the growth of the market.
 

Digital multimeter is a standard diagnostic tool used to measure electrical parameters such as voltage, current, and resistance of equipment. It has a button display, dial or switch, and many input jacks which can be plugged into the test lead. Additionally, digital multimeter offers greater accuracy, reliability, and impedance than traditional needle-style analog gauges. Therefore, they are widely used to solve various electrical problems in industrial and household appliances, such as motor control, power tools and power line.
 

The sudden technological fluctuations in digital multimeter can hinder the growth of the market during the forecast period. Numeric values ??sometimes change quickly until the text is fixed, making it difficult to read. In some implementations the value takes longer to stabilize and makes the device slow. These meters are also sensitive to external noise; hence, these factors are restraining the growth of the market.
 

Covid-19 Impacts

COVID-19 pandemic had a notable impact on the digital multimeter market. The pandemic also caused disruptions in the global supply chain, which has affected the delivery & production of digital multimeter. Another impacting factor was imbalances, caused due to lack of raw materials and production cuts that damage raw materials and equipment.  However, growth in end user sectors such as automotive, energy and other sectors is expected to drive the market expansion.
 

Digital Multimeter Market Trends

The increased use of digital multimeters by electronic engineering professional around the world has propelled the demand for the equipment. In addition, technological advances in the manufacturing process have allowed companies to adopt them with other measuring devices such as electronic measuring devices and multi-meter infrared thermometers. Digital multi-meters have features such as polarization index, dielectric absorption, and earth resistance. These features lead to increased demand for these products by providing better functionality and user experience. Moreover, these devices are increasingly becoming the better choice for ohmmeters or voltmeters due to their high efficiency and versatility, portability, and dual resolution. Other factors, such as the advancement of digitization is also augmenting the overall growth of the market.
 

Digital Multimeter Market Analysis

Based on product type, the digital multimeter market is segmented in handheld, desktop and mounted. Handheld segment holds the significant share during the forecast period. The handheld digital multi-meter is designed for rapid inspection, repair of mechanical and electrical controls and installations in facilities. This product provides a switch counter for diagnostics of relay and switch systems. It also detects harmonics in AC power that cause generator, transformer, and motor to overheat.
 

The increasing demand for automotive electronics is boosting the demand of handheld digital multi-meters. The use of digital multimeter by electrical experts to measure current, voltage and resistance of electrical equipment will also support the growth of the industry. In addition, the increasing use of predictive maintenance in various industries to reduce machine and asset downtime is driving the growth of the global handheld digital multimeter segment. These are also used to prevent losses due to measurement error.
 

Based on ranging type, the market is segmented as auto ranging and manual. The auto ranging segment of the digital multimeter market expanded at over 5% CAGR in 2022. Auto ranging multimeter are auto tuning multimeter, which can automatically change their settings internally to try to find the right voltage, resistance, or current. They are set to the voltage or ohms needed to test the device or circuit. The widespread use of these meters in radio and electronic testing, automotive electronics, home appliances, portables and similar devices are boosting the demand of the product. They are also used to measure DC and AC voltage, DC, and AC current, resistance, diode continuity.
 

Based on application the market is segmented into automotive, energy & utility, consumer electronics, medical, others. The automotive segment of the digital multimeter market is expected to grow significantly during the forecast period. The growth is due to the rapid adoption of electric and electric vehicles in both developed and developing countries. In addition, the increasing demand for passenger cars and commercial vehicles is another factor driving the segment. Also, digital multimeter used in automotive industry has seen rapid advances in technology as manufacturers focus on developing new products that can meet the needs of different customers.
 

Asia pacific digital multimeter market holds the highest industry share of over 40% in 2022. Asia Pacific is expected to dominate the global automotive industry during the forecast period. Taiwan, Hong Kong, and China have strong power generation capabilities, and China is also one of the world's leading automotive and electronics sectors, with positive results for the growth of regional market.
 

Digital Multimeter Market Share

The major companies operating in the digital multimeter market include :

• B&K Precision
• FLIR Systems, Inc
• Fluke Corporation
• Giga-tronics
• Gossen Metrawatt GmbH
• HIOKI E.E. CORPORATION
• Keysight Technologies
• Kyoristu Electrical Instruments Works
• National Instruments Corporation
• Rigol Technologies
• Rohde & Schwarz GmbH & Co KG
• TEKTRONIX, INC.
• Sanwa Electric Instrument Co., Ltd
• TEKTRONIX, INC
• Teledyne LeCroy
• Yokogawa Electric Corporation
   

Digital Multimeter Industry News:

• In January 2023, Fluke launches 3 new products 5560A, 5550A and 5540A.in its line of Digital Multimeter. The 5540A Multi-Product Calibrator is another addition to Fluke Calibration's advanced product line. It extends the 5502A's capabilities with a higher level of performance. The 5540A calibrates handheld 4.5-digit resolution DMMs, boosts TUR and clamp meters to 1500 A and provides continuous output current.
   
• In August 2021, Hioki announced the launch of Middle Model Digital Multimeter DT4261 which supports Bluetooth wireless communication. It will boost work efficiency in the field by entering measured data directly into Excel templates. The product is used for Electrical equipment maintenance, verification and troubleshooting in electrical work.
   

Digital multimeter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments:

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By Product Type

• Handheld
• Desktop
• Mounted

By Ranging Type

• Auto-ranging
• Manual

By Application

• Automotive
• Energy & utility
• Consumer electronics
• Medical
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
• Latin America
  • Brazil
  • Mexico
• MEA
  • GCC
  • South Africa