Press release
Revving Up the Engine: The Booming Automotive Thermostat Market 2023-2033
Automotive Thermostat Market
The global automotive thermostat market is expected to valued at ~US$ 2.2 Bn by 2022-end, and is estimated to increase at a CAGR of ~3.0% during 2019-2029.
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Housed automotive thermostat is expected to remain highly preferred for wide range of vehicles, thereby contributing to major share of the manufacturers' bottom lines. In terms of geographical outlook, Europe is projected to be a prominent region for the global automotive thermostat market, and is estimated to grow at a CAGR of ~3% during the forecast period.
Demand for Advanced Product Solutions from OEMs and Independent Aftermarket in Europe
The German automotive industry has always been a frontrunner in terms of technological advancements. The present market scenario for the automotive component industry in Germany still revolves around 'innovation' as a key growth strategy. The automotive thermostat market is significantly driven by the increasing demand for new/enhanced products, both from automakers as well as the replacement market. For thermostat-controlled cooling systems, the electronic-controlled variant is the more preferred option as it enables shorter warm-up time and lower fuel consumption. This factor is expected to drive the global automotive thermostat market growth during the forecast period.
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Crude Oil Prices to Strongly Influence the Global Automotive Thermostat Market Growth
Crude oil prices have been influencing the auto component market, as when the price of fuel lowers, people tend to drive more miles, which rushes wear on auto components, thereby leading to the need for early replacement of vehicle components. Lower fuel prices also encourage people to buy new vehicles, and this increases the demand for automotive equipment from original equipment manufacturers (OEMs). Such factors are expected to increase the sales of automotive thermostats. Moreover, over the last few years, the automotive parts and accessories manufacturing industry has undergone comprehensive remodeling, which is leading to the advent of a highly competitive global industry, and subsequently raising the demand for automotive thermostats.
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Vendor Insights
The global automotive thermostat market is anticipated to be consolidated, owing to the limited presence of manufactures at regional as well as international levels. Few players identified across the value chain of the global automotive thermostat market are BorgWarner Inc., Gates Corporation, AC Delco, Continental AG, MAHLE GmbH, MotoRad Ltd., Hella KGaA Hueck & Co., Robert Bosch GmbH, Stant Manufacturing, Inc., Valeo SA, Tama Enterprises Co., Ltd., Vernet SAS, Nippon Thermostat Co. Ltd., Ningbo Xingci Thermal Electric Appliances Co. Ltd., and Kirpart A.S. Tier-1 players are focusing on collaborations and strategic expansions to increase their brand positions, and global and regional footprint in the automotive thermostat market.
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