Digital Multimeter Market Share

  • Report ID: 5694
  • Published Date: Apr 30, 2024
  • Report Format: PDF, PPT

Digital Multimeter Market Share

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.

Research Nester
Digital Multimeter Market Size
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Author Credits:  Abhishek Verma

  • Report ID: 5694
  • Published Date: Apr 30, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Ans: In the year 2023, the industry size of the digital multimeter market was over USD 1 billion.

Ans: The market size for the digital multimeter market is projected to cross USD 2.3 billion by the end of 2036 expanding at a CAGR of 7% during the forecast period i.e., between 2024 and 2036.

Ans: The major players in the market are Fluke Corporation, Teledyne LeCroy, Tektronix, RIGOL TECHNOLOGIES, FLIR Systems, Keysight Technologies, Yokogawa, GOSSEN METRRAWATT, National Instruments, Amprobe, Giga-Tronics, and others.

Ans: In terms of type, the handheld segment is anticipated to account for the largest market share of 41% during 2024-2036.

Ans: The Asia Pacific digital multimeter market is poised to hold the highest share of 46% by 2036.
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