“India Digital Multimeter Market is expected to witness steady growth in the forecast period. A digital multimeter can be defined as the standard diagnostic tool that can be used to measure different parameters such as resistance, capacitance, voltage, and current in electrical and electronic appliances. It has a display screen with buttons, a dial or a rotary switch, and several input jacks to insert the test leads are inserted. Digital multimeters are preferred over analog multimeters as they are more reliable and provide accurate results. The results are displayed on the screen in numeric value and there are fewer chances of human error as there is no need to manually read the device. The surge in the demand for dual display resolution and high accuracy and reliability is contributing to the market growth. The increasing demand for consumer electronic devices from the prominent end-user industries and the development of application-specific is boosting the demand of the digital multimeter market growth. Supportive government policies such as the Make in India initiative promoting domestic manufacturing in the country to boost the local economy are expected to create lucrative opportunities for the growth of the digital multimeter market.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. Leading authorities of India imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Manufacturing industries were temporarily shut down to curb the effect of coronavirus. Import and export activities were restricted which adversely affected the supply chain. Workers moved back to their native places thereby creating a shortage of workforce at the organization.
However, high installation costs and the lack of incompatibility with other devices may restrain the growth of the Digital Multimeter market in the forecast period.
India Digital Multimeter market is segmented into type, functionality, application, regional distribution, and company. Based on the type, the market can be divided into handheld, bench-top, mounted. The handheld segment is expected to witness growth in the forecast period, FY2023-FY2027. The ease of carrying the digital multimeter for different applications and the portability of the handheld digital multimeters enhance the convenience and the user experience. Handheld multimeters are light in weight and are small in size. High demand from the energy and the automotive sector is fostering the growth of the digital multimeter market. Based on the application, the market can be divided into automotive, manufacturing, consumer electronics, industrial, residential, commercial. The automotive segment is expected to account for a major market share in the forecast period. The increase in the affordability of consumers and the high sales of automobiles are influencing the growth of the market. The high demand for self-driving cars and autonomous vehicles is contributing to the market growth. Digital multimeters are used in the automotive industry for the precise measurement of electrical parameters such as current, voltage, resistance, and capacitance. Digital multimeters are also used for testing the electrical batteries and diagnose the issues relating to the engine and sound systems.
Fluke Corporation, Meco Instruments, Mastech Group, HTC Corporation, EGK, Metravi Instruments, Kusam-Meco, Crown Electronic Systems, Motwane are the leading players operating in the Indian Digital Multimeter market. Service providers are increasingly focusing on research and development processes to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several ambulance service providers are coming up with their technologically advanced offerings.
According to TechSci Research “The adoption of advanced technologies such as artificial intelligence, the internet of things, machine learning is expected to boost the adoption of digital infrastructure in prominent industries. The development of electric vehicle charging infrastructure and the rise in the concerns regarding the adverse effect of the harmful gases emission into the environment is increasing the sales of electric vehicles which in turn is propelling the growth of the market till FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Digital Multimeter Market has evaluated the future growth potential of India Digital Multimeter market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Digital Multimeter market.