Press release
Automotive Thermostat Market: Efficient Temperature Control for Enhanced Performance
The global automotive thermostat market is expected to increase at a CAGR of ~3.0% by 2029. The report covers macroeconomics factors, latest trends, influencing factors, key information, forecast factors, and key success factors that are anticipated to drive the growth of the global automotive thermostat market. The report also discusses potential opportunities in the market across the value chain, along with restraints that are expected to hamper the market growth.
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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.
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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Europe's Market Attractiveness Rising
In terms of market attractiveness by CAGR index, Europe region is expected to remain most attractive market for automotive thermostat during the forecast period. Considerable increase in adoption of vehicles, luxury cars in particular, in the region is expected to contribute to rising demand for automotive thermostats.
Europe is envisaged to gain substantially significant market share as compared to North America, and the trend is likely to continue over the forecast period.
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.
MAHLE GmbH expanded its brand position in thermoelectrics by taking over the startup company O-Flexx Technologies GmbH. Also, in 2018, Hella collaborated with a Chinese company BHAP, which is a part of the BAIC automotive group. This collaboration was done in accordance with the strategy of penetrating in the Chinese market.
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