Digital Multimeter Industry-Regional Synopsis
APAC Market Forecast
The digital multimeter market in the Asia Pacific region will hold the largest share of about 46% by the end of 2037. 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.
