“Rising electric vehicles penetration worldwide will boost market growth”
The global digital multimeter market is rising significantly, anticipated to expand at a CAGR of 4.5% during the estimated period from 2023 to 2030, starting from US$ 2263.3 Mn in 2021.
The rising electric vehicle penetration along with the surge in demand for digital multimeters across the globe are the major factors projected to drive the global market growth over the forecast period. The increased penetration of electronic devices worldwide coupled with the low cost & versatility of digital multimeter is another major factor projected to enhance the market growth over the forecast period. The surge in application-specific product development by manufacturers and the addition of new features is another major factor for market growth during the forecast period. The growing adoption of industry 4.0 and AI (artificial intelligence) are some other factors for market growth over the projected period. However, the need for periodic recalibration along with competition from local manufactures are some of the market restraints projected to hinder the digital multimeter market growth over the forecast period.
“Growing electronic vehicles demand to spur the automotive segment growth”
Based on application, the segment is bifurcated into automotive, energy, consumer electronics & appliances, medical equipment manufacturing, and others. The automotive segment is projected to grow at a rapid pace during the forecast period. The growing demand for electronic vehicles and autonomous vehicles from Europe, North America, and the Asia Pacific is projected to drive the segment growth during the forecast period. The growing penetration of electronic devices in non-electric vehicles is another major factor for the segment growth in the years to come. Therefore, the segment is projected to grow with the fastest CAGR over the forecast period.
“The rising penetration of digital multimeter to spur the Asia Pacific growth”
The Asia Pacific dominated the global digital multimeter market in 2021 and accounted for more than 1/3rd of the market share in the same year. The rising penetration of digital multimeter coupled with the availability of raw material and low -cost labor are the major factors for regional growth. The presence of major market players such as Yokogawa Electric Corporation, Sanwa Electric Instrument Co. Ltd., and others is another major factor for regional growth over the forecast period. The rising demand for electronic vehicles in the region along with increased investments in the defense sector are some other major factors for regional growth in years to come. Hence, the Asia Pacific is projected to dominate the global market during the forecast period.
Key Industry Developments:
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Digital Multimeter market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
