Digital Multimeter Market size is poised to reach USD 2.3 billion by the end of 2036, growing at a CAGR of 7% during the forecast timeframe, i.e., 2024-2036. In the year 2023, the industry size of digital multimeter was valued at USD 1 billion. The market is booming due to the slated demand for electronic devices such as smartphones. According to a report, there are around 7 billion smartphones worldwide, which accounts for about 85% of the global population.
In addition, due to the lucrative growth of smartphone repair, the landscape for digital multimeters is also in demand, as a multimeter is a tool used in mobile phone testing and reading checks for different parts and components.
Additionally, the estimated increase in the usage of predictive maintenance across many sectors is expected to decrease the downtime for machines and assets. It is essential to test and validate a variety of electrical tools and machinery to increase their performance and lower the possibility of harm.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7% |
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Base Year Market Size (2023) |
USD 1 Billion |
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Forecast Year Market Size (2036) |
USD 2.3 Billion |
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Regional Scope |
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Type (Handheld, Benchtop, Mounted)
The handheld segment in the digital multimeter market is estimated to gain a share of about 41% in 2036. The reason behind this significant growth is impelled by the surge in popularity of handheld digital multimeters on account of their adaptability and mobility, which make them a superior choice for a wide range of applications. Handheld multimeters are also preferred by experts across various sectors, driven by their ease of use, small size, and ability to provide accurate readings while in motion.
Moreover, these devices are widely accepted in industries such as electronics, automotive, and telecommunications, which highlight their vital role in maintenance and troubleshooting duties. The growth of this segment is also set to be influenced by rising energy consumption. According to a report, the amount of power consumed globally has increased to about 25,500 terawatt-hours in 2022. Therefore, the use of handheld digital multimeters is set to rise in the energy sector.
Application (Automotive, Energy, Consumer Electronics & Appliances, Medical Device Manufacturing)
The automotive segment is set to garner a notable share. The digital multimeter market expansion is led by substantial growth in the production of automobiles. According to a report, more than 85.4 million motor vehicles were produced globally, which is an increase of about 5.7% in 2022 as compared to 2021.
In addition, digital multimeters serve a crucial role in the automobile sector as they facilitate troubleshooting and repair activities by providing diagnostics for electrical and electronic systems in vehicles. The need for precise testing and measurements in this industry is very high as automotive technology develops. Additionally, the surge in demand for electric vehicles is also projected to impact segment growth.
Our in-depth analysis of the global digital multimeter market includes the following segments:
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Type |
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Application |
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Ranging Type |
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APAC Market Forecast
The digital multimeter market in the Asia Pacific region will hold the largest share of about 46% by the end of 2036. The growth of the landscape in the region is expected on account of the surge in rising government initiatives to encourage the sale of electric vehicles. According to a report, it is expected that there will be a growth of about 22% in EV sales in the coming years.
Furthermore, the increasing focus on smart manufacturing and renewable energy increases the use of digital multimeters in a variety of applications throughout the area, strengthening its dominant revenue share. A digital multimeter is the most useful piece of equipment for troubleshooting, analyzing diagnostics, and verifying repairs in the field of solar PV for solar contractors.
Moreover, there has been a surge in the availability of cheap labor along with the easy availability of affordable raw materials, which is further driving industrial growth and boosting the market revenue share.
North American Market Statistics
The North American region will encounter a huge influence on the digital multimeter market size expansion during the forecast period. The growth is attributed to the emerging urban population. According to a report, in 2022, more than 308 million urban people lived in North America, which is about a 0.76% increase from 2021. Impelled by this, the demand for various consumer goods is surging, and coupled with this, the rise in disposable income also contributes to this surging demand for consumer electronics goods.
Author Credits: Abhishek Verma
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