Digital Multimeter Market Analysis

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.