Research Nester’s recent market research analysis on “Digital Multimeter Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global digital multimeter market in terms of market segmentation by type, ranging type, application and by region.

Surge in Investment in Industry 4.0 To Promote Global Market Share of Digital Multimeter Market

The global digital multimeter market is estimated to grow majorly on account of the increased ease of operations with handheld digital multimeters and continuous technological advancements in consumer electronics sector. A digital multimeter measures and verifies multiple electrical quantities, including current, voltage, and resistance. It is also utilized in troubleshooting electrical problems in various array of household and industrial devices such as electronic equipment, power supplies, wiring systems, and domestic appliances. The increased utilization of these devices across the industrial, commercial, and residential verticals is fueling the growth of the market. Furthermore, favorable government initiatives to support electric vehicle adoption are aiding the global digital multimeter market growth. It has been estimated that by the year 2030, there will be almost 31 million electric vehicles in use.

The digital multimeter helps render reliable electric vehicle battery testing and the rising EV industry is fueling the global digital multimeter market growth during the forecasted period. Other than this, there has been a continuous technological advancement in consumer electronics sectors. Consumer electronics is an umbrella term used for mobile devices, wearables, TVs, set-top boxes, monitors, laptops, tablets, computers, etc. For instance, there are almost 5.01 billion people worldwide who use the internet, out of which, almost 67.2% use laptops to access it. These factors are projected to bolster the global digital multimeter market growth during the forecasted period.
Some of the major growth factors and challenges that are associated with the growth of the global digital multimeter market are:
Growth Drivers:
• Favorable Government Initiatives to Support Electric Vehicle Adoption
• Surge in Usage of Internet of Things
Challenges:
High cost of the installation, sudden disruption in technology, and lack of high skilled workers are some of the major factors anticipated to hamper the global market size of global digital multimeter market.
Access our detailed report at: https://www.researchnester.com/reports/digital-multimeter-market/5694
By application, the global digital multimeter market is segmented into automotive, energy, consumer electronics & appliances, and medical device manufacturing. Out of these, the automotive segment is expected to generate the highest market share of almost 40.1% over the coming years. The growth of the segment is influenced by the rising production of automobiles. For instance, in the year 2022, almost 85.1 million motor vehicles were produced worldwide, bolstering the growth of the segment.
By region, Europe digital multimeter market is to generate the highest revenue by the end of 2036. The presence of leading market players in the region is also fostering the growth of the market in the region.

This report also provides the existing competitive scenario of some of the key players of the global digital multimeter market which includes company profiling of Key sight Technologies, Fluke Corporation, Agilent Technologies, Inc., Amprobe, Extect Instruments, Voltcraft, Testo SE & Co. KGaA, Qingdao Hantek Electronic Co., Ltd., Brymen, Klein Tools, Inc., Hioki E.E. Corporation, Sanwa, Yokogawa Electric Corporation, KYORITSU ELECTRICAL INSTRUMENTS WORKS, LTD. and others.