Global Handheld Digital Multimeter Market Size, Share, and COVID-19 Impact Analysis, By Ranging Type (Manual ranging & Auto ranging), By Type (3.5-digit, 4.5-digit, Others), By End Use (Residential, Commercial, Industrial (Automotive, Manufacturing, IT & Telecommunication, Consumer Electronics, Metal & Mining & Others)), By Distribution Channel (Offline, Online) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The global Handheld Digital Multimeter Market was valued at USD 571.1 Mn in 2021. The market is projected to grow USD 854.7 Mn in 2028, at a CAGR of 5.5%. A digital multimeter is a common diagnostic equipment for checking electrical values in an electrical device, such as voltage, current, and resistance. It has a display with buttons, a dial or rotary switch, and several input connectors where the test leads are plugged in. In addition, when compared to needle-based analogue metres, digital-variants have greater precision, dependability, and impedance. As a result, they're commonly utilised to diagnose electrical problems in industrial and residential devices like home appliances, motor controls, power supplies, and wiring systems. Digital multimeters are measuring tools that can measure voltage, current, and resistance among other things. Measured values are shown on a digital display, making them easy to interpret.
COVID-19 ANALYSIS
The COVID-19 epidemic has had a negative impact on the market for handheld digital multimeter market. Due to the protracted lockdown and suspension of activities, the global handheld digital multimeter industry has been severely impacted. During the projected period, however, the growing demand for electronics technicians around the world will propel the worldwide handheld digital multimeter market forward.
LATEST TREND
Rising Industrialization Across Developing Nations
Rapid industrialization in developing nations, such as China and India, is predicted to enhance demand for handheld digital multimeter due to rising investments, and low-cost labour. Manufacturing, commercial, and industrial developments in the region have all contributed to the global digital multimeter market's overall expansion. Furthermore, the market for handheld multimeter is likely to benefit from growing demand for automobile sector.
DRIVING FACTORS
Increasing Demand of Testing & Calibration Devices in Different Industries
Predictive maintenance is becoming more widely used in many sectors to reduce machine and asset downtime, which is propelling the worldwide handheld digital multimeter market forward. To improve performance and limit the danger of harm, various electrical tools and machineries must be tested and validated. In industries, the handheld digital multimeter is utilised to prevent losses due to defective instruments. During the forecast period, rising demand for precision and safety in temperature measurement, continuity testing, diode tests, and other applications is likely to propel market expansion.
RESTRAINTS
High Deployment Cost is Hampering the Digital Multimeter Market
The high installation cost of pocket multimeter is likely to hamper the growth of the global handheld digital multimeter market. One of the main problems limiting market growth is the lack of standardization of different devices.
SEGMENTATION
The global Handheld Digital Multimeter market is segmented by Ranging Type (Manual ranging & Auto ranging), By Type (3.5-digit, 4.5-digit & Others), By End Use (Residential, Commercial, Industrial (Automotive, Manufacturing, IT & Telecommunication, Consumer Electronics, Metal & Mining & Others)), By Distribution Channel (Offline, Online) and Region. Based on the ranging type, the market is categorized into manual ranging & auto ranging. Based on type, the market is categorized into 3.5-digit, 4.5-digit & others. Based on end use, the market is categorized into residential, commercial, industrial (automotive, manufacturing, it & telecommunication, consumer electronics, metal & mining & others). Based on distribution channel, the market is categorized into offline, online. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
REGIONAL INSIGHTS
The global Handheld Digital Multimeter market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America region is expected to dominate the market share of global handheld digital multimeter market owing to the presence of key players and technological advancements in the region. Increasing automation and enduring technological advancements in the electrical & electronics (E&E) industry in the region. However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global handheld digital multimeter market due to the countries in this region are aiming more on increasing investments in measuring and calibration devices as the industrialization is increasing. Growing industrialization and growth of transportation industry in the countries such as China and India. Rising demand for dual display resolution along with accuracy for temperature and other power related factors are required to maximize energy output will drive the growth of global handheld digital multimeter market.
INDUSTRY PLAYERS
- Fluke Corporation
- Klein Tools, Inc.
- Keysight Technologies
- Amprobe
- Teledyne FLIR LLC
- MGL International Group Limited
- Yokogawa
- RS Components & Controls (I) Ltd
- CEM Instruments India Pvt. Ltd.
- UniTEQ Corporation
- Good Will Instrument Co., Ltd.
- HIOKI E.E. CORPORATION
- Hach
- Others
KEY INDUSTRY DEVELOPMENTS:
April 2019, Keysight Technologies has opened a new automotive customer center in Nagoya, Japan, with the aim to work with customers in local proximity to support innovative technology projects.
SEGMENTATION
By Ranging Type
Based on ranging type, is categorized into manual ranging & auto ranging. The auto ranging segment is expected to dominate the market share of global handheld digital multimeter market owing to the usage of highly accurate reading devices across different end-uses. The ability to easy to handle device and seamlessly measure like any other multimeter without manual adjustments.
By Type
Based on type, the market is categorized into 3.5-digit, 4.5-digit, others. The 3.5-digit range segment is expected to dominate the market share of global handheld digital multimeter market owing to the growing industrialization and demand of real-time measurement is required for the growth of global handheld digital multimeter market.
By End Use
Based on End Use, the market is categorized into Residential, Commercial, Industrial. The industrial is bifurcated into automotive, manufacturing, it & telecommunication, consumer electronics, metal & mining & others. The automotive is expected to dominate the market share of global handheld digital multimeter market owing to the penetration of electrical and autonomous vehicles is likely to drive the demand of handheld digital multimeter.
By Distribution Channel
Based on distribution channel, the market is categorized into offline & online. The offline segment is expected to dominate the market share of global handheld digital multimeter market owing to the easy availability and consumer preference as they believe to touch and check before buying.
The online segment is anticipating over the next few years due to the huge popularity of e-commerce platforms. The e-commerce sector has achieved huge sales due to the Covid-19 epidemic.
SEGMENTATION:
By Ranging Type
- Manual ranging
- Auto ranging
By Type
- 3.5-digit
- 4.5-digit
- Others
By End Use
- Residential
- Commercial
- Industrial
- Automotive
- Manufacturing
- IT & Telecommunication
- Consumer Electronics
- Metal & Mining
- Others
By Distribution Channel
- Offline
- Online
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy
- Asia-Pacific- China, Japan, India
- Latin America- Brazil, Argentina, Colombia
- The Middle East and Africa- United Arab Emirates, Saudi Arabia
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Global Handheld Digital Multimeter Market Size
- June-2022
- 140
- Global
- semiconductor-electronics
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