Digital Multimeter Market By Type (Handheld, Benchtop, Mounted), By Ranging Type (Auto-ranging, Manual), By Application (Automotive, Energy, Consumer Electronics & Appliances, Medical Equipment Manufacturing, Others) - Growth, Future Prospects, and Competitive Analysis, 2019 - 2027

Rising electric vehicle penetration worldwide will boost the market growth.

The global digital multimeter market is rapidly expanding and is expected to grow at a CAGR of 4.5% from 2019 to 2027, starting at US$ 910.8 million in 2018.The rising electric vehicle penetration and the surge in demand for digital multimeters across the globe are the major factors projected to drive the global market growth over the forecast period. The increased penetration of electronic devices worldwide, coupled with the low cost and versatility of digital multimeters, is another major factor projected to enhance market growth over the forecast period. The surge in application-specific product development by manufacturers and the addition of new features is another major factor for market growth during the forecast period. The growing adoption of Industry 4.0 and AI (artificial intelligence) are some other factors for market growth over the projected period. However, the need for periodic recalibration and competition from local manufacturers are some of the market restraints projected to hinder the digital multimeter market's growth over the forecast period.

Market Synopsis

Application Analysis

Growing electronic vehicle demand will spur the automotive segment's growth.

Based on application, the segment is bifurcated into automotive, energy, consumer electronicsand appliances, medical equipment manufacturing, and others. The automotive segment is projected to grow at a rapid pace during the forecast period. The growing demand for electronic vehicles and autonomous vehicles from Europe, North America, and Asia Pacific is projected to drive segment growth during the forecast period. The growing penetration of electronic devices in non-electric vehicles is another major factor for segment growth in the years to come. Therefore, the segment is projected to grow with the fastest CAGR over the forecast period.

Regional Analysis

Rising digital multimeter penetration to drive Asia-Pacific growth.

Asia Pacific dominated the global digital multimeter market in 2018 and accounted for more than 1/3 of the market share in the same year. The rising penetration of digital multimeters, coupled with the availability of raw materials and low-cost labor, are the major factors for regional growth. The presence of major market players such as Yokogawa Electric Corporation, Sanwa Electric Instrument Co. Ltd., and others is another major factor for regional growth over the forecast period. Rising demand for electronic vehicles in the region, as well as increased investments in the defense sector, are two other major factors driving regional growth in the coming years. Hence, Asia Pacific is projected to dominate the global market during the forecast period.

Key Industry Developments:

In May 2019, Good Will Instrument Co., Ltd. and its subsidiary Texio, Japan, announced a new "LLP (Limited Liability Partnership) in India." With the introduction of the Indian subsidiary, Good Will Instrument Co., Ltd. is projected to enhance its geographic presence in the electronic testing and instrumentation market in the Asia Pacific region.

List of Companies Covered:

• Yokogawa Electric Corporation
• Keysight Technologies
• National Instruments Corporation
• Gossen Metrawatt
• Keithley Instruments (Tektronix, Inc.)
• Fluke Corporation
• FLIR Systems, Inc.
• B&K Precision
• Chavin Arnoux Group
• Sanwa Electric Instrument Co., Ltd.
• Kyoritsu Electrical Instruments Works Ltd.
• Rohde & Schwarz GmbH & Co KG
• LeCroy Corporation
• Good Will Instrument Co., Ltd. 

Historical & Forecast Period

This study report includes an analysis of each segment from 2017 to 2027, with 2018 as the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2019 to 2027.

Market Segmentation

The current report also includes qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to provide a complete picture of the global digital multimeter market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.

Key questions are answered in this report.

• What are the current market trends and dynamics in the digital multimeter market, and what are the valuable opportunities for emerging players?
• Which segment accounts for the fastest CAGR during the forecast period?
• What are the drivers of the digital multimeter market?
• There are notable developments going on in the digital multimeter market.
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and the Middle East and Africa?
• Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

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