Global Digital Multimeter Market is Projected to Reach USD 1,047 Million by 2024, at a CAGR of 4.3% - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Digital Multimeter Market by Type (Handheld, Benchtop, Mounted), Ranging Type (Auto-ranging, Manual), Application (Automotive, Energy, Consumer Electronics & Appliances, Medical Equipment Manufacturing), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global digital multimeter market size is projected to reach USD 1,047 million by 2024 from an estimation of USD 847 million in 2019, growing at a CAGR of 4.3% during the forecast period.

The key factors driving the market growth include increased penetration of electronic devices across various end-use industries and the low cost and multifunctional nature of multimeters.

The handheld segment is expected to dominate the digital multimeter market in 2019

The handheld digital multimeter segment is expected to dominate the market in 2019, owing to the increasing demand for portable testing and measurement devices in various countries across the globe. Owing to the versatility and portability of handheld digital multimeters, these are widely used as a standard diagnostic tool by technicians operating in various end-use industries. The growth of handheld multimeters can be attributed to the increasing demand for them in the automotive and energy sectors.

The auto-ranging type is expected to grow at the highest rate during the forecast period

The auto-ranging segment is estimated to grow at the fastest rate (CAGR) during the forecast period due to its ease of use. Auto-ranging multimeters are relatively simple to use and can be operated without prior technical knowledge. They can seamlessly measure similar electrical parameters of different ranges without manual adjustments. The growing demand for electronic devices and smart home appliances in the consumer electronics segment is expected to drive the demand for auto-ranging multimeters.

The Asia Pacific is expected to lead the global digital multimeter market

The Asia Pacific currently leads the global digital multimeter industry, followed by Europe and North America. Some of the world's largest electronic manufacturing companies, such as Samsung, Sony, and Panasonic, operate from the Asia Pacific owing to the availability of cheap labor and easy availability of raw materials.

China, Taiwan, and Hong Kong have significant electronics manufacturing capacity. China is also the world's leading manufacturer of motor vehicles. The increasing demand for electric vehicles, especially in China, is expected to drive the adoption as well as the production of digital multimeters. Due to these factors, Asia Pacific accounts for a significant share in the global digital multimeter market in the forecast period.

Key Topics Covered:

1 Introduction

1.1 Objectives of the Study

1.2 Definition

1.3 Currency

1.4 Limitations

1.5 Stakeholders

2 Research Methodology

2.1 Research Data

2.2 Scope

2.3 Market Size Estimation

2.4 Market Breakdown and Data Triangulation

2.5 Primary Insights

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in the Digital Multimeter Market

4.2 Digital Multimeter Market, By Type

4.3 Digital Multimeter Market, By Ranging

4.4 Digital Multimeter Market, By Application

4.5 Digital Multimeter Market, By Region

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.2 Restraints

5.2.3 Opportunities

5.2.4 Challenges

6 Digital Multimeter Market, By Type

6.1 Introduction

6.2 Handheld

6.3 Benchtop

6.4 Mounted

7 Digital Multimeter Market, By Ranging Type

7.1 Introduction

7.2 Auto-Ranging

7.3 Manual

8 Digital Multimeter Market, By Application

8.1 Introduction

8.2 Automotive

8.3 Energy

8.4 Consumer Electronics & Appliances

8.5 Medical Equipment Manufacturing

8.6 Others

9 Digital Multimeter Market, By Region

9.1 Introduction

9.1.1 By Region

9.2 Asia Pacific

9.3 Europe

9.4 North America

9.5 Middle East & Africa

9.6 South America

10 Competitive Landscape

10.1 Overview

10.2 Competitive Leadership Mapping

10.2.4 Emerging

10.3 Market Ranking, 2018

10.4 Competitive Scenario

11 Company Profiles

11.1 Keysight Technologies

11.2 Gossen Metrawatt

11.3 National Instruments

11.4 Tektronix

11.5 Yokogawa Electric Corporation

11.6 Fluke Corporation

11.7 Flir Systems

11.8 B&K Precision

11.9 Chauvin Arnoux

11.10 Hioki E.E. Corporation

11.11 Sanwa Electric Instrument Company

11.12 Kyoritsu Electrical Instrument Works

11.13 Rohde & Schwarz

11.14 Teledyne Lecroy

11.15 Good Will Instrument

11.16 Klein Tools

11.17 Shenzhen Everbest Machinery Industry

11.18 Mastech Group

11.19 HT Italia

11.20 GS Instech

For more information about this report visit https://www.researchandmarkets.com/r/rca1pu