DUBLIN, Feb. 23, 2023 /PRNewswire/ — The “Automotive Thermostats Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030” report has been added to ResearchAndMarkets.com’s offering.
The global automotive thermostat market will develop at a CAGR of 3.9% during the forecast period of 2022 to 2030.
Companies Mentioned
- BorgWarner Inc.
- Hella KGaAHueck& Co.
- Continental AG
- MAHLE GmbH
- Robert Bosch GmbH
- Stant Manufacturing Inc.
- Kirpart
- Vernet
- Tama Enterprises Co. Ltd.
- Nippon Thermostat Co. Ltd.
- Ningbo Xingci Thermal Electric Appliances Co. Ltd.
- BG Automotive
- Fishman Thermo Technologies Ltd.
- Honeywell International Inc.
- Magal Engineering Ltd.
- Dongfeng-fuji-thomson thermostat co. ltd
- RuianWantai auto electric appliance Co. Ltd.
- Gates Corporation
- AC Delco
- MotoRad Ltd.
- Valeo SA.
It is anticipated that the European market will experience consistent expansion as a consequence of the region’s comparatively high disposable income as well as the rising ownership of luxury vehicles.
During the time frame covered by the forecast, it is anticipated that this region would have a significant proportion of the market for automotive thermostats. The thermostat in a motor vehicle is an essential component of the internal combustion engine in that vehicle.
It is a little device situated between the radiator and the engine. When the temperature reaches the level that has been determined to be safe, the valve that is contained within the thermostat will open, allowing the engine coolant to flow through the radiator and the cylinder block.
This flow is necessary for ensuring that the optimal operating temperature is maintained in order to improve fuel efficiency, enhance driveability, and protect the engine. The coolant flow reduces when the engine cools down and increases when the engine temperature rises.
The thermostat was first put into use in automobiles to hasten the process of the engine warming up and to cut down on the amount of wear and tear experienced by the cylinder ring. Currently, the role of these thermostats has become more significant as they help to reduce the harmful emissions and improve the efficiency of the engine combustion.
Thus, the electronic control unit or ECU in the engine controls the functioning of the thermostat to ensure that the temperature of the engine is correctly regulated according to the load of the engine. The automotive thermostat market is experiencing tremendous traction owing to the rapid development of the automotive sector and the upgradation in the policies thus providing fuel for the development of the automotive thermostat industry.
Expanding Demand for Passenger Cars Driving the Market Growth
The expanding demand for passenger cars as well as commercial vehicles worldwide, is one of the economic factors driving the market for automotive thermostats worldwide. Proper distribution of coolant improves the overall safety of the engine.
As a result of constantly developing technology, the rise in production, as well as the requirement for high-speed engines that perform more effectively, there is going to be a significant increase in the demand for automotive thermostats in the not-too-distant future.
Because of the rapidly expanding automobile industry and the high demand for better-performing vehicles, the market for automotive thermostats is expected to increase by multiples over the course of the forecast period.
Companies that manufacture automotive thermostats can target potential opportunities in regions such as North America, Europe, and Asia Pacific. By working together with a variety of automotive suppliers, businesses have the potential to seize tremendous opportunities in the global market for automotive thermostats.
The only thing that can stop the market from expanding is mechanics, some of whom believe that a thermostat is an unnecessary addition to an engine because it’s already there. Some engineers also argue that use of thermostat puts the engine at higher risk because thermostat can fail or its opening get delayed due to any reason.
Increasing Demand from Replacement Market
The rising need for new and improved products in the automotive thermostat market is a crucial factor that is driving market growth. This demand is coming from the replacement market as well as the original equipment manufacturers.
For thermostat-controlled cooling systems, the electronic-controlled form is the more favoured alternative as it offers faster warm-up time and reduced fuel use. This aspect is projected to boost the global automotive thermostat market growth throughout the forecast period.
Increasing Adoption of Hybrid Powertrains in North America
The automotive industry in North America is making attempts to build fuel-efficient as well as emission-free vehicles. As a direct consequence of this, the international market is observing a rise in the manufacturing of hybrid vehicles, and it is anticipated that this industry will expand greatly in the years to come.
To prevent the motors, batteries, powertrain, and other components from overheating, hybrid and electric vehicles, similar to conventional internal combustion engines (IC), require additional cooling from the outside. The efficient cooling of the components in hybrid vehicles frequently calls for the utilisation of advanced thermostat systems (map-controlled thermostats) in conjunction with advanced coolants.
In some cases, multiple thermostats may also be required in order to separately maintain the temperature of the internal combustion engine and the water pumps. It is anticipated that growth in the global market for automotive thermostats will be driven by an increase in the production of automobiles.
It is anticipated that these factors will lead to an increase in sales of automotive thermostats. Moreover, over the last few years, the automotive parts and accessories manufacturing industry has undergone comprehensive remodelling, which is leading to the advent of a highly competitive global industry, and subsequently raising the demand for automotive thermostats.
Passenger Cars Sales Account to the Largest of Revenue Contribution
It is anticipated that housed automotive thermostats will continue to be widely desired for a broad range of cars, contributing to a significant portion of the bottom lines of their respective manufacturers. It is anticipated that Europe will be a significant region for the global automotive thermostat market.
During the period covered by the forecast, it is anticipated that Europe will grow at a compound annual growth rate (CAGR) of approximately 3%.During the year 2021, the market sector for passenger automobiles accounted for the majority of the total revenue.
The major factors that will drive the demand for automotive thermostats from this market segment include the stabilisation of the economy, the growth of employment opportunities, the availability of cheap credit facilities, the rise in urbanisation, and the reduction in interest rates on loans in APAC countries.
Asia Pacific to be The Market Leader, Europe Promising Significant Growth During Forecast Period
Asia Pacific is the leading region in the global automotive thermostat market when compared to other regions in 2021. This is due to the growing automotive production in countries such as China, India, and Japan as well as the rapid growth in the demand for the mid-segment vehicles.
Other factors contributing to this growth include the development of technological advancements in the automotive industry as well as the increasing job opportunities in emerging technologies. It is anticipated that the presence of these factors will contribute to an even greater increase in the demand for automotive thermostats in this region.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
Market Segmentation
Type
- Electronic
- Mechanical
- Programmable
Component
Vehicle Type
- Passengers cars
- Thermostat for vehicles of the Economy class
- Temperature control system for sedan
- Thermostat for Luxury car
- Thermostat for Sports car
- Commercial vehicles
- Thermostat for vehicles classified as light commercial.
- Thermostat for large trucks and other commercial vehicles
Distribution channel
Temperature
- Regular Thermostat
- Low-temperature thermostat
Thermostat
- Traditional thermostat
- Thermostat with a map-controlled interface
- Housed thermostat
Housing Material
- Plastic
- Aluminium
- Rubber
- EPDM Rubber
- Metal
- Die cast
- Plastics used in structural applications, such as PPS and PPA
- Others
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Automotive Thermostats market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Automotive Thermostats market?
- Which is the largest regional market for Automotive Thermostats market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Automotive Thermostats market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Automotive Thermostats market worldwide?
For more information about this report visit https://www.researchandmarkets.com/r/ysv1qp
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
