The global automotive thermostat market is estimated to be valued at US$ 2,182.8 Mn by the end of 2018 and is expected to reach US$ 2,820.5 Mn by the end of 2026, with a CAGR of 3.3% over the forecast period.
New York, NY -- (SBWIRE) -- 08/29/2018 -- Persistence Market Research digs deep into the global automotive thermostat market and fetches key information through structured market research. The report, "Automotive Thermostat Market Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026" gauges the market and predicts the future demographic and changes. The report reveals that the single valve type design segment will dominate the market and is estimated to hold more than a 67% market value share. It is expected to grow with a CAGR (Value) of 3.5% by the end of the forecast period (2018 – 2026). The present estimated value of the global automotive thermostat market is more than US$ 2,182.8 Mn in 2018 and the market will expand with a CAGR of 3.3% to reach US$ 2,820.5 Mn by the end of 2026.
Global Automotive Thermostat Market Dynamics
The global automotive thermostat market is estimated to be driven by the increasing production of vehicles across the globe. Healthy growth in the automotive industry will also be a prime factor supplementing market growth. Moreover, as the emphasis on improving engine performance increases across the globe, the demand for advanced engine cooling system components is expected to augment in the near future. This is one of the prime reasons expected to promote the growth of automotive thermostats in the near future. Moreover, as the adoption of hybrid vehicles increases with increasing investments in developing charging infrastructure in developed regions such as North America and Europe, the demand for automotive thermostats is expected to further ramp up in the coming years.
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The demand for heavy commercial vehicles for use in agricultural purposes in regions such as Latin America has also increased. This is expected to further increase the demand for automotive thermostats over the forecast period. Furthermore, the global premium vehicle market is comparatively less affected by the financial crisis and has shown growth driven by developing markets. This is expected to create opportunities for the augmentation of the automotive thermostat market in the coming years.
On the other hand, one of the key challenges, which may hamper the sales revenue of thermostat manufacturers is the integration of smart technology in engine thermal management, which may subsequently eliminate the use of thermostats. Furthermore, counterfeiting in the aftermarket is one of the key reasons which may pose a threat to the growth of the market. As counterfeit thermostats penetrate the market, product quality decreases, which may hamper the brand image of key manufacturers, subsequently restraining the growth of the automotive thermostat market in the coming years.
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Global Automotive Thermostat Market Forecast
Market insights suggests that the overall width of the global automotive thermostat market will expand within the forecast period. Several positive changes are expected to fuel the growth of the market. By thermostat type, the housed thermostat segment will play a pivotal role in building market revenue and is expected to occupy a significant share of the market. The report hints that the housed thermostat segment by type will account for a value share of 68.0% in the global automotive thermostat market by 2018. Amongst the major markets, Europe is expected to show promising results within the forecast period. The region is estimated to represent a 40.2% market value share in 2018 and the market is estimated to expand with a CAGR of 3.2% within the stipulated time period. The sales revenue of Europe is estimated to surge up to US$ 1,134.6 Mn by the end of 2026. The markets globally will remain fertile and vibrant during the forecast period.
Global Automotive Thermostat Market: Competitive Landscape
Some of the key market participants reported in this study of the global automotive thermostat market are BorgWarner Inc., AC Delco, Gates Corporation, Continental AG, Hella KGaA Hueck & Co., MAHLE GmbH, MotoRad Ltd., Robert Bosch GmbH, Valeo SA, Stant Manufacturing, Inc., Tama Enterprises Co., Ltd., Nippon Thermostat Co. Ltd., Vernet SAS, Ningbo Xingci Thermal Electric Appliances Co. Ltd. and Kirpart A.S.