Global Digital Multimeter Market Size Likely to Grow at a CAGR of 5.5% By 2034

Global Digital Multimeter Market size is projected to grow substantially from 2025 to 2034, driven by the rising demand for accurate and reliable measurement tools across various industries.

The market is expected to grow at a Compound Annual Growth Rate (CAGR) of approximately 5.5% during the forecast period, with the market size estimated at USD 1.4 Billion in 2025 and anticipated to reach USD 2.2 Billion by 2034.

Digital Multimeter Market: Growth Factors and Dynamics

• The global digital multimeter market is influenced by various significant factors, such as the fact that they are more precise than analog testers, have a growing presence in various end-user industries, are versatile, and are subject to competition from small manufacturers that offer inexpensive versions of the product. The demand for digital multimeters is significantly influenced by the growing demand from various industries for integrating technology. Nevertheless, the market’s expansion is anticipated to be impeded by the sale of digital multimeters that are both inexpensive and of inferior quality, which local manufacturers produce. Concurrently, the market participants will have the opportunity to capitalize on the growing number of applications that have emerged due to the adoption of Industry 4.0 and the Internet of Things (IoT) during the forecast period.

• The handheld digital multimeter is preferred over its counterparts because of its portability, simplicity of use, and low cost. The heightened demand for multimeters in the automotive and energy sectors will supplement the portable digital multimeter market share. Industry growth will also be facilitated by the extensive use of electrical professionals’ products to measure electronic devices’ current, voltage, and resistance. Additionally, the handheld digital multimeter market trends will be further reinforced by the growth of the electric and electronic industry and the automation of manufacturing industries.

• In 2023, Asia-Pacific held the largest market share and is anticipated to experience the highest growth rate during the forecast period. The Asia-Pacific region is home to numerous significant companies in the market. This presents a substantial opportunity for them to broaden their geographic reach and product line-up in the market. Additionally, this region is home to several of the world’s largest semiconductor and electronics companies, including LG Electronics and Taiwan Semiconductor Manufacturing Company, which are significant consumers of digital multimeters. The high sales of digital multimeters in Asia-Pacific result from combining these and other factors.

Digital Multimeter Market: Significant Developments/Strategies

• Tektronix Inc., Fluke Corporation, Keysight Technologies, and FLIR Systems Inc. are among the leading companies that operate in the digital multimeter market. In order to expand their presence in the digital multimeter market, the leading market participants have implemented various strategies, including product launches and contracts.
• Fluke introduced the Fluke IRR1-SOL in July 2021. It has been designed from the ground up to facilitate the installation, commissioning, and troubleshooting of photovoltaic arrays by measuring irradiance, temperature, inclination, and direction of the solar array with a single handheld tool.

• Teledyne Technologies, Inc. acquired FLIR Systems in May 2021 in a cash-and-stock transaction valued at approximately $8.2 billion. Teledyne not only increased the volume of its imaging sensor and meter portfolio through the acquisition of FLIR Systems, but the transaction also facilitated the company’s production efficiency.

• Gossen Metrawatt developed DAkkS-calibrated multimeter generation in September 2020, including a device suited for the automotive industry. The new METRAHIT IM E DRIVE is a comprehensive solution that integrates all pertinent test and measurement functions for the maintenance, service, and diagnostics of electric machines, drives, and systems.

• HIOKI introduced the DC Hipot tester ST5680 in December 2022 to conduct battery module safety inspections. In producing LIBs (lithium-ion batteries), the DC Hipot test is one of the electrical safety evaluations. The necessary test conditions are contingent upon the battery standards. The ST5680 DC Hipot tester features specifications that are compatible with a diverse array of international standards.

Report Scope

Digital Multimeter Market: Consequences of Covid-19

The digital multimeter market was significantly affected by the COVID-19 pandemic. The global supply chain was also disrupted by the pandemic, which has impacted the delivery and production of digital multimeters.

Another factor that impacted was imbalances, which resulted from production cuts and a scarcity of raw materials, damaging equipment and raw materials.  Nevertheless, the market is anticipated to expand due to the growth of end user sectors, including automotive and energy.

List of the prominent players in the Digital Multimeter Market:

• Fluke Corporation
• Keysight Technologies
• Rohde & Schwarz GmbH & Co. KG
• Tektronix Inc.
• Hioki E.E. Corporation
• Yokogawa Electric Corporation
• Gossen Metrawatt GmbH
• Agilent Technologies
• Kyoritsu Electrical Instruments Works Ltd.
• FLIR Systems Inc.
• Amprobe Instruments
• B&K Precision Corporation
• Ideal Industries Inc.
• Extech Instruments
• Chauvin Arnoux Group
• Klein Tools Inc.
• Mastech Digital Inc.
• Triplett Test Equipment & Tools
• Sanwa Electric Instrument Co. Ltd.
• UNI-T Technology Limited
• Others

The Digital Multimeter Market is segmented as follows:

By Product Type

• Handheld
• Desktop
• Mounted

By Ranging Type

• Auto-ranging
• Manual

By Application

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

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America