Digital Multimeter Market Size, Trends and Insights By Product Type (Handheld, Desktop, Mounted), By Ranging Type (Auto-ranging, Manual), By Application (Automotive, Energy & Utility, Consumer electronics, Medical, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Fluke Corporation
- Keysight Technologies
- Rohde & Schwarz GmbH & Co. KG
- Tektronix Inc.
- Hioki E.E. Corporation
- Others
Reports Description
The Global Digital Multimeter Market is projected to witness substantial growth from 2024 to 2033, 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 2024 and anticipated to reach USD 2.2 Billion by 2033.
The growing emphasis on precision in electrical and electronic measurements is a key factor propelling the digital multimeter market. These devices are crucial for tasks ranging from troubleshooting electrical issues to maintaining industrial equipment.
The market is being further bolstered by technological advancements that enhance the functionality and ease of use of digital multimeters. Additionally, the increasing adoption of automation and digitalization across industries is creating new opportunities for advanced multimeters equipped with features like data logging, wireless connectivity, and integration with digital platforms.
The demand for digital multimeters is anticipated to rise due to their versatile features and specifications, including high accuracy, ease of use, portability, dual resolution, and lifetime warranties. The steady increase in the adoption of electronic devices across various industries has driven the need for reliable measurement tools.
As a result, the growing use of digital multimeters by electrical professionals to measure voltage, current, and resistance in electrical equipment is further boosting market growth. A digital multimeter is an essential diagnostic tool for measuring electrical parameters, including voltage, current, and resistance in equipment.
It features a digital display, a dial or switch, and multiple input jacks for test leads. Compared to traditional needle-style analog gauges, digital multimeters provide superior accuracy, reliability, and impedance. As a result, they are extensively utilized for troubleshooting electrical issues in both industrial and household appliances, such as motor control systems, power tools, and power lines.
The growing adoption of digital multimeters by electronic engineering professionals worldwide has significantly boosted demand for these devices. Advances in manufacturing technology have enabled the integration of digital multimeters with other measurement tools, such as electronic measuring instruments and infrared thermometers.
Features like polarization index, dielectric absorption, and earth resistance enhance their functionality and user experience, driving increased demand. Additionally, digital multimeters are increasingly preferred over traditional ohmmeters and voltmeters due to their efficiency, versatility, portability, and dual resolution. The ongoing advancement in digitization further supports the overall growth of the market.
Digital Multimeter Market: Overview
A Digital Multimeter (DMM) is an essential testing instrument used to measure electrical values such as voltage, current, and resistance. These devices are widely used by professionals in electrical and electronics engineering, as well as by technicians in maintenance and repair services.
Digital multimeters offer higher accuracy, digital displays, and advanced features compared to analog multimeters, making them indispensable in modern electrical testing and diagnostics. Examples of digital multimeters include the Fluke 87V, Keysight U1253B, and Hioki DT4282, which are renowned for their precision, durability, and user-friendly interfaces.
Digital Multimeter Market: Growth Factors
- Increasing Complexity of Electronic Devices: As electronic devices become more complex, the demand for precise and multifunctional testing equipment like digital multimeters is rising.
- Technological Advancements: Innovations such as wireless connectivity, data logging, and enhanced user interfaces are making digital multimeters more versatile and user-friendly, driving their adoption across various sectors.
- Automation and Industry 4.0: The rise of automation and smart manufacturing (Industry 4.0) is leading to increased demand for digital multimeters capable of integrating with automated systems for real-time monitoring and diagnostics.
- Emphasis on Safety and Compliance: Growing regulatory standards and the need for ensuring safety in electrical and electronic installations are boosting the demand for accurate and reliable testing instruments like digital multimeters.
Digital Multimeter Market: Trends
The Digital Multimeter market is influenced by several key trends that are driving the evolution of these instruments:
- Integration with Smart Technologies: The integration of digital multimeters with smart technologies, including IoT and AI, enables real-time data analysis, remote monitoring, and predictive maintenance, enhancing their functionality in industrial applications.
- Portability and Durability: There is a growing preference for handheld digital multimeters that are portable and rugged, capable of withstanding harsh working environments while providing reliable measurements.
- Expansion of Features: Manufacturers are focusing on expanding the features of digital multimeters, such as temperature measurement, frequency measurement, and even basic oscilloscope functions, making them more versatile.
- Energy Efficiency and Sustainability: The development of energy-efficient digital multimeters with low power consumption and longer battery life is gaining traction, aligning with the broader trend of sustainability in industrial tools.
- Customization for Specific Applications: The market is seeing a trend towards the customization of digital multimeters for specific applications, such as automotive diagnostics, HVAC, and renewable energy systems, to better meet the needs of specialized industries.
Digital Multimeter Market: Market Dynamics
The Digital Multimeter market is characterized by steady innovation aimed at improving measurement accuracy, durability, and user experience. The rising demand for precision in electrical and electronic testing, combined with the growing adoption of smart technologies, is driving market growth. Additionally, advancements in portable and handheld devices are making digital multimeters more accessible and widely used across different sectors.
Digital Multimeter Market: Challenges
- High Cost of Advanced Models: The cost of advanced digital multimeters with sophisticated features may limit their adoption, particularly among small businesses and individual users.
- Technical Complexity: The increasing complexity of digital multimeters, with multiple functions and advanced features, can present a learning curve for users, potentially hindering their widespread use.
- Competition from Alternative Testing Instruments: The availability of alternative testing instruments, such as clamp meters and specialized testers, may pose competition to digital multimeters in certain applications.
- Calibration and Accuracy Maintenance: Ensuring consistent calibration and maintaining the accuracy of digital multimeters over time can be challenging, especially in demanding industrial environments.
Digital Multimeter Market: Recent Developments
- In March 2024: Fluke Corporation introduced a new series of digital multimeters featuring enhanced wireless connectivity and integration with Fluke Connect, allowing users to monitor and log data remotely.
- In April 2024: Keysight Technologies launched a digital multimeter with AI-based predictive maintenance capabilities, designed for industrial environments where continuous monitoring of electrical systems is critical.
Digital Multimeter Market: Recent News
- Digital Multimeter in 2024: Hioki E.E. Corporation unveiled a new handheld digital multimeter with advanced safety features and a high-precision measurement engine, targeting applications in renewable energy and smart grids.
- Digital Multimeter in 2024: Rohde & Schwarz announced a collaboration with leading industrial companies to develop a digital multimeter with integrated IoT capabilities, aimed at enhancing efficiency in automated testing environments.
Digital Multimeter Market: Segmentation Analysis
By Product Type
The digital multimeter market is segmented by product type into handheld, desktop, and mounted categories. Among these, the handheld segment is expected to hold a significant share throughout the forecast period. Handheld digital multimeters are specifically designed for quick inspections and repairs of mechanical and electrical systems in various facilities.
They offer features such as a switch counter for diagnosing relay and switch systems and the ability to detect harmonics in AC power, which helps prevent overheating in generators, transformers, and motors. The growing demand for automotive electronics is driving the need for handheld digital multimeters.
Electrical professionals use these devices to measure current, voltage, and resistance in electrical equipment, further supporting market growth. Additionally, the increasing adoption of predictive maintenance across industries to minimize machine and asset downtime is fueling the expansion of the handheld digital multimeter segment. These devices are also valuable for reducing losses associated with measurement errors.
By Ranging Type
The digital multimeter market is divided into auto-ranging and manual ranging types. In 2022, the auto-ranging segment experienced a growth rate of over 5% CAGR. Auto-ranging multimeters, or auto-tuning meters, automatically adjust their internal settings to accurately measure voltage, resistance, or current.
These meters are pre-set to the appropriate voltage or ohms required for testing devices or circuits. The increasing adoption of auto-ranging multimeters across various applications, including radio and electronic testing, automotive electronics, home appliances, and portable devices, is driving market demand.
These meters are also used to measure DC and AC voltage, DC and AC, resistance, and diode continuity, contributing to their growing popularity.
By Application
The digital multimeter market is segmented by application into automotive, energy & utility, consumer electronics, medical, and others. The automotive segment is projected to experience substantial growth during the forecast period. This growth is primarily driven by the increasing adoption of electric and hybrid vehicles across both developed and emerging markets.
Additionally, the rising demand for passenger and commercial vehicles is contributing to the segment’s expansion. Technological advancements in digital multimeters for the automotive industry are also fueling growth, as manufacturers strive to develop new products that address the diverse needs of their customers. This ongoing innovation is helping digital multimeters keep pace with the evolving requirements of the automotive sector.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 1.4 Billion |
| Projected Market Size in 2033 | USD 2.2 Billion |
| Market Size in 2023 | USD 1.3 Billion |
| CAGR Growth Rate | 5.5% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Product Type, Ranging Type, Application and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Digital Multimeter Market: Regional Analysis
- North America: North AmericaIn 2023, North America held a 38% revenue share of the global digital multimeter market. The region’s advanced industrial base, combined with strong demand for precision testing instruments, supports its leadership position in the market. The presence of major players and continuous investment in research and development contribute to the region’s dominance. Additionally, the growing adoption of renewable energy technologies and the need for precise electrical measurements in these applications are driving demand for digital multimeters in North America.
- Asia Pacific: Asia PacificThe Asia Pacific region is expected to remain the largest market for digital multimeters in the coming years. This is due to the booming commercial and residential construction sectors, along with increasing investments in infrastructure development across the region. In Europe, the market is also set to experience significant growth, driven by the presence of numerous automobile manufacturers in countries like France and Germany.
- Europe: Europe’s digital multimeter market is poised for steady growth, supported by stringent regulatory standards for electrical safety and the increasing adoption of smart grid technologies. The region’s strong focus on sustainability and energy efficiency is driving demand for advanced digital multimeters, particularly in renewable energy and industrial applications.
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
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Digital Multimeter Market, (2024 – 2033) (USD Billion)
- 2.2 Global Digital Multimeter Market: snapshot
- Chapter 3. Global Digital Multimeter Market – Industry Analysis
- 3.1 Digital Multimeter Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Increasing Complexity of Electronic Devices
- 3.2.2 Technological Advancements
- 3.2.3 Automation and Industry 4.0
- 3.2.4 Emphasis on Safety and Compliance.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Product Type
- 3.7.2 Market Attractiveness Analysis By Ranging Type
- 3.7.3 Market Attractiveness Analysis By Application
- Chapter 4. Global Digital Multimeter Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Digital Multimeter Market: Company Market Share, 2023
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaboration, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Digital Multimeter Market – Product Type Analysis
- 5.1 Global Digital Multimeter Market Overview: By Product Type
- 5.1.1 Global Digital Multimeter Market Share, By Product Type, 2023 and 2033
- 5.2 Handheld
- 5.2.1 Global Digital Multimeter Market by Handheld, 2024 – 2033 (USD Billion)
- 5.3 Desktop
- 5.3.1 Global Digital Multimeter Market by Desktop, 2024 – 2033 (USD Billion)
- 5.4 Mounted
- 5.4.1 Global Digital Multimeter Market by Mounted, 2024 – 2033 (USD Billion)
- 5.1 Global Digital Multimeter Market Overview: By Product Type
- Chapter 6. Global Digital Multimeter Market – Ranging Type Analysis
- 6.1 Global Digital Multimeter Market Overview: By Ranging Type
- 6.1.1 Global Digital Multimeter Market Share, By Ranging Type, 2023 and 2033
- 6.2 Auto-ranging
- 6.2.1 Global Digital Multimeter Market by Auto-ranging, 2024 – 2033 (USD Billion)
- 6.3 Manual
- 6.3.1 Global Digital Multimeter Market by Manual, 2024 – 2033 (USD Billion)
- 6.1 Global Digital Multimeter Market Overview: By Ranging Type
- Chapter 7. Global Digital Multimeter Market – Application Analysis
- 7.1 Global Digital Multimeter Market Overview: By Application
- 7.1.1 Global Digital Multimeter Market Share, By Application, 2023 and 2033
- 7.2 Automotive
- 7.2.1 Global Digital Multimeter Market by Automotive, 2024 – 2033 (USD Billion)
- 7.3 Energy & Utility
- 7.3.1 Global Digital Multimeter Market by Energy & utility, 2024 – 2033 (USD Billion)
- 7.4 Consumer electronics
- 7.4.1 Global Digital Multimeter Market by Consumer Electronics, 2024 – 2033 (USD Billion)
- 7.5 Medical
- 7.5.1 Global Digital Multimeter Market by Medical, 2024 – 2033 (USD Billion)
- 7.6 Others
- 7.6.1 Global Digital Multimeter Market by Others, 2024 – 2033 (USD Billion)
- 7.1 Global Digital Multimeter Market Overview: By Application
- Chapter 8. Digital Multimeter Market – Regional Analysis
- 8.1 Global Digital Multimeter Market Regional Overview
- 8.2 Global Digital Multimeter Market Share, by Region, 2023 & 2033 (USD Billion)
- 8.3. North America
- 8.3.1 North America Digital Multimeter Market, 2024 – 2033 (USD Billion)
- 8.3.1.1 North America Digital Multimeter Market, by Country, 2024 – 2033 (USD Billion)
- 8.3.1 North America Digital Multimeter Market, 2024 – 2033 (USD Billion)
- 8.4 North America Digital Multimeter Market, by Product Type, 2024 – 2033
- 8.4.1 North America Digital Multimeter Market, by Product Type, 2024 – 2033 (USD Billion)
- 8.5 North America Digital Multimeter Market, by Ranging Type, 2024 – 2033
- 8.5.1 North America Digital Multimeter Market, by Ranging Type, 2024 – 2033 (USD Billion)
- 8.6 North America Digital Multimeter Market, by Application, 2024 – 2033
- 8.6.1 North America Digital Multimeter Market, by Application, 2024 – 2033 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Digital Multimeter Market, 2024 – 2033 (USD Billion)
- 8.7.1.1 Europe Digital Multimeter Market, by Country, 2024 – 2033 (USD Billion)
- 8.7.1 Europe Digital Multimeter Market, 2024 – 2033 (USD Billion)
- 8.8 Europe Digital Multimeter Market, by Product Type, 2024 – 2033
- 8.8.1 Europe Digital Multimeter Market, by Product Type, 2024 – 2033 (USD Billion)
- 8.9 Europe Digital Multimeter Market, by Ranging Type, 2024 – 2033
- 8.9.1 Europe Digital Multimeter Market, by Ranging Type, 2024 – 2033 (USD Billion)
- 8.10 Europe Digital Multimeter Market, by Application, 2024 – 2033
- 8.10.1 Europe Digital Multimeter Market, by Application, 2024 – 2033 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Digital Multimeter Market, 2024 – 2033 (USD Billion)
- 8.11.1.1 Asia Pacific Digital Multimeter Market, by Country, 2024 – 2033 (USD Billion)
- 8.11.1 Asia Pacific Digital Multimeter Market, 2024 – 2033 (USD Billion)
- 8.12 Asia Pacific Digital Multimeter Market, by Product Type, 2024 – 2033
- 8.12.1 Asia Pacific Digital Multimeter Market, by Product Type, 2024 – 2033 (USD Billion)
- 8.13 Asia Pacific Digital Multimeter Market, by Ranging Type, 2024 – 2033
- 8.13.1 Asia Pacific Digital Multimeter Market, by Ranging Type, 2024 – 2033 (USD Billion)
- 8.14 Asia Pacific Digital Multimeter Market, by Application, 2024 – 2033
- 8.14.1 Asia Pacific Digital Multimeter Market, by Application, 2024 – 2033 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Digital Multimeter Market, 2024 – 2033 (USD Billion)
- 8.15.1.1 Latin America Digital Multimeter Market, by Country, 2024 – 2033 (USD Billion)
- 8.15.1 Latin America Digital Multimeter Market, 2024 – 2033 (USD Billion)
- 8.16 Latin America Digital Multimeter Market, by Product Type, 2024 – 2033
- 8.16.1 Latin America Digital Multimeter Market, by Product Type, 2024 – 2033 (USD Billion)
- 8.17 Latin America Digital Multimeter Market, by Ranging Type, 2024 – 2033
- 8.17.1 Latin America Digital Multimeter Market, by Ranging Type, 2024 – 2033 (USD Billion)
- 8.18 Latin America Digital Multimeter Market, by Application, 2024 – 2033
- 8.18.1 Latin America Digital Multimeter Market, by Application, 2024 – 2033 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Digital Multimeter Market, 2024 – 2033 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Digital Multimeter Market, by Country, 2024 – 2033 (USD Billion)
- 8.19.1 The Middle-East and Africa Digital Multimeter Market, 2024 – 2033 (USD Billion)
- 8.20 The Middle-East and Africa Digital Multimeter Market, by Product Type, 2024 – 2033
- 8.20.1 The Middle-East and Africa Digital Multimeter Market, by Product Type, 2024 – 2033 (USD Billion)
- 8.21 The Middle-East and Africa Digital Multimeter Market, by Ranging Type, 2024 – 2033
- 8.21.1 The Middle-East and Africa Digital Multimeter Market, by Ranging Type, 2024 – 2033 (USD Billion)
- 8.22 The Middle-East and Africa Digital Multimeter Market, by Application, 2024 – 2033
- 8.22.1 The Middle-East and Africa Digital Multimeter Market, by Application, 2024 – 2033 (USD Billion)
- Chapter 9. Company Profiles
- 9.1 Fluke Corporation
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 Keysight Technologies
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Rohde & Schwarz GmbH & Co. KG
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Tektronix Inc.
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Hioki E.E. Corporation
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Yokogawa Electric Corporation
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Gossen Metrawatt GmbH
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Agilent Technologies
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 Kyoritsu Electrical Instruments Works Ltd.
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 FLIR Systems Inc.
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 Amprobe Instruments
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.12 B&K Precision Corporation
- 9.12.1 Overview
- 9.12.2 Financials
- 9.12.3 Product Portfolio
- 9.12.4 Business Strategy
- 9.12.5 Recent Developments
- 9.13 Ideal Industries Inc.
- 9.13.1 Overview
- 9.13.2 Financials
- 9.13.3 Product Portfolio
- 9.13.4 Business Strategy
- 9.13.5 Recent Developments
- 9.14 Extech Instruments
- 9.14.1 Overview
- 9.14.2 Financials
- 9.14.3 Product Portfolio
- 9.14.4 Business Strategy
- 9.14.5 Recent Developments
- 9.15 Chauvin Arnoux Group
- 9.15.1 Overview
- 9.15.2 Financials
- 9.15.3 Product Portfolio
- 9.15.4 Business Strategy
- 9.15.5 Recent Developments
- 9.16 Klein Tools Inc.
- 9.16.1 Overview
- 9.16.2 Financials
- 9.16.3 Product Portfolio
- 9.16.4 Business Strategy
- 9.16.5 Recent Developments
- 9.17 Mastech Digital Inc.
- 9.17.1 Overview
- 9.17.2 Financials
- 9.17.3 Product Portfolio
- 9.17.4 Business Strategy
- 9.17.5 Recent Developments
- 9.18 Triplett Test Equipment & Tools
- 9.18.1 Overview
- 9.18.2 Financials
- 9.18.3 Product Portfolio
- 9.18.4 Business Strategy
- 9.18.5 Recent Developments
- 9.19 Sanwa Electric Instrument Co. Ltd.
- 9.19.1 Overview
- 9.19.2 Financials
- 9.19.3 Product Portfolio
- 9.19.4 Business Strategy
- 9.19.5 Recent Developments
- 9.20 UNI-T Technology Limited
- 9.20.1 Overview
- 9.20.2 Financials
- 9.20.3 Product Portfolio
- 9.20.4 Business Strategy
- 9.20.5 Recent Developments
- 9.21 Others.
- 9.21.1 Overview
- 9.21.2 Financials
- 9.21.3 Product Portfolio
- 9.21.4 Business Strategy
- 9.21.5 Recent Developments
- 9.1 Fluke Corporation
List Of Figures
Figures No 1 to 26
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2033
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- 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
FAQs
The key factors driving the Market are Increasing Complexity of Electronic Devices, Technological Advancements, Automation and Industry 4.0, Emphasis on Safety and Compliance.
The “Automotive” had the largest share in the global market for Digital Multimeter.
The “Handheld” category dominated the market in 2023.
The key players in the market are 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.
“Asia Pacific” had the largest share in the Digital Multimeter Market.
The global market is projected to grow at a CAGR of 5.5% during the forecast period, 2024-2033.
The Digital Multimeter Market size was valued at USD 1.4 Billion in 2024.