Key Market Insights
“Rising electric vehicles penetration worldwide will boost market growth”
The global digital multimeter market is rising significantly, anticipated to expand at a CAGR of 4.5% during the estimated period from 2019 to 2027, starting from US$ 910.8 Mn in 2018.
The rising electric vehicle penetration along with 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 low cost & versatility of digital multimeter is another major factor projected to enhance the 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 along with competition from local manufactures are some of the market restraints projected to hinder the digital multimeter market growth over the forecast period.
Market Synopsis
Application Analysis
“Growing electronic vehicles demand to spur the automotive segment growth”
Based on application, the segment is bifurcated into automotive, energy, consumer electronics & 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 the segment growth during the forecast period. The growing penetration of electronic devices in non-electric vehicles is another major factor for the segment growth in the years to come. Therefore, the segment is projected to grow with the fastest CAGR over the forecast period.
Regional Analysis
“The rising penetration of digital multimeter to spur the Asia Pacific growth”
Asia Pacific dominated the global digital multimeter market in 2018 and accounted for more than 1/3rd of the market share in the same year. The rising penetration of digital multimeter coupled with the availability of raw material 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. The rising demand for electronic vehicles in the region along with increased investments in the defense sector are some other major factors for the regional growth in years to come. 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 test & instruments 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
- CHAUVIN 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 represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Market Segmentation
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Million |
| Segmentation |
Type (2017–2027; US$ Mn)
• Handheld
• Benchtop
• Mounted
|
|
Ranging Type (2017–2027; US$ Mn)
• Auto-ranging
• Manual
|
|
Application (2017–2027; US$ Mn)
• Automotive
• Energy
• Consumer Electronics & Appliances
• Medical Equipment Manufacturing
• Others
|
|
Geography Segment (2017–2027; US$ Mn)
• North America (U.S. and Rest of North America)
• Europe (U.K., Germany, France, Spain, Italy, and Rest of Europe)
• Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
• Rest of World (Middle East & Africa (MEA), Latin America)
|
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the overall digital multimeter market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Key questions answered in this report
- What are the current market trends and dynamics in the digital multimeter market and 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?
- Notable developments going on in the digital multimeter market.
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
