Persistence Market Research (PMR) published a revised report on the automotive thermostat market. The research covers the global market outlook for automotive thermostat
over the forecast period of 2029, along with the CAGR growth and offers
an in-depth analysis for the next ten years.
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.
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.
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.
