Digital Multimeter Market Size, Share, Growth & Industry Analysis, By Type (Handheld, Bench-top, Mounted), By Ranging Type (Autoranging, Manual), By End-User (Automotive, Manufacturing, Energy, Medical, Consumer Electronics, Others), and Regional Analysis, 2024-2031

Market Definition

The digital multimeter market refers to the industry that manufactures digital multimeters, which are devices used to measure electrical parameters like voltage, current, and resistance.

The device works by using internal circuits to detect and convert electrical signals into a readable digital display. These instruments are widely used in various industries for their accuracy, versatility, and ease of use. The market is growing, due to increasing demand in sectors like electronics, automotive, and energy.

Digital Multimeter Market Overview

The global digital multimeter market size was valued at USD 906.3 million in 2023, which is estimated to be valued at USD 942.4 million in 2024 and reach USD 1,276.9 million by 2031, growing at a CAGR of 4.43% from 2024 to 2031.

The expansion of renewable energy is driving the market. Accurate electrical testing ensures optimal performance and safety of renewable systems, which increases the demand for reliable multimeters to monitor key parameters in energy generation equipment.

Major companies operating in the global digital multimeter industry are Keysight Technologies, GMC-Instruments, NATIONAL INSTRUMENTS CORP., TEKTRONIX, INC., Yokogawa Electric Corporation, Fluke Corporation, Teledyne FLIR LLC , B&K Precision Corporation, CHAUVIN ARNOUX, HIOKI E.E. CORPORATION, Sanwa Electric Instrument Co., Ltd., KYORITSU ELECTRICAL INSTRUMENTS WORKS, LTD., Rohde & Schwarz, Teledyne Technologies Incorporated, and Klein Tools, Inc.

The market is registering steady expansion, driven by technological advancements and increasing adoption across various industries. These versatile tools are essential for accurate electrical measurements in both industrial and consumer applications.

Digital multimeters are evolving to offer enhanced features, such as advanced display options, connectivity, and integration with other testing devices as the demand for precision testing equipment rises.

• In March 2024, B&K Precision launched the 390B Series True RMS Digital Multimeters, featuring Bluetooth connectivity for wireless data logging. These models offer a wide range of measurement functions, enhanced display options, and robust protection, catering to field engineers and technicians.

Key Highlights:

1. The global digital multimeter market size was valued at USD 906.3 million in 2023.
2. The market is projected to grow at a CAGR of 4.43% from 2024 to 2031.
3. Asia Pacific held a market share of 36.52% in 2023, with a valuation of USD 331.0 million.
4. The handheld segment garnered USD 430.8 million in revenue in 2023.
5. The autoranging segment is expected to reach USD 779.4 million by 2031.
6. The automotive segment is anticipated to register the fastest CAGR of 5.20% during the forecast period.
7. The market in Europe is anticipated to grow at a CAGR of 4.61% during the forecast period.

Market Driver

"Expansion of Renewable Energy"

The expansion of renewable energy, particularly in solar and wind power, is driving the digital multimeter market. Accurate electrical testing is crucial for the efficient operation and maintenance of renewable energy systems, ensuring optimal performance and safety.

Digital multimeters are essential for measuring key electrical parameters such as voltage, current, and resistance, helping technicians diagnose and troubleshoot issues in solar panels and wind turbines. This increasing demand for renewable energy solutions boosts the need for reliable testing instruments in the sector.

• In March 2025, India’s PM Surya Ghar: Muft Bijli Yojana reached a milestone of 10 lakh solar-powered homes, driving the need for accurate electrical testing solutions. This surge in solar installations highlights the growing demand for digital multimeters in monitoring and optimizing renewable energy systems.

Market Challenge

"Cost of Innovation"

The cost of innovation, driven by investments in research and development for new features and higher performance, poses a significant challenge for the digital multimeter market. Developing advanced technologies requires substantial resources, which increases operational expenses.

A potential solution lies in fostering partnerships with research institutions or utilizing open-source innovation models, which can help share R&D costs. Additionally, implementing lean manufacturing practices and prioritizing high-demand features can optimize production efficiency and reduce costs while still meeting market expectations for cutting-edge products.

Market Trend

"Technological Advancements"

The digital multimeter market has registered significant technological advancements, with the integration of features like Bluetooth, Wi-Fi, and advanced display options. These innovations enhance connectivity, enabling remote data monitoring and control.

Additionally, improved user interfaces and enhanced accuracy through digital displays make multimeters more user-friendly and versatile, driving their adoption across industries such as electronics, automotive, and energy.

• In December 2023, United Electronic Industries (UEI) introduced the DNx-DMM-261, a 6.5 Digit Digital Multimeter I/O board designed to bring digital multimeter functionality to its rugged chassis series. With a wide operating temperature range of -40°C to +85°C, it is ideal for harsh environments like flight-line testing and ground systems. The board supports various voltage, current, and resistance measurements, with true RMS AC measurements and ISO 17025 calibration, offering reliability and versatility for aerospace, defense, and industrial applications.

Digital Multimeter Market Report Snapshot

Market Segmentation:

• By Type (Handheld, Bench-top, Mounted): The handheld segment earned USD 430.8 million in 2023, due to the increased demand for portable, user-friendly testing solutions in various industries and applications.
• By Ranging Type (Autoranging, Manual): The autoranging segment held 58.52% share of the market in 2023, due to its ease of use and ability to automatically adjust measurement ranges, enhancing user efficiency.
• By End-User (Automotive, Manufacturing, Energy, Medical, Consumer Electronics, Others): The manufacturing segment is projected to reach USD 419.2 million by 2031, owing to rapid industrialization, technological advancements, and the growing need for precise measurement tools in production processes.

Digital Multimeter Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.

Asia-Pacific accounted for a digital multimeter market share of around 36.52% in 2023, with a valuation of USD 331.0 million. Asia-Pacific holds a dominant position in the market, due to the growing adoption of electronic testing across industries like renewable energy, automotive, and manufacturing.

Countries like China, India, and Japan are registering rapid industrialization, which drives the demand for reliable and accurate testing equipment. The expanding presence of key market players, combined with increased investments in electronics and infrastructure, ensures that Asia-Pacific remains the leading region for digital multimeter sales and applications in various sectors.

The digital multimeter industry in North America is poised for significant growth at a robust CAGR of 4.06% over the forecast period. This growth is driven by the increasing demand for high-performance testing instruments in sectors such as aerospace, automotive, and telecommunications.

The region’s focus on technological advancements and innovation, especially in industries like EVs and renewable energy, accelerates the adoption of advanced testing tools. Furthermore, the presence of well-established manufacturers and rising investments in research & development contribute significantly to the rapid market expansion in North America.

• In April 2024, Seron Electronics, founded by MIT alumnus, introduced advanced scientific equipment aimed at revolutionizing power measurement in clean energy, microelectronics, and biomedicine. Its products, including precision multimeters, empower innovation by offering affordable, high-performance solutions.

Regulatory Frameworks

• In the U.S., the Occupational Safety and Health Administration (OSHA) assures safe and healthful working conditions by setting & enforcing standards and providing training, outreach, education and assistance.
• In the U.S., the National Institute of Standards and Technology (NIST) Automated Multifunction Calibration System (MCS) is used for the precise calibration of voltage, current, and resistance, primarily designed for digital multimeters and calibrators. This system also extends its utility to testing thermal converters and micropotentiometers, ensuring high standards of measurement accuracy.
• In Europe, IEC 61010-2-033:2023 outlines the safety requirements for hand-held multimeters and similar meters used for measuring mains voltage. These instruments, designed for both domestic and professional use, are intended to be operated with one hand while ensuring electrical safety.

Competitive Landscape:

In the digital multimeter market, companies frequently introduce new products that focus on improved accuracy, advanced safety features, and enhanced connectivity like Bluetooth or Wi-Fi.

These innovations often include upgrades in user interfaces, extended battery life, and expanded measurement functions, ensuring that the products meet the evolving needs of both professional and consumer markets. Competitive pricing and reliable customer support are also key aspects emphasized to attract a broad user base.

• In October 2024, Sanwa Electric Instrument Co., Ltd. launched the CD5001 Digital Multimeter, equipped with True RMS, Auto V function, EF sensing, and a large backlit display. It meets IEC61010 CAT.IV 600V standards and provides accurate measurements for various electrical testing applications.

List of Key Companies in Digital Multimeter Market:

• Keysight Technologies
• GMC-Instruments
• NATIONAL INSTRUMENTS CORP.
• TEKTRONIX, INC.
• Yokogawa Electric Corporation
• Fluke Corporation
• Teledyne FLIR LLC
• B&K Precision Corporation
• CHAUVIN ARNOUX
• HIOKI E.E. CORPORATION
• Sanwa Electric Instrument Co., Ltd.
• KYORITSU ELECTRICAL INSTRUMENTS WORKS, LTD.
• Rohde & Schwarz
• Teledyne Technologies Incorporated
• Klein Tools, Inc.

Recent Developments (Product Launch)

• In October 2024, GW Instek introduced the GDM-904x series Dual Measurement Multimeter, featuring a 50,000-count LCD display, 0.02% basic DC voltage accuracy, and Automatic Identification (A.I.) measurement. With advanced data connectivity and versatile measurement functions, it is ideal for industrial and educational applications.