This market is significantly fragmented, and is characterized by the presence of a number of regional players. Widespread adoption for safety towards high performance cars is being witnessed in developing countries, and manufacturers are focusing on providing a complete range of automotive thermostats. According to the recently published report by Persistence Market Research titled, “Automotive Thermostat Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025),” the global automotive thermostat market valued at US$ 1,598.3 Mn in 2017, and is projected to be valued at US$ 2,094.5 Mn by 2025 end. The market value is slated to expand at a CAGR of 3.4% over the forecast period.
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Global Automotive Thermostat Market: Trends
- Technological developments fuelling the growth of global automotive thermostat market
- Increased import of aftermarket automotive parts from Asian countries
- Expansion of product portfolio to become a one stop shop solution and higher investment to be observed in research & development
- Utilization of high range thermostats to curb vehicular emissions
- Increasing localization of component manufacturing and focus on product innovation and development
- Government incentives to attract companies
- Focus on manufacturing products that adhere to guidelines & standards issued by regulating bodies
- Focus on providing high quality services in order to fulfill the growing consumer expectations
Global Automotive Thermostat Market: Forecast by Region
Persistence Market Research has covered five regions of North America, Latin America, Europe, APAC and MEA while examining any market. It has been observed that the APAC automotive thermostat market is estimated to be the most attractive owing to growing automotive production and the strong demand for passenger cars and commercial vehicles from emerging economies such as China, India, and other APAC countries. Growing automotive production in Mexico, followed by Brazil, and the demand for advanced auto parts is estimated to contribute to growth of the Latin America automotive thermostat market during the forecast period. North America automotive thermostat market is anticipated to show relatively steady growth owing to a slowdown in automotive production in U.S. and Canada.
Global Automotive Thermostat Market: Forecast by Design
On the basis of design, global automotive thermostats market is segmented into single valve and dual valve. The single valve segment is expected to emerge as the most attractive component type segment in the automotive thermostat market over the forecast period. The segment has a higher index value in terms of CAGR and incremental $ opportunity. On the other hand, the dual valve segment is expected to hold a minimal share in the global automotive thermostat market throughout the forecast period. However, this segment will witness a steady growth rate over the forecast period.
Global Automotive Thermostat Market: Forecast by Sales Channel
Sales channel segment includes OEM and aftermarket segments. Growth of OEM segment is largely supported by the changing preference of automakers towards advanced auto components, and the growing adoption of automotive thermostats. The OEM segment accounted for a value share of 56.62% in 2017, and is estimated to reach 57.04% in 2025.
Global Automotive Thermostat Market: Forecast by Vehicle Type
On the basis of vehicle type, the global automotive thermostat market is segmented into passenger car, light commercial vehicle and heavy commercial vehicle. The passenger vehicle segment accounted for a value share of 73.1% in 2017, and is estimated to reach 73.6% in 2025. The passenger vehicle segment is estimated to gain in 60 BPS point. The heavy commercial vehicle segment is estimated to reach 4.7% in 2025. LCV and HC segment is expected to show steady growth in automotive thermostat market.
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Global Automotive Thermostat Market: Key Manufacturers
BorgWarner Inc., Continental AG, Denso Corporation, Hella KGaA Hueck & Co., MAHLE GmbH, MotoRad Ltd., Robert Bosch GmbH, Sogefi S.p.A., Valeo SA, Stant Manufacturing, Inc., Tama Enterprises Co., Ltd., Nippon Thermostat Co. Ltd., Vernet SAS, Ningbo Xingci Thermal Electric Appliances Co. Ltd., and K?raça Holding Enterprise are some of the key manufacturers operating in the global market for automotive thermostats.