Passenger Vehicle Thermostats Market Size, Share, Growth and Industry Analysis by Price (Insert Thermostat, And, Housing Thermostat), By Application (Sedan, Pickup, And, SUV) Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Passenger Vehicle Thermostats Market REPORT OVERVIEW

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The global passenger vehicle thermostats market is expected to be worth 738.8 million in 2020. As per our research, the market is projected to touch USD 989.1 million by 2027 with a CAGR of 4.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Passenger vehicle thermostats play a crucial role in maintaining engine efficiency and preventing overheating. These small devices regulate the engine's operating temperature by controlling the flow of coolant. When the engine starts, the thermostat remains closed, allowing it to warm up quickly. As the temperature rises, the thermostat gradually opens, permitting coolant to circulate through the engine and radiator, dissipating excess heat. This precise temperature control ensures optimal fuel combustion, engine longevity, and reduced emissions.

Modern thermostats often integrate with engine management systems for improved efficiency and can contribute to better fuel economy and reduced environmental impact in passenger vehicles. All of these factors have played an important role in increasing passenger vehicle thermostats market growth.

COVID-19 impact: Disruption in Automotive Industries During Decreased Market Growth

The pandemic of COVID-19 had an adverse impact on all the industries and sectors throughout the world. The COVID-19 pandemic disrupted various industries, including automotive, impacting passenger vehicle thermostats as well. Supply chain disruptions and factory closures led to delays in manufacturing and distribution, causing sporadic shortages of critical components like thermostats.

Automakers faced challenges in sourcing and procuring these parts, affecting production schedules. Additionally, reduced travel and economic uncertainties led to decreased demand for new vehicles, impacting the overall thermostat market. Despite these hurdles, the pandemic also accelerated trends towards electric vehicles and environmental concerns, driving innovation in thermostat technology to enhance efficiency and reduce emissions, which will likely influence the industry in the post-pandemic era.

LATEST TRENDS

"Growing Focus on Electric Vehicles and Hybrid Vehicles to Increase Market Growth"

The latest trends in passenger vehicle thermostats reflect advancements in efficiency and sustainability. Firstly, smart thermostats are gaining prominence, integrating with vehicle connectivity systems to optimize engine temperature and enhance fuel efficiency. Secondly, there's a growing focus on electric and hybrid vehicles, with thermostats designed to manage electric motor temperatures efficiently. Thirdly, eco-friendly materials and designs are reducing environmental impact. Fourthly, precise electronic controls are replacing traditional wax-based thermostats for better temperature regulation. Lastly, thermostats are adapting to support the shift towards autonomous driving by ensuring optimal engine performance in various driving scenarios. These trends align with the automotive industry's push for greener, smarter vehicles.

Passenger Vehicle Thermostats Market SEGMENTATION

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• By Price:

The market can be divided on the basis of price into the following segments:

Insert thermostat, and, housing thermostat.

The insert thermostat segment is projected to hold the dominant market share through 2028 the forecasting period.

• By Application:

The market can be divided on the basis of application into the following segments:

Sedan, pickup, and, SUV. The Sedan segment is predicted to dominate the market through 2028.

DRIVING FACTORS

"Stringent Emission Regulations and Electrification Trends to Amplify Market Growth"

Several driving factors propel innovation in passenger vehicle thermostats. Stringent emissions regulations push automakers to optimize engine efficiency, making thermostats vital for achieving cleaner combustion. Electrification trend necessitates efficient thermal management in electric and hybrid vehicles. Consumer demand for improved fuel economy and reduced emissions encourages thermostat advancements.

Growing popularity of connected and autonomous vehicles requires precise temperature control for optimal performance. Lastly, the increasing awareness of environmental sustainability pushes for eco-friendly thermostat materials and designs. These factors collectively drive research and development in passenger vehicle thermostats, ensuring they play a pivotal role in modern automotive technology.

"Integration of Advanced Engine Management Systems to Drive Market Growth"

Additional driving factors in the evolution of passenger vehicle thermostats include advancements in materials and manufacturing techniques, enabling the production of more durable and efficient thermostat components. Integration with advanced engine management systems is another catalyst, allowing for real-time temperature control and improved engine performance.

Moreover, the rise of electric vehicles and the need for precise thermal management in battery systems spur thermostat innovation. Lastly, the quest for reduced maintenance and longer vehicle lifespans prompts the development of thermostats that can withstand extended use, ensuring dependable performance and lower ownership costs, all contributing to the continuous improvement of passenger vehicle thermostats. All of the above-mentioned factors are driving the passenger vehicle thermostats market share.

RESTRAINING FACTOR

"Complexity of Modern Vehicles Especially of Hybrid Vehicles to Deteriorate Market Growth"

Several restraining factors affect passenger vehicle thermostat development. Complexity of modern engines, including hybrids and electric vehicles, demands more sophisticated thermostats, increasing production costs. Stringent emissions regulations add pressure to design thermostats that achieve precise temperature control, which can be challenging.

Traditional mechanical thermostats are being replaced with electronic counterparts, necessitating costly upgrades in vehicle systems. Market competition and price pressures can limit investment in advanced thermostat technology. Lastly, the inertia of established automotive practices can slow the adoption of innovative thermostat designs. These factors collectively hinder rapid advancements in passenger vehicle thermostat technology.

Passenger Vehicle Thermostats Market Regional Insights

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"Asia Pacific to Dominate Market owing to Increase in the Demand of Consumers"

Asia Pacific particularly China, stands as the leading region in passenger vehicle thermostats. China's position as the world's largest automotive market has driven significant demand for vehicle components, including thermostats. The country's thriving automotive industry, coupled with a robust manufacturing infrastructure, has made it a global hub for thermostat production.

 Furthermore, the rapid expansion of electric and hybrid vehicles in Asia has necessitated advanced thermal management solutions, spurring innovation in thermostat technology. Asian companies like Mahle, BorgWarner, and Denso are prominent players in this field. With the ongoing growth of the automotive sector in the region, Asia Pacific continues to lead in passenger vehicle thermostat production and innovation.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profile

• Nippon Thermostat (Japan)
• Arlington Industries Group (U.K.)
• Mahle (Germany)
• Stant Corporation (U.S.)
• Qufu TEMB (China)
• Kirpart (India)
• Fuji Bellows (Japan)
• Ningbo Xingci Thermal (China)
• Vernet (France)
• INZI Controls (South Korea)
• Gates Corporation (United States)
• Dongfeng-Fuji-Thomson (China)
• Ruian Wantai Auto (China)
• TAMA (Japan)
• Kuzeh (Iran)

Report Coverage

The report provides an insight into industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The report also lists the key industry players to understand the competition.