In order to maintain an accurate record, the study goals of the Automotive Thermostat Market report comprise ongoing research into the profiles of important competitors who have emerged in recent years. To maintain a highly smooth and consistent growth rate, the research team analyzes the manufacturing company’s development strategy and plans for growth opportunities.
The worldwide automotive thermostat market is anticipated to reach US$ 2.2 Billion by the end of 2022 and to expand at a CAGR of 3.0% from 2019 to 2029.
It is anticipated that housed automotive thermostats will continue to be favored for a broad variety of cars, consequently adding significantly to manufacturers’ bottom lines. In terms of regional perspective, Europe is anticipated to be a leading area for the global automotive thermostat market, with a CAGR of 3% during the forecast period.
Need for Innovative Product Solutions from Original Equipment Manufacturers and Independent Aftermarket in Europe
The German automobile industry has always been at the forefront of technical innovation. The current market landscape for the German automotive component sector is still dominated by “innovation” as the primary growth strategy. The market for automotive thermostats is primarily driven by the rising demand for new/improved products from automakers and the replacement market. For cooling systems regulated by a thermostat, the electronic-controlled model is the preferable choice due to its quicker warm-up time and reduced fuel use. This aspect is anticipated to propel the expansion of the global automotive thermostat market over the forecast period.
The price of crude oil will have a substantial impact on the expansion of the global automotive thermostat market.
When the price of fuel decreases, individuals prefer to drive more kilometers, which accelerates component wear and necessitates earlier replacement. In addition to encouraging the purchase of new automobiles, lower gasoline prices also raise the demand for automotive equipment from original equipment manufacturers (OEMs). Several reasons are anticipated to improve automobile thermostat sales. In addition, the automobile parts and accessories manufacturing business has seen an extensive transformation in recent years, resulting in the emergence of a highly competitive worldwide market and a concomitant increase in demand for automotive thermostats.
Due to the restricted presence of manufacturers at the regional and worldwide levels, it is projected that the global automotive thermostat market would consolidate. A few market participants 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 Appliance