Automotive Thermostat Market is expected to reach US$ 2,820.5 Mn by the end of 2026

An automotive thermostat is a device used to heat up an engine quickly and then, maintain it at a constant temperature, which is accomplished by regulating the amount of coolant that goes inside the radiator. When the temperature is low, the thermostat blocks the flow of coolant in the radiator and once the engine reaches its optimum temperature, the flow is released again. The average operating lifespan of an automotive thermostat is in between 8 to 10 years.

The global automotive thermostat market is estimated to be valued at US$ 2,182.8 Mn by the end of 2018 and is expected to reach US$ 2,820.5 Mn by the end of 2026, with a CAGR of 3.3% over the forecast period. The global automotive thermostat market is anticipated to represent an incremental opportunity of US$ 637.7 Mn between 2018 and 2026.

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Factors influencing the growth of the global automotive thermostat market

The demand for automotive thermostats is directly driven by the increase in automotive production in key regions such as SEA and Pacific, China and India, among others. Moreover, the disposable income of the global population has increased considerably in the past few years. Attributing to this, the demand for passenger cars and commercial vehicles has also ramped up. This is expected to be one of the prime reasons promoting the growth of the automotive thermostat market across the globe. Furthermore, the increasing focus towards e-mobility has raised eyebrows on concept hybrid vehicles. The demand for hybrid electric vehicles has witnessed incremental growth in the past few years, which is expected to further create opportunities for the augmentation of the automotive thermostat market in the near future.

Global automotive thermostat market segmentation and forecast

The global automotive thermostat market can be segmented on the basis of thermostat type, vehicle type, sales channel, design and region. On the basis of thermostat type, the global automotive thermostat market can be segmented into traditional thermostats, map controlled thermostats and housed thermostats. On the basis of vehicle type, the market can be segmented into passenger cars, light commercial vehicles, heavy commercial vehicles and hybrid electric vehicles. On the basis of sales channel, the market can be segmented into Original Equipment Manufacturer (OEM) and Aftermarket. Based on the type of design, the market can be segmented into single valve and dual valve. Significant regions covered in the report include North America, Latin America, Europe, SEA & Pacific, China, Japan, and the Middle East & Africa.

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Global Automotive Thermostat Market Analysis by Thermostat Type

The housed thermostat segment is projected to account for a 68.6% volume share in the global automotive thermostat market by the end of 2026, with a CAGR of 3.1% over the forecast period.

Global Automotive Thermostat Market Analysis by Vehicle Type

By vehicle type, the passenger car segment is projected to dominate the global automotive thermostat market in 2018. The segment is estimated to account for a market value share of 68.7% by the end of 2026.

Global Automotive Thermostat Market Analysis by Type of Design

By design type, the single valve segment is projected to dominate the global automotive thermostat market in 2018. The single valve segment is expected to account for a 68.6% market value share by the end of 2026.

Global Automotive Thermostat Market Analysis by Sales Channel

The OEM segment is projected to account for a 46.6% volume share in the global automotive thermostat market by the end of 2026, with a CAGR of 3.7% over the forecast period.

Global Automotive Thermostat Market Analysis by Region

From a regional perspective, Europe is estimated to represent 33.5% of the market volume share in 2018. The market is expected to increase at a volume CAGR of 2.8% over the forecast period. The sales revenue of automotive thermostats in Europe is expected to reach US$ 1,134.6 Mn by the end of 2026 with a CAGR of 3.2% over the forecast period. Market growth in China is expected to remain high as compared to the global average between 2018 and 2026.

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