Digital Multimeter Market Size

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.

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.

Digital Multimeter Market Size