The automotive thermostat market is expected to grow at a CAGR of 3.9% during the forecast period of 2023 to 2030. The thermostat was first used in cars to speed up engine warm-up and reduce cylinder-ring wear. Thermostats assist decrease hazardous emissions and increase engine combustion efficiency. So, the engine's ECU controls the thermostat to manage engine temperature according to load. Rapid growth in the automotive sector and updated policies are fuelling the automotive thermostat market. Demand for passenger cars and commercial vehicles is driving the global market for automotive thermostats. Coolant distribution enhances engine safety.
Due to improving technology, rising output, and the need for high-speed engines that perform better, automotive thermostat demand will rise in the near future. Due to the constantly developing auto industry and rising demand for better-performing automobiles, the market for automotive thermostats is likely to grow substantially. Automotive thermostat manufacturers might target North America, Europe, and Asia-Pacific. Businesses can capture huge opportunities in the global automotive thermostat industry by partnering with many vendors. Some mechanics say a thermostat is an unnecessary addition to an engine because it's already there. Some engineers say that using a thermostat increases engine risk because it can fail or be delayed. Rising demand for new and better automobile thermostats drives market expansion. This demand comes from replacements and OEMs. Electronic-controlled thermostat-controlled cooling systems warm up faster and use less fuel. This will drive the automotive thermostat market over the forecast period.
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North American automakers are developing fuel-efficient and emission-free vehicles. As a result, hybrid car production is rising in the international market, and this industry is expected to grow in the next years. Hybrid and electric vehicles require external cooling to protect the motors, batteries, powertrain, and other components from overheating. Efficient cooling of hybrid car components requires map-controlled thermostats and sophisticated coolants. Multiple thermostats may be needed to maintain engine and water pump temperatures separately. Increased auto manufacturing is expected to boost the global market for automotive thermostats. These variables should boost thermostat sales. The automobile parts and accessories sector has experienced extensive remodeling in recent years, resulting in a highly competitive worldwide industry and increasing demand for automotive thermostats.
Housed automotive thermostats are expected to remain popular for a wide range of cars, boosting manufacturers' bottom lines. Europe will be a major market for automobile thermostats. During the projection period, Europe is expected to grow by 3% annually. Passenger cars generated the most revenue in 2021. Stabilizing the economy, growing employment prospects, cheap credit facilities, urbanization, and lower loan interest rates in APAC will drive demand for automotive thermostats in this market segment.
The Asia Pacific leads the automotive thermostat market in 2021. This is due to China, India, and Japan's expanding automotive output and demand for mid-segment vehicles. Technological advances in the automotive industry and rising job prospects in emerging technologies also contribute to this rise. These factors should raise the demand for automotive thermostats in this region. By deploying car thermostats in a range of situations, Europe will contribute to the fastest market growth from 2023 to 2030. Luxury automobile uptake in the region is expected to enhance demand for automotive thermostats. The German auto industry has long been a technological leader. "Innovation" is still a significant growth strategy for the German automotive component sector. Despite various growth tactics, this is true.
The global automotive thermostat industry is fragmented due to the presence of many small players. Key methods include growing manufacturing capacities, merging with existing companies, and purchasing new ones. BorgWarner Inc., Hella KGaAHueck& Co., Continental AG, MAHLE GmbH, and Robert Bosch GmbH are expanding organically to fulfill the need for automotive thermostats. Mahle GmbH, Stant Manufacturing, Inc., BorgWarner Inc., HELLA, 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., Due to the limited number of regional and worldwide producers, the global automotive thermostat industry is expected to consolidate soon. BorgWarner Inc., Gates Corporation, AC Delco, Continental AG, MAHLE GmbH, MotoRad Ltd., Hella KGaAHueck& Co., Robert Bosch GmbH, Stant Manufacturing, Inc., Valeo SA, Tama Enterprises Co., Ltd., Vernet SAS, and Nippon Thermostat Co. Tier-1 automotive thermostat firms are focused on collaborations and strategic expansions to boost their brand positions and global and regional footprints.
