Digital Multimeter Market Size

Digital Multimeter Market size was over USD 1.04 billion in 2024 and is projected to reach USD 1.75 billion by 2037, growing at around 4.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of digital multimeter is assessed at USD 1.07 billion. The market is booming due to the slated demand for electronic devices such as smartphones. According to a report, there are around 7 billion smartphones worldwide, which accounts for about 85% of the global population.

In addition, due to the lucrative growth of smartphone repair, the landscape for digital multimeters is also in demand, as a multimeter is a tool used in mobile phone testing and reading checks for different parts and components.

Additionally, the estimated increase in the usage of predictive maintenance across many sectors is expected to decrease the downtime for machines and assets. It is essential to test and validate a variety of electrical tools and machinery to increase their performance and lower the possibility of harm.

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of digital multimeter is assessed at USD 1.07 billion.

The digital multimeter market size was over USD 1.04 billion in 2024 and is projected to reach USD 1.75 billion by 2037, growing at around 4.1% CAGR during the forecast period i.e., between 2025-2037. The market growth is impelled by slated demand for electronic devices such as smartphones.

Asia Pacific industry is predicted to dominate majority revenue share of 46% by 2037, propelled by rapid government initiatives to encourage the sale of electric vehicles in the region.

The major players in the market include Hioki E.E. Corporation, Fluke Corporation, Teledyne LeCroy, Tektronix, RIGOL TECHNOLOGIES, FLIR Systems, Keysight Technologies, Yokogawa, GOSSEN METRRAWATT, National Instruments, Amprobe, Giga-Tronics

Digital Multimeter Market Size